The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2020: Accounts payable ¥ 72,000 Accounts receivable 44,000 Advertising expense 80,000 Salaries and Wages Payable 12,000 Cash 60,000 Calculate the amount of total current liabilities: а. О b. 72,000 c. 84,000 d. 12,000
Q: The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019:…
A: Cash paid to employees for salaries is calculated by adding the salaries expense during the year…
Q: The following data pertain to Charlie Company for the year ended December 31, 2018: Accounts Payable…
A: Formula used: Current ratio = Current Assets / Current liabilities. Division of current liabilities…
Q: The following are the information on the assets and liabilities of HARUTO Corporation on December…
A: Acid test ratio is calculated by dividing the total current assets, except for inventory, by the…
Q: A company had the following unadjusted balances on specific accounts for the year ended December 31,…
A: Current liabilities: Liabilities that are due to be paid within one year or within one operating…
Q: On August 1, 2020, the business accounts of Peter and Senen appear below: Assets Peter Senen Cash…
A: Net Assets = Total Assets - Liabilities
Q: Based on the above information, determine the cash received for interest during 2020.
A: Based on the above information, determine the cash received for interest during 2020. Answer -…
Q: Winter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the…
A: In accrual accounting, revenue earned and expenses incurred shall be included in the income…
Q: 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as…
A: Under perpetual FIFO system, 2 entries are passed on making sales. (1. Debtors Dr. To Sales 2.…
Q: JCV Company's records show the following information: December 31, 2018 100,000 December 31, 2019…
A: The balance sheet represents the financial position of the business on a particular date with assets…
Q: EQUIRED: (a) Compute the interest payable at June 30, 2022. (b) Prepare the liabilities section of…
A: The Schedule of Liabilities of Jaemin Corporation as of December 31, 2022 is given which includes…
Q: A company had the following unadjusted balances on specific accounts for the year ended December 31,…
A: Current Liability: Current liabilities are financial commitments owed by a corporation that are due…
Q: Please refer to the following information to answer question 12 and 13: Misra Company compiled the…
A: Lets understand the basics. There are three heads are there in the balance sheet which are explained…
Q: The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:…
A: Current assets are those assets which are easily convertible in to cash or used with in a period of…
Q: Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…
A: a. Total assets = Office furniture + Cash + Accounts receivable = $10000 + 8000 +9000 = $27000
Q: Blue Springs Ltd has provided you with the following figures in respect of the year to 30 June 2021.…
A: Cash flow statement is a statement which records the inflow or outflow of cash from the three main…
Q: On January 1, 2021, the general ledger of Tripley Company included the following account balances:…
A: Record journal entries for the transactions as shown below:
Q: The balance sheet of Simpson Ltd at 30 June 2021 was as follows: Simpson Ltd Balance Sheet as at 30…
A: An accounting cycle refers to the different stages in the preparation of the final accounts. Final…
Q: The account balances on December 31, 2019, are shown by the following list of accounts: Cash R.O…
A: Assets are the resources that provide economic benefits to the owner when it produces value. The…
Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…
A: Expenses- An expense is the cost of operations incurred by a corporation in order to generate…
Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…
A: Solution: Ending Total assets = Beginning Total assets + Increase in assets during the year -…
Q: The balance sheet of Simpson Ltd at 30 June 2021 was as follows: Simpson Ltd Balance Sheet as at 30…
A: An accounting cycle refers to the different stages in the preparation of the final accounts. Final…
Q: Lewiston Company reports the following trial balance on December 31, 2020: Account title Debit…
A: Balance Sheet - This statement shows the income earned and loss incurred by the organization in the…
Q: Several amounts from Kamogelo Company at December 31, 2020, are listed below. Service revenue…
A: Net income of the business can be calculated by deducting all the expenses from the total income of…
Q: The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in…
A: Balance sheet represents the financial position of the company by showing assets owned and…
Q: On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:…
