Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $30,000. Prepare the current assets section of the balance sheet.
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Harding Corporation has the following accounts included in its December 31, 2012,
Prepare the current assets section of the
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- Harding Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.arding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $30,000. Prepare the current assets section of the balance sheet.Bayley Company has the following trial balance below at December 31, 2020. All accounts have normal balances. Account Balance Cash $460,000 Accounts receivable (net of the Allowance for Doubtful Accounts) 352,000 Inventory at the lower of FIFO cost and net realizable value 451,000 Trading Investments 230,000 Buildings (net of accumulated depreciation) 740,000 Equipment (net of accumulated depreciation) 240,000 Land held for Future Use 305,000 Goodwill 89,000 Notes Receivable (due 2025) 91,000 Prepaid Insurance 16,000 Accounts Payable 345,000 Guaranteed Investment Certificates 50,000 Notes Payable (due in 2021) 235,000 Bonds Payable at net carrying value (due February 1, 2021) 83,000 Rent Payable 55,000 Bonds Payable at net carrying value (due December 31, 2028) 746,000 Common shares, unlimited number of shares authorized 400,000 Contributed surplus 190,000 Retained…
- The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets at December 31, 2020? Using the information of Achiever Company, what is the total current liabilities at December 31, 2020? On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt…The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. 1. What is the total current assets at December 31, 2020? 2. Using the information of Achiever Company, what is the total current liabilities at December 31, 2020?The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
- Presented below is a partial trial balance for the Messenger Corporation on December 31, 2024. Account Title Debits Credits Cash and cash equivalents 30,000 Accounts receivable 195,000 Raw materials inventory 36,000 Notes receivable 120,000 Interest receivable 4,000 Interest payable 7,000 Investments 48,000 Land 100,000 Buildings 1,500,000 Accumulated depreciation–buildings 740,000 Work in process inventory 38,000 Finished goods inventory 98,000 Equipment 400,000 Accumulated depreciation–equipment 230,000 Franchise (net of amortization) 120,000 Prepaid insurance (for the next year) 60,000 Deferred revenue 48,000 Accounts payable 240,000 Notes payable 500,000 Salaries payable 6,000 Allowance for uncollectible accounts 24,000 Sales revenue 900,000 Cost of goods sold 500,000 Salaries expense 48,000 Additional information: The notes receivable, along with any accrued interest, are due…On June 30, 2018, Streeter Company reported the following account balances: Receivables $ 51,700 Current liabilities $ (10,400 ) Inventory 87,000 Long-term liabilities (56,000 ) Buildings (net) 83,700 Common stock (90,000 ) Equipment (net) 34,000 Retained earnings (100,000 ) Total assets $ 256,400 Total liabilities and equities $ (256,400 ) On June 30, 2018, Princeton Company paid $309,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $17,300 in legal fees. Princeton also agreed to pay $61,100 to the former owners of Streeter contingent on meeting certain revenue goals during 2019. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $20,300. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value…Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (trading) $11,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.
- On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: Account Title For ABC Company For XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent liabilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 - Retained Earnings 2,200,000 1,200,000 On January 1, 2023, ABC Company issues 50,000 shares of its P20 par value shares to acquire 70% of the outstanding shares of XYZ. The fair value of the shares of ABC as of January 1 was P29. Contingent consideration that is determined based on the best estimate is P100,000 . It was determined that ABC Company had a noncurrent asset that was undervalued by P25,000. The fair value of the no.n-controlling interest is P700,000 ABC Company also incurred the following fees Broker's fees (paid) 190,000…Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,200; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheetShown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000