Which of the following situations describes a person who could be insolvent? Multiple Choice Assets $56,200; annual expenses $60,800 Assets $78,200; net worth $22,800 Liabilities $45,200; net worth $6,800 Assets $40,200; liabilities $45,800 Annual cash inflows $45,200; liabilities $50,800
Q: Need a brief description for Assets distribution in Case Stuady 5 to 6 sentences ASSETS…
A: Asset distribution refers to the calculation of proportion of a particular asset to that of the…
Q: What are the correct accounts for long term liabilities? Cash $ ? Supplies…
A: Long term liabilities are those obligations and liabilities which needs to be paid or settled by the…
Q: Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is…
A: The given question has more than 3 subparts so as per the policy of the company only the first 3…
Q: Calculate Total Current Liabilities Extract of Balance sheet items as at 31 December 2020 OR…
A: Current Liabilities Current liabilities are short-term financial obligations. These liabilities are…
Q: The following information is taken from Jennifer Corporation's financial statements: December…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: P14-47 Preparing the statement of cash flows-indirect method This problem continues the Canyon Canoe…
A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…
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: The following information is taken from Jennifer Corporation's financial statements: December…
A: Given, The following information is taken from Jennifer Corporation's financial statements:…
Q: Lapiz, Capital 3,000 P30,000 Total Profit and loss ratio is 3:2:1 for Azure, Sapphire, and Lapiz-…
A: To determine the Cash Received at the time of liquidation which is consider the factors of the whole…
Q: Based on professional judgment an accountant decides that if the amount of an asset is more than 2%…
A: Material item: The Financial Statements must change due to change in the amount in order to change…
Q: The following information is for Bridgeport Real Estate: Bridgeport Real Estate Balance Sheet…
A: Current assets are those assets in the balance sheet which are either in cash or can be converted…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: What would be the net cash inflows or outflows from financing activities? CASH RECEIVED FROM:…
A: Cash from financing activities is an important section of cash flow statement which includes cash…
Q: An entity has the following assets and liabilities below. Illustrates current and noncurrent assets…
A: Current assets are the assets that are realizable in cash or usable in operations within one year…
Q: Use the following data to determine the total dollar amount of assets to be classified as current…
A: Current assets are those assets which are either in cash or can be converted into cash into short…
Q: Based on the following data, what is the amount of current assets? Accounts payable $ 63000 Accounts…
A: Current assets are the assets that are held by an entity for a short time period usually one year or…
Q: An entity has the following assets and liabilities below. Illustrates current and noncurrent assets…
A: The assets which become realizable in cash or can be used in the operations of the business within…
Q: How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D.…
A: Liquidation of partnership means cessation or end of the partnership business. Under which, all…
Q: and owners' equity of $84,000. We can conclude that Virginia Laboratories must have: Group of answer…
A: In Accounting there is an accounting equation of ASSETS = LIABILITIES + EQUITY Where total assets…
Q: The Three Brothers Enterprise has the following balance sheet as at 30 June, 2019. Assets Cash…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Given the following assets and liabilities, what is the amount of capital?Machinery Rs 180,000,Bank…
A: Machinery = Rs.180,000 Bank Loan = Rs.130,000 Inventory = Rs.118,000 Debtors = Rs.162,000 Creditors…
Q: Cash Non-Cash assets PO 85,000 P 85,000 Total Assets Liabilities Loan payable to Partrer F Loan…
A: As you have posted multiple questions, we are answering first two questions related to case 1.…
Q: The following table shows some selected financial information of Delos Company. According to the…
A: Return on assets means total return earned on the total assets of the business. It includes current…
Q: The following information is from a new business. Assets - Liabilities = Owner’s Equity End of…
A: As per the accounting equation, assets are always equal to the sum of liabilities and owner's…
Q: On December 31, 2020, the statement of fi ollowing data with profit or loss sharing ra Cash…
A: Profit and loss Profit or loss of the company is measured by preparing income statement which shows…
Q: Use the following data to determine the total amount of working capital. Marigold Corp. Balance…
A: Working capital =Current assets- current laibilties Current assets are assets within current period…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: Beginning Cash Balance = Ending Cash Balance - Cash received During the year +Cash disbursements…
Q: Some selected financial statement items belonging to PXR Company are given in the table below.…
A: RETURN ON ASSETS ( ROA) :- = NET PROFIT AFTER TAX / TOTAL ASSETS
Q: Balance sheet Assets (in KD) Cash 130000 Accounts receivable 100000 Inventory 210000 Property,…
A: Balance sheet is referred as the financial statements, which used to report the assets,…
Q: An entity reported the following current assets on December 31, 2020: Cash in bank 4,000,000…
A: The balance sheet in any entity has two sections: assets and liabilities. Both the sections depict…
Q: RUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 66,100 $…
A: Cash flow statement means the statement which shows the cash inflow and outflow during the specified…
Q: choose the correct letter of answer based on the picture attached: How much is the total assets…
A: The balance sheets summarizes about the details of assets and liabilities.
