The total dollar amount of assets to be classified as investments is ?
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Bright Eyes Auto Supplies |
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December 31, 2014 |
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Cash |
$ 40,000 |
Accounts Payable |
$ 130,000 |
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Prepaid Insurance |
80,000 |
Salaries and Wages Payable |
50,000 |
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|
100,000 |
Mortgage Payable |
150,000 |
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Inventory |
140,000 |
Total Liabilities |
330,000 |
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Land Held for Investment |
180,000 |
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|
Land |
250,000 |
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Building |
$200,000 |
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Less Accumulated |
Owner’s Capital |
740,000 |
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(60,000) |
140,000 |
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Trademark |
140,000 |
Total Liabilities and |
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|
Total Assets |
$1,070,000 |
Owner’sEquity |
$1,070,000 |
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The total dollar amount of assets to be classified as investments is ?
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- Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cashEastwood CompanyAdjusted Trial BalanceDecember 31, 2020 Debit Credit Cash $ 41,000 Accounts Receivable 163,500 Allowance for Doubtful Accounts $ 8,700 Prepaid Insurance 5,900 Inventory 208,500 Equity Investments (long-term) 339,000 Land 85,000 Construction in Process (building) 124,000 Patents 36,000 Equipment 400,000 Accumulated Depreciation—Equipment 240,000 Discount on Bonds Payable 20,000 Accounts Payable 148,000 Accrued Liabilities 49,200 Notes Payable 94,000 Bonds Payable 200,000 Common Stock 500,000 Paid-in Capital in Excess of Par—Common Stock 45,000 Retained Earnings 138,000 $1,422,900 $1,422,900 Additional information: 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress…BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 5,000 Machine and equipment 15,000 Long term debt 8,700 Cash on hand 1,500 Current portion of long term debts 1,700 Merchandise inventory 12,400 Accrued interest payable 1,400 Buildings and improvements 20,000 Mortgage payable 14,500 Accounts receivables 6,200 Capital 74,500 Land 50,000 Prepaid expenses 700 105,800 105,800 Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?
- The owner's capital is ₱150,000. The creditors have 60% claims on total assets. What is the correct amount of total assets? ₱250,000 ₱60,000 ₱90,000 ₱375,000 The owner's equity of BSA Company is ₱90,000 representing 30% of the total assets. How much is the amount of total its total liabilities? ₱120,000 ₱210,000 ₱300,000 ₱200,000 My Fried Towel Company collected a note of ₱200,000 plus interest of ₱20,000. The total assets of the company has increased by: ₱220,000 ₱200,000 ₱20,000 ₱180,000Paid-in capital: 189000 Notes payable: 21000 Cash: 22000 Accounts payable: 16000 Merchandise inventory: 29000 Machinery and equipment: 20000 Furniture and fixtures: 8000 Land: 41000 Building: 230000 Long-term debt payable: 124000 On the following day, November 30, these transactions and events ocurred: These transactions and events ocurred:1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance. 2. Paid $6000 on accounts.3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land.4. The remaining land was valued at $240000 by professional appraisers.5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year. Prepare a balance sheet. You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.Assets. Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable $450,000 $400,000 Inventories $770,000 $750,000 Investments 0 $100,000 Land $500,000 0 Equipment $1,400,000 $1,200,000 Accumulated Depreciation Equipment ($600,000) ($500,000) Total Assets $2, 675,000 $ 2,100,000 Liabilities/Stockers Liability. Dec. 31, 20Y9 Dec.31, 20Y8 Accounts Payable $340,000 $300,000 Accrued Expense Payable $45,000 $50,000 Dividends Payable $30,000 $ 25,000 Common Stock $4 par $700,000 $ 600,000 Paid in Capital in excess of par-Common Stock $200,000 $175,000 Retained Earnings $ 1, 360,000 $ 950,000 Total Liabilities & Stockholders Equity $ 2, 675,000. $ 2, 100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows: The…
- He hard the following interrim Balance as at the end of september Items Amount in shillings ''000" Commission earned 60,000 Debenture Interest 4000 Depreciation on Plant and Machinery 16,000 Destroyed stock 150,000 Wages prepaid 120,000 Sales( Net) 1,000,000 Provision for Court case pending 80, 000 Bank overdraft 200,000 Total 1,630,000 a With reference to the above table andcategorize the above items as either debits or credits, kepping other factor constant? b) as an Accountant in the making,if a supplier has sold you goods on credit, take us throught the process you would go throught to get it recorded in Trial Balance? c) Give two items you think should not have been omitted in the about table, stating your justification?ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000 BUILDING ? CASH P30,000 EQUIPMENT P70,000 ARLYN VILLANUEVA, CAPITAL ? LAND P70,000 IF THE BALANCE OF THE BUILDING ACCOUNT WAS P80,000 AND P30,000 OF ACCOUNTS PAYABLE WERE PAID IN CASH, WHAT WOULD BE THE TOTAL LIABILITIES AND OWNER’S EQUITY? P140,000 P180,000 P190,000 230,000Details Amount Dividend Received 93,250 Loan payment 143,000 Amounts Recovered 194,000 Interest Expense 200,000 Court Administration Fees 240,000 Cost of Training 275,000 Bar License 300,400 Store Rent 300,750 Fines and Penalties 330,000 General Cleaning 350,000 Sanitation 370,000 Accumulated Fund (1/1/2020) 370,600 Basic Taxes and Rates 370,900 Allowances 390,470 Equity Investment Acquired 420,000 Royalties 430,000 Accountancy and Consultancies cost 470,000 Work-In-Progress 490,000 Herbalist License 530,370 Posts not on Establishment 580,000 Other Expenditure 600,000 Stool Land Revenue 600,000 Transport and Travelling cost 620,000 Utilities 630,000 Hostel License 630,920 Details Amount Advances to Staff 660,000 Local Park Fees 720,400 Inventory and Consumables 800,000 Special Services 820,000…
- The accounts below appear in the ledger of Anita Baker Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $ 42,000 Aug. 15 Dividends (cash) $15,000 27,000 Dec. 31 Net Income for 2020 $40,000 67,000 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $140,000 Aug. 3 Purchase of Equipment $62,000 202,000 Sept. 10 Cost of Equipment Constructed 48,000 250,000 Nov. 15 Equipment Sold $56,000 194,000 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $ 84,000 Apr. 8 Major Repairs $21,000 63,000 Nov. 15 Accum. Depreciation on Equipment Sold 25,200 37,800 Dec. 31 Depreciation for 2020 $16,800 54,600 Instructions From the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a partial statement of cash flows using the indirect method. The loss on sale of equipment (November 15) was $5,800.The following information pertains to Atlas Inc. on December 31 of the current year: Property, plant and equipment P35,000,000 Accounts receivable 20,000,000 Prepaid insurance 2,500,000 Short-term note payable 3,000,000 Cash 5,000,000 Bonds payable 40,000,000 Total assets 101,500,000 Land 20,000,000 Accounts payable 8,000,000 Allowance for bad…Indy Furniture CompanyTrial BalanceNovember 30, 2011 Cash . ............................................. $21,800Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Accumulated Depreciation—Building . .............. $3,000Machinery and Equipment ......................... 88,000Accumulated Depreciation—Mach. and Equip. . ..... 2,200Accounts Payable . ................................. 8,900Payroll . . .......................................... —Capital Stock . . . ................................... 422,550Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
