Martinez Company at December 31 has cash $46,500, noncash assets $212,000, liabilities $130,000, and the following capital palances: Hoffman $93,000 and Mena $35,500. The firm is liquidated, and $225,000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40%, respectively. (If an amount reduces the account balance then enter with a negative sig preceding the number e.g.-15,000 or parentheses e.g. (15,000).)
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- For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?Southwestern Wear Inc. has the following balance sheet: The trustees costs total 281,250, and the firm has no accrued taxes or wages. The debentures are subordinated only to the notes payable. If the firm goes bankrupt and liquidates, how much will each class of investors receive if a total of 2.5 million is received from sale of the assets?Martel Co. has 320,000 in Accounts Receivable on December 31, 20-1, the end of its first year of operations. The business is new, so it has no prior experience with uncollectible accounts. In Martels overall industry, the percentage of uncollectible accounts receivable is about 3%. For companies similar to Martel in size and operations, the percentage is about 5%. Martel decides to use the overall industry experience as the basis for its estimate of uncollectible accounts. Prepare the adjusting entry on December 31, 20-1 for Martel Co.s uncollectible accounts.
- At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.The following information is for Pronghorn Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,100 Additional Paid-in Capital $ 54,900 Equipment (cost) 113,000 Accounts Receivable 71,300 Inventory (work in process) 13,600 Inventory (raw materials) 61,500 Cash (unrestricted) 21,700 Supplies Expense 16,800 Inventory (finished goods) 33,000 Cost of Goods Sold 405,700 Equity Investments (cost) 9,500 Allowance for Doubtful Accounts 4,400 Customer Advances 11,800 Licenses 7,100 Unearned Service Revenue 36,800 Notes Receivable 17,600 Treasury Stock 12,300 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 6,300. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a…The following information is for Ayayai Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $23,000 Additional Paid-in Capital $54,000 Equipment (cost) 111,000 Accounts Receivable 71,000 Inventory (work in process) 13,000 Inventory (raw materials) 59,000 Cash (unrestricted) 21,000 Supplies Expense 16,000 Inventory (finished goods) 32,000 Cost of Goods Sold 404,000 Equity Investments (cost) 8,000 Allowance for Doubtful Accounts 2,000 Customer Advances 11,000 Licenses 6,000 Unearned Service Revenue 35,000 Notes Receivable 16,000 Treasury Stock 12,000 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $5,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line…
- The following information is for Blue Spruce Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $25,300 Additional Paid-in Capital $56,400 Equipment (cost) 111,000 Accounts Receivable 72,000 Inventory (work in process) 14,400 Inventory (raw materials) 59,800 Cash (unrestricted) 21,400 Supplies Expense 16,400 Inventory (finished goods) 33,300 Cost of Goods Sold 406,000 Equity Investments (cost) 9,200 Allowance for Doubtful Accounts 3,800 Customer Advances 11,300 Licenses 7,600 Unearned Service Revenue 35,000 Notes Receivable 25,600 Treasury Stock 13,000 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $6,400. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a…The following information is for Concord Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,900 Additional Paid-in Capital $ 55,400 Equipment (cost) 113,400 Accounts Receivable 72,200 Inventory (work in process) 13,100 Inventory (raw materials) 59,300 Cash (unrestricted) 21,300 Supplies Expense 16,200 Inventory (finished goods) 33,800 Cost of Goods Sold 406,200 Equity Investments (cost) 9,000 Allowance for Doubtful Accounts 4,000 Customer Advances 12,700 Licenses 7,200 Unearned Service Revenue 36,600 Notes Receivable 16,400 Treasury Stock 13,900 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 7,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a…Alpaca Corporation had revenues of $275,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $27,500 on $98,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,200 in salaries. Owners invested $16,500 in the business and $16,500 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $8,200 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation.
- Alpaca Corporation had revenues of $230,000 in its first year of operations. The company has not collected on $18,200 of its sales and still owes $26,600 on $75,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $12,000 in the business and $12,000 was borrowed on a five-year note. The company paid $4,500 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%. Compute net income for the first year for Alpaca Corporation.Alpaca Corporation had revenues of $255,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $27,100 on $96,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,800 in salaries. Owners invested $14,500 in the business and $14,500 was borrowed on a five-year note. The company paid $3,900 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 36%. Compute the cash balance at the end of the first year for Alpaca Corporation. Can you pleae explain answer14. The trial balance of Rollins Inc. included the following accounts as of December 31, 2021: Debits Credits Sales revenue 5,300,000 Interest revenue 37,000 Loss on sale of investments 15,000 Loss on debt investments 126,000 Gain on projected benefit obligation 230,000 Cost of goods sold 3,860,000 Selling expense 340,000 Restructuring costs 150,000 Interest expense 15,000 General and administrative expense 240,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required:Prepare a 2021 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format. (Amounts to be deducted should be indicated with a…