Checking account $750 Automabile (ourent vale) S,950 House (ourrent value) $92,500 Savings account Investments $1,350 $4.000 $107,550 Total Assets Liabilities Credit card debt $3,800 $15,750 Student loans Personal loans $975 Total Liabilities $20,525 Besed on the information in the table, what is Emily's net worth? OA S107,550 OB S7,025 .C. s20,525
Q: 3- Sara Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account…
A: Cash means all liquid cash in hand and cash held in the bank account of business. It includes short…
Q: Journalize the following transactions in the books of a trader for the month of Feb. 2020.…
A: Journal entries: Date Account Journal Debit (Amount in OMR) Credit (Amount in OMR) Feb 1…
Q: The following account balances appear in the books if MADECOR 2019. All amounts are in pesos. Cash…
A: Formula: Total stock holders equity = Current liabilities + Long term liabilities + Owners equity
Q: The following list of balances is from the ledger of Mrs. Graver a sole proprietor as at April 30,…
A:
Q: Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record…
A: An entry for the pledge of accounts receivable will not be recorded. Only the note payable will be…
Q: Trial Balance As of December 31, 2021 Debit Credit Account 27,400 Cash 4,900 Accounts Receivable…
A: Income Statement Amount Revenues: Rent Revenue 110,700 Total Revenues (A)…
Q: Do its General Ledgers DATE PARTICULARS DEBIT CREDIT 04/01/14 Cash in Bank 99,000…
A: General ledger accounts posting is the second step of accounting cycle process. Under this, all…
Q: Mira Gordon assets and liabilities are listed below in random order: Bank balance $856.25; Bank Loan…
A: Assets are the resources of business which have potential of generating revenue. Liabilities are the…
Q: The ledgers of Gerry's Photo Mart showed the following balances October 31, 2020: General Ledger:…
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: Prepare the entry to record the receipt of the funds from the loan.
A:
Q: CENTER for the calendar year 200A: P 1,200 8,000 P 85,000 Notes Receivable 12,000 Notes Payable…
A: The income statement helps in recording all the transactions related to the incomes and expenses of…
Q: 1) Write up a two-column cash book for Sam Trading LLC from the following: (4 Marks) Date…
A: The cash book with two columns under each edge is known as a two-column cash book. The first is…
Q: A bank has deposits of $400. It holds reserves of $50. It has purchased government bonds worth…
A: Given: Deposits = $400 Reserves = $50
Q: King Burger Company provides the following information: account payable is OMR 100,000; bank…
A: The current liabilities are the short term liabilities that are to be paid off within one year.
Q: 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Following are the balances of Bank Sohar for the year ended as on 31st December 2019 (Amounts are in…
A: Reserves and Surplus = General Reserves + Surplus transferred from income statement + Additional…
Q: 08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library,…
A: Income and Expenditure account is based on accrual concept of accounting, which means all expenses…
Q: Question In February 2022, Idaya received the following statement from her bank. Statement of…
A: Bank Reconciliation Statement refers to the final financial report made to match the company…
Q: Things to remember -The business began on August 1, 2018, and has selected a July 31, 2019, fiscal…
A: Journal entry is the original book of entry in which all the transactions relating to business are…
Q: Transactions Len Motala deposited R90 000 as capital contribution directly into the business current…
A: Accounting equation states that the sum of total liabilities and total shareholders' equity is…
Q: Mario's trial balance includes the following items: non-current assets $50,000, inventory $15,000,…
A: Current Assets are assets that can be converted into within short period of time, say one year. For…
Q: LAns. Cash Book Dr. Balance t3,80, Bank Dr. Balanoe a.010, Dr. side Diacount Total 7s, Cr. side Di…
A: The T-accounts are prepared to record the balances for each specific account separately so as to…
Q: Set up a T-account balance sheet for the bank, with assets and liabilities, and calculate the banks…
A: Balance sheet includes the liabilities, assets and stock holder’s equity at a specific point of time…
Q: Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open…
A: Monthly interest accrued = Amount borrowed x rate of interest x no. of months/12 = $26000 x 6% x…
Q: Answer the following questions: 1. The following is the trial balance of Big bank LLC as on…
A: Preparation of the Income statement and the Balance sheet of the banking sector is some what…
Q: Give the journal entries. Paid insurance premium, 3,000. The business borrowed money from a bank…
A: The question is based on the concept of Business Transaction Analysis.