A: • Journal entries record the usual transactions of the business.• Adjusting entries record the…
Q: Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…
Q: The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are…
A:
Q: The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2020.…
A: workings: Accounts receivable = 38700 Less: provision for doubtful accounts = 3500 = 38700 - 3500 =…
Q: The accounts listed below have been taken from Davies Co.’s general ledger as of December 31, 2020.…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…
A: Balance sheet - A balance sheet is one of the financial statements of a company. It can be defined…
Q: The total liabilities of ABC Company for the period ending December 31, 2021 amounted to P300,000.…
A: Note: Accrued interest income and Unused office supplies are not liabilities. These balances should…
Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities $96,079…
A: Cash balance = Beginning balance + Borrowing from the bank - Payment for advertising + Sold…
Q: The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019:…
A: Given the following information: Balances from general ledgers: Income Statement Information:…
Q: On December 1, 2020, Bramble Printers had the account balances shown below. Debit Credit Cash £6.045…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Given below are the balances of accounts of Kriss Bhd as at 31 December 2019 and 31 December 2020.…
A: Kriss Bhd…
Q: 1. Total current assets 2. Total property , plant , and equipment 3. Total assets 4. Total current…
A: Current Assets Accounts receivable 518,600 (-) Allowance for doubtful debts…
Q: On December 1, 2020, Bramble Printers had the account balances shown below. Debit Credit Cash E6.045…
A: The inventory can be valued using various methods as LIFO, FIFO and average method.
Q: The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics…
A: Classified Balance Sheet : It is one type of Balance sheet which contains all the classifications…
Q: A. Below are the accounts of Agatha Trading for the year ended December 31, 2019. Accounts…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…
A: 1. The total asset of Sultan Company at Dec 31, 2020 is as follows: Particulars Amount Office…
Q: At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset=P500,000…
A: Introduction:- The main purpose of a trial balance is to make sure that all entries made…
Q: The balance sheet of Simpson Ltd at 30 June 2021 was as follows: Simpson Ltd Balance Sheet as at 30…
A: Income statement is a statement which shows the performance of a firm during the accounting period.…
Q: On January 1, 2021, the general ledger of Tripley Company included the following account balances:…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Flawless Company’s trial balance reflected the following account balances on December 31, 2019:…
A: SOLUTION- LIABILITIES IS A COMPANY'S FINANCIAL OBLIGATIONS , LIKE MONEY A BUSINESS OWES ITS…
Q: The following information applies to the questions displayed below.) on January 1, 2021, the general…
A: Journal Entry A journal entry is a record of the business transactions within the accounting books…
Q: The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 202…
A: Accounts payable means those accounts of suppliers to whom business has made credit purchases on…
Q: The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns…
A: At the time of formation of partnership business, all non cash assets that are invested by the…
Q: Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of…
A: CURRENT LIABILITIES ARE THOSE LIABILITIES WHICH ARE EXPECTED TO BE PAID WITHIN NORMAL OPERATING…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableThe following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1
- 1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
- Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. Round your answers to two decimal places. 2. Calculate the quick ratios for 2020 and 2019. Quick Ratio 2020 ?? 2019 ?? 3. Calculate the cash ratios for 2020 and 2019. Cash Ratio 2020 ?? 2019 ?? 5. Conceptual Connection: What are some reasons why GER's…A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 daysJamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,200 $1,881 Accounts receivable, net 3,500 3,175 Inventories 2,702 3,044 Other current assets 1,896 1,582 Total current assets $11,298 $9,682 Current liabilities $4,791 $5,869 1.Calculate the current ratio and working capital for 3M for 2019 and 2020. 2.Suppose that at the end of 2020, 3M management used $198 million cash to pay off $198 million of accounts payable. How would its current ratio and working capital have changed?Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,040 $1,908 Accounts receivable, net 3,370 3,180 Inventories 2,774 3,016 Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…