Total current Assets in the balance sheet
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- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Income tax rate is 40%Prepare adjusted trial balance and income statement
- se the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,495 Accounts receivable 64,133 Accrued liabilities 6,993 Cash 21,465 Intangible assets 40,744 Inventory 89,481 Long-term investments 112,445 Long-term liabilities 70,738 Notes payable (short-term) 25,963 Property, plant, and equipment 664,167 Prepaid expenses 1,026 Temporary investments 30,035 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?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?Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
- A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is a. $0; this is an investing activity. b. $0; this is an operating activity. c. $73,440. d. $68,000. e. $5,440.Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $36,068 Accounts receivable 67,962 Accrued liabilities 6,331 Cash 21,747 Intangible assets 38,687 Inventory 88,371 Long-term investments 111,372 Long-term liabilities 75,442 Notes payable (short-term) 25,371 Property, plant, and equipment 645,701 Prepaid expenses 2,435 Temporary investments 31,403 Based on the data for Harding Company, what is the amount of working capital? a.$1,007,678 b.$643,266 c.$144,148 d.$211,918
- An entity reported the following current assets on December 31, 2020: Cash in bank 4,000,000 Accounts receivable 7,000,000 Notes receivable 2,500,000 Notes receivable discounted (400,000) Inventory 4,500,000 Financial asset – FVPL 1,000,000 Financial asset – FVOCI 1,500,000 Prepaid expenses 200,000 Deferred tax asset 2,500,000 Equipment classified as “held for sale” 2,000,000 Total 24,800,000 Customers’ accounts 5,000,000 Allowance for doubtful accounts (500,000) Sale price of unsold goods out on consignment at 125% of cost and excluded from ending inventory 2,500,000 Net accounts receivable 7,000,000 What amount should be reported as total current assets on December 31, 2020?Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,251 Accounts receivable 69,478 Accrued liabilities 6,529 Cash 23,300 Intangible assets 36,101 Inventory 89,377 Long-term investments 104,908 Long-term liabilities 70,482 Notes payable (short-term) 21,433 Property, plant, and equipment 695,698 Prepaid expenses 1,772 Temporary investments 39,777 Based on the data for Harding Company, what is the amount of working capital? a. $223,704 b. $1,060,411 c. $693,926 d. $161,491Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623