Q: 1. During June, non-cash assets were sold at 120% of carrying value resulting to a gain on…
A: Under liquidation of partnership business, all non cash assets of the partnership are sold out, any…
Q: Consider the following information. Assets Equity and liabilities P500,000 Current debt P900,000…
A: To calculate the operating working capital, the non-interest-bearing current liabilities are…
Q: Read and analyze the following problem and answer the questions asked. Show your computations. Cash…
A: Since there are multi sub-parts, we will solved first three for you. To get the remaining sub-parts…
Q: The following statement of financial position was prepared by the bookkeeper for Rima Company as of…
A: The statement of financial position is prepared at the end of an accounting period. This statement…
Q: Use the information below (in millions) to determine net cash inflows (outflows) from operating…
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: c. Assume Allen incurs a $5,100 operating loss. The remaining assets are sold for the value shown on…
A: An accounting equation is an equation that represents the relationship between assets, liabilities,…
Q: Gold Company provided the following trial balance on December 31, 2019: Cash overdraft P100,000…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: Casio adheres to ASPE. Casio Corp.'s transactions for the year ended December 31, 2020 included the…
A: Cash flow statement is a financial statement and it was used to find the cash earned and spent on…
Q: Inventory 420 000 460 000 Accounts Receivable 390 000 320 000 Interest Receivable
A: A Cash flow statement is a financial statement that shows how much money is coming in and out. There…
Q: Swifty Corporation's transac
A: Financing Activity involves transaction issue of equity and debt payment of dividends and interest…
Q: Use the information below (in millions) to determine net cash inflows (outflows) from investing…
A: A cash flow statement determines the net cash inflows and outflows from a business organization…
Q: derived the following income in 2020: Business income of P400,000 Compensation income of P200,000…
A: Capital gains are taxed differently than ordinary income and capital gains generally arise when gain…
Q: XYZ Co. had the following activities in 2020: Issue of Bonds OMR 15000 Increase in receivables OMR…
A: The cash flow statement analyse the cash flow from various activities in the business.
Q: If a corporation purchases a delivery van for $35,000 cash, the net impact of this transaction will…
A: Definition: Accounting equation: Accounting equation is an accounting tool expressed in the form of…
Q: A liquid asset can be converted to cash quickly without significantly impacting the asset’s value.…
A: Cash or cash in hand is the most Liquid assets because it is cash itself there is no need to convert…
Q: 120, bills payable 35, bills receivable 45, outstanding expenses 20, creditors 110, debtors 50, the…
A: Current assets means those assets which will be converted in to cash in near future generally one…
Q: Extract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables…
A: We know that current assets are those that are realized or consumed within the operating cycle of…
Which of the following situations describes a person who could be insolvent?
-
Assets $56,200; annual expenses $60,800
-
Assets $78,200; net worth $22,800
-
Liabilities $45,200; net worth $6,800
-
Assets $40,200; liabilities $45,800
-
Annual
cash inflows $45,200; liabilities $50,800
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- he financial statements of Hollywood Estate are given below. Comparative Statements of Financial Position at: 30 September 2021 30 September 2020 Assets $ $ Current Assets Inventory 420 000 460 000 Accounts Receivable 390 000 320 000 Interest Receivable 4 000 9 000 Investments (Held for trading) 50 000 0 Cash in bank 75 000 0 Cash in hand 7 000 5 000 Total Current Assets 946 000 794 000 Non-Current Assets Property, Plant and Equipment (net) 584 000 510 000 TOTAL ASSETS 1 530 000 1 304 000 Liabilities and Shareholders’ Equity Current Liabilities Bank overdraft 0 70 000 Accounts Payable 550 000 400 000 Interest Payable 6 000 33 000 Income Tax Payable 100 000 90 000 Other Payables 30 000 0 Total Current Liabilities 686 000 593 000 Non-Current Liabilities…How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D. 1,420,000 How much was the net proceeds from the sale of non-cash assets? A. 680,000 B. 760,000 C. 1,720,000 D. 1,480,00 How much did A receive from the settlement of his capital balance? A. 608,000 B. 0 C. 806,000 D. 112,000The following information is taken from Jennifer Corporation's financial statements: December 31 2021 2020 Cash $ 73,080 $ 31,320 Accounts receivable 118,320 92,800 Allowance for doubtful accounts (5,220) (3,596) Inventory 185,600 203,000 Prepaid expenses 8,700 7,888 Land 116,000 69,600 Buildings 341,040 283,040 Accumulated depreciation (37,120) (15,080) Patents 23,200 40,600 $823,600 $709,572 Accounts payable $ 104,400 $ 97,440 Accrued liabilities 62,640 73,080 Bonds payable 145,000 69,600 Common stock 116,000 116,000 Retained earnings―appropriated 92,800 11,600 Retained earnings―unappropriated 320,160 351,132 Treasury stock, at cost (17,400) (9,280) $823,600 $709,572 For 2021 Year Net income $90,828…