Q: The journal entries required at Dec 31, 2022 includes:
A: Petty cash fund is the fund which is set by the company in order to make the payments from it for…
Q: income is $3,950. How would a bank assess Jessica's
A: Debt payment ratio
Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS: 7) Customer transferred 85…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: Amount (in Rs.) Particulars Amount Particulars (in Rs.) Insurance 500 Bills Receivable 45,500…
A: Trial Balance-:A Trial Balance is a directory of all the common ledger accounts (both income and…
Q: A. Camy Enterprise is a wholesaler company that sells various types of kitchenware. The following is…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: 4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: If the value of owner's equity is initially $10.000, calculate the value of owner's equity after the…
A: Owners equity in the business means total amount attributable to the equity shareholders in the…
Q: Advances to Oficers Advances to suppli ers Allowance for Doub tful Accounts Biological Assets Bonds…
A: The financial statements of a company are the financial reports that show the working status of the…
Q: Farah operates service apartment. She just received the 31 May 2020 bank statement from National…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Required information (The following information applies to the questions displayed below.) On…
A: As per the policy, i have answered only ques no 4
Q: (a) On April 13, Thomas Ash deposited $2,400 in a passbook savings account at 3.5% interest…
A: Compound Amount = Principal ×1+Rate365Time period Part a: Principal = $2,400 Interest rate = 3.5%…
Q: Kraft Enterprises owns the following assets at December 31, 2020. Cash in bank—savings account…
A: Cash reporting in balance sheet: In balance sheet cash and cash equivalents should be reported. Cash…
Q: Using the following balance sheet items and amounts, calculate the total liquid assets. • Money…
A: Assets that are converted into cash and cash equivalents are generally refer as liquid assets. Money…
Q: 1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts.…
A: In the context of the given question, we are required to prepare the income statement and balance…
Q: Following are the balances of Bank Sohar for the year ended as on 31st December 2019 (Amounts are in…
A: Balance Sheet The purpose of preparing the balance sheet to know the actual position of assets…
Q: Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which ?account is debited…
A: "Debit what comes in, Credit what goes out" is the second golden rule of accounting which will be…
Q: a. Consider the balance sheet for Inspired to Thrive (IT) Bank belöW: Inspired to Thrive Bank…
A: The balance sheet of any company is divided into two parts: Assets Liabilities and capital
Q: ccount for the following transactions using T accounts: Sell goods for 90,000£ on credit…
A: Sale A/c( Nominal A/c) PARTICULAR AMOUNT PARTICULAR AMOUNT To…
Q: Inc. owns these assets at the statement of financial position date: pank (savings account) $20,240…
A: Prepaid Insurance is insurance expenses which have been paid in advance . It is an current asset .…
Q: om the balance of Arwa Bank calculate the total amount to be shown in the balance sheet under the…
A: Banking Balance Sheet In banking deposit which are received form customer is treated as liability…
Q: Accounts Payable S600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months $4,400…
A: Introduction: Net Assets: Deduction of Total liabilities from Total Assets value derives the Net…
Q: The following are the data taken from the book of KenGied Tailoring Shop for the year ended December…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: The following balances are extracted from Al-Mustafa Trading Company as on 31/12/2021 Stocks sales…
