Chapter 1, Problem 1.5BE

2. The following data refers to the 2022 year-end account balances for Mastermind.  However, the Retained Earnings balance is as of 12/31/2021. The accounts are listed in alphabetical order.                                                                                              $ Accounts Payable 25,000  Accounts Receivable 8,500  Accumulated Depreciation 175,000 Cash 141,613  Common Stock 100,000  Fixed Assets (gross) 410,000  Inventory 135,000  Long Term Debt 111,000  Retained Earnings (2021) 51,992    Salary Payable                                                                    11,000   A. Prepare a classified Balance Sheet for Mastermind on Sheet 2 of your spreadsheet. Rename Sheet 2 “Balance Sheet”.  Include working Excel formulas for all calculations.   B. Calculate Mastermind’s Net Working Capital beneath the balance sheet.

The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable. Cash 80,000 Accounts Receivable 30,000 Equipment 100,000 Accounts Payable ? Common Stock 60,000 Ending Retained Earnings 80,000 Using your knowledge, and the accounting equation, what is the amount of Accounts Payable?

Listed below are the following August 31, 2021 accounts and information for the Moses Bosco Company. Use this data to calculate total liabilities  .   Accounts payable                      $  1,100                  Dividends                         $ 3,000 Accounts receivable                     5,400                  Insurance expense             1,200 Buildings                                      63,000                  Supplies                              1,400 Cash                                              18,600                  Notes payable                     3,300 Service revenue                          25,700                  Rent expense                      3,400 Common stock                             52,000                  Salaries and wages expense     12,000 Retained earnings (beginning)        25,900

Aetna was started on January 1, 2023. Following are the account balances at the end of the month: Cash $13, 200 Notes Payable $12,000 Accounts Receivable 5, 300 Rent Expense 1,400 Equipment 61, 200 Wage Expense 500 Service Revenue 49, 400 Land 2, 600 Miscellaneous Expense 600 Insurance Expense 500 Common Stock ??? Retained Earnings, beginning 0 Supplies 1,800 Accounts Payable 3, 700 Dividends 2,000 Determine Total Assets as of January 31, 2023: Select one: a. $ 80, 400 b. $84, 100 с. $68, 400 d. $83,600 e. $82,300 Tr

Listed below are the following August 31, 2021 accounts and information for the Moses Bosco Company. Use this data to calculate total assets   .   Accounts payable                      $  1,100                  Dividends                         $ 3,000 Accounts receivable                     5,400                  Insurance expense             1,200 Buildings                                      63,000                  Supplies                              1,400 Cash                                              18,600                  Notes payable                     3,300 Service revenue                          25,700                  Rent expense                      3,400 Common stock                             52,000                  Salaries and wages expense     12,000 Retained earnings (beginning)        25,900

The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets   Cash $ 120,000 Accounts receivable 300,000 Inventory 200,000 Furniture and fixtures (net) 150,000 Total assets $ 770,000 Liabilities and Shareholders’ Equity   Accounts payable (for inventory) $ 190,000 Notes payable 200,000 Interest payable 6,000 Common stock 100,000 Retained earnings 274,000 Total liabilities and shareholders’ equity $ 770,000 Transactions during 2024 (current year) were as follows: 1. Sales to customers on account $ 800,000 2. Cash collected from customers 780,000 3. Purchase of inventory on account 550,000 4. Cash payment to suppliers 560,000 5. Cost of inventory sold 500,000 6. Cash paid for operating expenses 160,000 7. Cash paid for interest on notes 12,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30,…

Lambda, Inc . presents only the following figures from its balance sheet. You      are to calculate the amounts represented by question marks (?) from the     additional information given: Assets            Cash                                     P 37,500            Accounts Receivable (net)                     ?            Inventory                                      ?            Plant and Equipment (net)                 441,000                                                      P 648,000 Liabilities & Stockholders' Equity            Accounts Payable (Trade)                 P   ?            Income Tax Payable, current                37,500            Long-term Debt                                ?            Common stock                               450,000            Retained Earnings                               ?___                                                       P   ?___   Additional information:      Current ratio, at year-end…

In alphabetical order below are balance sheet items for Taylor Company at December 31, 2022. Dorothy Taylor is the owner of TaylorCompany. Accounts payable   $ 87,700 Accounts receivable   64,000 Cash   41,000 Owner’s capital   17,300 Prepare a balance sheet. (List Assets in order of liquidity.)

The following items were taken from the accounting records of Talecom, Incorporated.  The income statement and balance sheet at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009 Accounts Payable    $ 52,000   Accounts Receivable    $   7,000  Land        121,000   Advertising Expense       11,000   Cash        108,000   Common Stock         15,000   Rent Expense        20,000     Dividends           1,000   Insurance Expense                      5,000   Notes Payable (long‐term)     62,000      Retained Earnings (beg)           52,300   Salaries Expense       22,000   Service Revenue                 121,000   Inventory           3,000   Accumulated Depreciation     20,000                Supplies Expense              1,000      Salaries Payable         1,500                Additional Paid In Capital    100,000   Building                   100,000   Income tax rate    40%   Prepare an income statement, and a classified balance sheet for the…