- The following information is taken from Jennifer Corporation's financial statements: December 31 2021 2020 Cash $ 73,080 $ 31,320 Accounts receivable 118,320 92,800 Allowance for doubtful accounts (5,220) (3,596) Inventory 185,600 203,000 Prepaid expenses 8,700 7,888 Land 116,000 69,600 Buildings 341,040 283,040 Accumulated depreciation (37,120) (15,080) Patents 23,200 40,600 $823,600 $709,572 Accounts payable $ 104,400 $ 97,440 Accrued liabilities 62,640 73,080 Bonds payable 145,000 69,600 Common stock 116,000 116,000 Retained earnings―appropriated 92,800 11,600 Retained earnings―unappropriated 320,160 351,132 Treasury stock, at cost (17,400) (9,280) $823,600 $709,572 For 2021 Year Net income…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?What are the correct accounts for long term liabilities? Cash $ ? Supplies Inventory 1,200 Prepaid Insurance 1,000 Investments (available for sale) 1,500 Equity Investments 10,200 Equipment 48,000 Accumulated Depreciation - Equipment 4,000 Trademarks 950 Accounts Payable 10,000 Salaries and Wages Payable 3,200 Notes Payable (due 2022) 3,000 Unearned Service Revenue 2,000 Bonds Payable (due 2027) 9,000 Common Stock 10,000 Retained Earnings* (see Additional Information below for current year loss) 25,000 Service Revenue 10,000 Salaries and Wages Expense 9,000…
- Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4The following information is from a new business. Assets - Liabilities = Owner’s Equity End of Year 1 $248,000 $121,000 $127,000 End of Year 2 293,000 153,000 140,000 End of Year 3 218,000 85,200 132,800 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year 1: Asset of $ financed by of $ and combination of of $. End of Year 2: Asset of $ financed by of $ and combination of of $. End of Year 3: Assets of $ used to $ of liabilities. Company also had combination of of $ (or small net income offset by large withdrawals).Based on the following data, what is the amount of quick assets? Accounts payable $30,200 Accounts receivable 45,200 Accrued liabilities 7,100 Cash 20,200 Intangible assets 40,100 Merchandise inventory 72,100 Long-term investments 101,000 Long-term liabilities 75,300 Marketable securities 36,100 Notes payable (short-term) 20,100 Property, plant, and equipment 627,000 Prepaid expenses 2,300 a.$65,400 b.$173,600 c.$101,500 d.$175,900
- An entity provided the following trial balance on June 30, 2020: Cash overdraft (200,000) Accounts receivable, net 700,000 Inventory 1,200,000 Prepaid expenses 200,000 Land held for resale 2,000,000 Property, plant and equipment, net 1,900,000 Accounts payable 700,000 Share capital 3,000,000 Share premium 500,000 Retained earnings 1,600,000 Checks amounting to P600,000 were written to vendors and recorded on June 30 resulting in cash overdraft of P200,000. The checks were mailed on July 9. Land held for resale was sold for cash on July 15. The financial statements were issued on July 31. 1. What total amount should be reported as current assets? a. 4,500,000 b. 4,100,000 c. 4,300,000 d. 2,500,000 2. What total amount should be reported as current liabilities? a. 1,300,000 b. 1,500,000 c. 900,000 d. 700,000 3. What is the total shareholders’ equity? a. 5,100,000 b. 3,500,000 c. 3,000,000 d. 4,600,000The Three Brothers Enterprise has the following balance sheet as at 30 June, 2019. Assets Cash Rs. 280,000 Accounts Receivable 600,000 Less allowance for uncollectible 30,000 570,000 Inventory 525,000 Property, Plant & Equipment 1,500,000 Less accumulated depreciation 375,000 1,125,000 Total Rs. 2,500,000 Liabilities and equity Accounts payable 1,650,000 Common Stock…What would be the net cash inflows or outflows from financing activities? CASH RECEIVED FROM: customers $2200 Interest on investments 220 sale of land 110 Sale of common stock 590 Issuance of debt securities 2100 CASH PAID FOR: interest on debt $270 Income tax 110 Debt principal reduction 1600 Purchase of equipment 4800 Purchase of inventory 1000 Dividends on common stock 240 Operating expenses 500
