Happy Selling’s Accounts Receivable amounted to 500,000. Prepaid Expense and Unearned Income totaled 30,000 and 10,000 respectively. Cash balance amounted to 100,000 while Accounts Payable and Inventory totaled to 20,000 and 10,000 respectively. How much is the company’s current assets? Current liabilities?

Q: Company's balance sheet showed Cash (100,000), Accounts Receivables (80,000), Short-term investments…

A: Quick Ratio = Current Asset - Inventory - Prepaid Expense / Current Liability

Q: year end: Cash $250,000, Accounts Payable $70,000, Prepaid Expense $15,000, Non-current assets…

A: Solution: Current assets = cash + prepaid expenses = 250000 + 15000 = $265,000 Total assets =…

Q: If at the end of a period, a company has $700 in cash, $200 in accounts receivable, and $400 in…

A: Assets includes cash , stock , debtors etc.

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Q: The following information is available from Sand Corp's accounting records for the year ended…

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Q: Dooling Corporation reported balances in the following accounts fo the current year: Beginning…

A: Cost of Goods Sold(COGS) refers to total amount spent on converting raw material into finished goods…

Q: The following trial balance was taken from the books of Venus Corporation at December 31, 2020:…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: The company's accounts receivable to 500,000. Prepaid Expenses and unearned income are 30,000 and…

A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…

Q: Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000,…

A: Introduction: Current Assets: The Assets which can be easily converted in to cash called as Current…

Q: Compute Chavez Company’s current ratio using the following information. Accounts receivable $18,000…

A: Crrent ratio = Current assets / Current liabilities

Q: Kelly Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating…

A: a.

Q: Balances of assets and liabilities accounts of FDNACCT at year end are as follows: Cash P 84,000…

A: Solution: Total current assets = Cash  + Accounts receivables + Accrued service income + Prepaid…

Q: Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of…

A: Lets understand the basics. Accounting equation is also known as balance sheet equation. It means…

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Q: The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing…

A: The balance sheet indicates the statement that shows the company's financial position by stating…

Q: The following trial balance was taken from the books of Venus Corporation at December 31, 2020:…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: Credit sales P6,000,000 Cash sales 1,000,000 Collection from customers 5,600,000 Cash purchases…

A: Purchases under the cash basis is purchases that have been paid for during the year It includes cash…

Q: The following information pertains to Diane Company. Assume that all balance sheet amounts represent…

A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…

Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…

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Q: Saddleback Company paid off $39,000 of its accounts payable in cash. What would be the effects of…

A: Accounting Equation is:

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A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Account payable at the beginning of the period is P25,600. Total purchases during the period…

A: Cash purchase = Total purchases during the period x (100 - 75)% = P178,500 x 25% = P44,625 Credit…

Q: At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the…

A: Accounts payable have credit balance therefore Total credits during the period has been added to…

Q: From the following information, calculate current ratio.   Trade receivables (debtors) 1, 00,000…

A: We have the following information: Trade receivables (debtors) 1,00,000 Bills payable 20,000…

Q: How much is the company’s current liabilities?

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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: Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000…

A: total expenses = cost of goods sold + other operating expenses

Q: Nest company started year 2 with a beginning balance of $7,000 in accounts receivable. During the…

A: Accounts receivable refers to the amounts to be received within a short period from customers upon…

Q: Delfinio's has total revenues of $4,315, selling and administrative expenses of $611, depreciation…

A: Non-cash items are income and expenses which doesn't have any effect on the cash balance. There is…

Q: The Pioneer Company has provided the following account balances:   Cash $38,500; Short-term…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: theo company's account Receivable amounted to 500,000, Prepaid expense and unearned income are…

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: The following is a summary of the transactions for the year: a. Sales of services, $100,000, of…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: The company's accounts receivable to 500,000. Prepaid Expenses and unearned income are 30,000 and…

A: Introduction: Current Assets: Assets which can be easily converted in to cash with in a year period…

Q: b. Lower efficiency because its gross profit margin is lower than that of the industry average. c.…

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Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000…

A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year.

Q: Happy Selling’s had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000,…

A: Current Assets: Current assets are all the assets of a company that are expected to be sold or used…

Q: The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing…

A: Balance Sheet is a financial statement that generally reports the assets, liabilities and…

Q: During its first year of operations, Yellow Bell Co. provided services to customers for the value of…

A: There are two types of accounting system followed by the organization which are (I) Cash basis and…

Q: The company's accounts receivable to 500,000. Prepaid Expenses and unearned income are 30,000 and…

A: Current liabilities: Liabilities which have to be paid  within one year or one operating cycle,…

Q: The following information is available for Pharoah Company Accounts receivable   $2,200   Cash…

A: Balance Sheet: The balance sheet is a financial statement that shows the company's assets, the money…

Q: The following information pertains to Newman Company.  Assume that all balance sheet amounts…

A:

Q: he following information was taken from statement of financial position of ABC Company. Calculate…

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Q: During the year, Hepworth Company earned a net income of $85,025. Beginning and ending balances for…

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Q: Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000;…

A: Calculation of Current Ratio Current Ratio = Current Assets/ Current Liabilities Current Ratio = $…

Q: The following trial balance was taken from the books of Venus Corporation at December 31, 2020:…

A: Journals represent the records prepared by the management for reporting the day-to-day business…

Q: What is the amount of current assets, assuming the accounts above reflect normal activity? (just…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The following information pertains to Diane Company. Assume that all balance sheet amounts represent…

A: Return on total assets = Net income / Average Total assets

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is