A: Let the balance of capital account be X therefore , Cash balance = 0.7X Debtors…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- As loan analyst for Carla Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $124,000 $335,000 Receivables 214,000 305,000 Inventories 589,000 523,000 Total current assets 927,000 1,163,000 Other assets 482,000 582,000 Total assets $1,409,000 $1,745,000 Liabilities and Stockholders’ Equity Current liabilities $301,000 $368,000 Long-term liabilities 409,000 482,000 Capital stock and retained earnings 699,000 895,000 Total liabilities and stockholders’ equity $1,409,000 $1,745,000 Annual sales $946,000 $1,559,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be…From the details given below, find out the credit sales and total sales.Opening debtors ....................45,000Closing debtors...................... 56,000Discount allowed................... 2,500Sales returns........................... 8,500Irrecoverable amount............ 4,000Bills receivables received..... 12,000Bills receivable dishonoured..... 3,000Cheque dishonoured............ 7,700Cash sales......................... 80,000Cash received from debtors....................... .2,30,000Cheque received from debtors........................ 25,000As loan analyst for Martinez Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $ 114,000 $ 328,000 Receivables 230,000 296,000 Inventories 582,000 493,000 Total current assets 926,000 1,117,000 Other assets 493,000 607,000 Total assets $ 1,419,000 $ 1,724,000 Liabilities and Stockholders’ Equity Current liabilities $ 314,000 $ 340,000 Long-term liabilities 385,000 493,000 Capital stock and retained earnings 720,000 891,000 Total liabilities and stockholders’ equity $ 1,419,000 $ 1,724,000 Annual sales $ 911,000 $ 1,440,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $ 50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to…
- 38 - Entity A has paid 10000 TL of its 50000 TL debt to sellers by bank transfer. Which account is credited in the registration to be made?A) 320 SellersB) 321 Debt SecuritiesC) 100 CratesD) 102 BanksE) 120 BuyersAs loan analyst for Utrillo Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $ 120,000 $ 320,000 Receivables 220,000 302,000 Inventories 570,000 518,000 Total current assets 910,000 1,140,000 Other assets 500,000 612,000 Total assets $1,410,000 $1,752,000 Liabilities and Stockholders' Equity Current liabilities $ 305,000 $ 350,000 Long-term liabilities 400,000 500,000 Capital stock and retained earnings 705,000 902,000 Total liabilities and stockholders' equity $1,410,000 $1,752,000 Annual sales $ 930,000 $1,500,000 Rate of gross profit on sales 30% 40% Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Instructions Which of the two companies, as judged by the information given above,…The Ledger of Darlene Subay Advertising contained the following account balance as of June 30, 2020.Cash $520,500Accounts Recievable $35,420Notes Recievable $16,800Prepaid Insurance $35,600Equipment $423,500Accounts payable $44,210 Loans Payable $310,000Subay, Capital $668,100Subay, Drawing $120,000Advertising Revenues $332,780Salaries Expense $89,000Marketing Expense $48,200Rent Expense $15,800Supplies Expense $22,000Utilities expense $17,990Miscellaneous Expense $10,280
- You are an investor looking to contribute financially to either company A or Company B. The following, select financial information as follows. Company A and company B, respectively: Beginning Account Receivable $ 50,000, 60,000; Ending Account Receivable $ 80,000, 90,000; Net credit sales $ 550,000, $460,000. Based on the information provided: compute the account receivable turnover ratio. Compute the number of days sales in receivables ratio for both companies A and company B ( round all answers to two decimals places) Interpret the outcomes stating which company you would invest in and why.The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,0001.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit settlement discount granted account (R500). B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C)Debit debtors' control (R5 000), credit bank account (R 4 500), and credit settlement discount received account (R500). D)Debit bank account (R4 500). credit debtors' control account (R5 000), and debit settlement discount granted account (R500).
- Fund out the credit sales- Opening debtors Rs.12000 Closing debtors Rs14000 B/R accepted by Debtors Rs. 13000 Cash received from debtors Rs 38400LOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5%loan with a bank. The entity was also assessed by the bank a finance charge of 6% on thetransaction and is paid up front. What amount should be recorded as a gain or loss on thetransfer of accounts receivables? A. PO B. P240,000 loss C. P100.000 gain D. P150,000 gainPrepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000
