College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 12, Problem 6E
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The following selected information is taken from the work sheet for Warton Company at its December 31 year-end. Determine the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet. Note: The B. Warton, Capital account balance was $72,000 on December 31 of the prior year.
On December 31, 20--, the following selected accounts and amounts appeared on the balance sheet for Duncan Company. Determine the amount of the working capital and the current ratio.
Building
$180,000
Prepaid Insurance
1,800
Merchandise Inventory
85,000
Store Equipment
11,000
Unearned Fees
1,200
Notes Payable (due in six months)
6,000
Accumulated Depreciation, Building
62,000
Accounts Payable
25,000
Land
50,000
Cash
50,000
Store Supplies
1,400
Accumulated Depreciation, Store Equipment
8,000
Notes Receivable (due in four months)
1,500
Mortgage Payable (current portion)
4,400
Salaries Payable
1,600
M. Duncan, Capital
161,500
Mortgage Payable (due in four years)
86,000
Working Capital
$fill in the blank 1
Current Ratio (Round your answer to two decimal places.)
fill in the blank 2
:1
Check My Work
On December 31, 20--, the following selected accounts and amounts appeared on the balance sheet for Duncan Company. Determine the amount of the working capital and the current ratio.
Building
$127,000
Prepaid Insurance
1,500
Merchandise Inventory
53,910
Store Equipment
10,500
Unearned Fees
2,880
Notes Payable (due in six months)
8,640
Accumulated Depreciation, Building
52,700
Accounts Payable
14,400
Land
30,000
Cash
14,230
Store Supplies
750
Accumulated Depreciation, Store Equipment
4,550
Notes Receivable (due in four months)
4,490
Mortgage Payable (current portion)
4,160
Salaries Payable
1,920
M. Duncan, Capital
91,900
Mortgage Payable (due in four years)
61,230
Working Capital
Current Ratio (Round your answer to two decimal places.)
:1
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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