FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
6th Edition
ISBN: 9781260529326
Author: Kapoor
Publisher: McGraw-Hill Publishing Co.
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 3P
a)
Summary Introduction
To determine: The amount of total assets.
b)
Summary Introduction
To determine: The amount of total liabilities.
c)
Summary Introduction
To determine: The amount of net worth.
d)
Summary Introduction
To determine: The amount of total cash inflows.
e)
Summary Introduction
To determine: The amount of total
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flow Items
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
Balance Sheet and Cash Flow Items
Rent for the month
$ 1,520
Monthly take-home salary
$ 4,070
Cash in checking account
920
Savings account balance
2,420
Spending for food
1,260
Balance of educational loan
2,340
Current value of automobile
7,820
Telephone bill paid for month
104
Credit card balance
307
Loan payment
84
Auto insurance
319
Household possessions
3,880
Home entertainment system
3,290
Payment for electricity
150
Lunches/parking at work
194
Donations
148
Computers
2,430
Value of stock investment
1,670
Clothing purchase
146
Restaurant spending
145
Make a corrected Balance Sheet and report the values/missing values in Table 2 given below.
Cash=? Accounts Payable=100,000, Accounts Receivables=200,000, Notes Payable=500,000, Owner's Capital=100,000, Supplies=100,000, Furniture=50,000, Land=150,000.
Table 2 Balance Sheet
Assets
Liabilities
Owner's Equity
Account Title
Amount
Account Title
Amount
Account Title
Amount
Total
Total
Total
George’s Pizzeria has the following information as of December 31, 2012:cash, $2,000; pizza ovens, $25,000; furniture, $12,500; accounts payable,$3,500; notes payable, $12,500; accumulated depreciation, $10,000; wagespayable, $1,500; taxes payable, $2,500; and equipment loan, $18,000.Construct a balance sheet for George. Do you think he has a problem withhis current balance sheet? If so, what is it?
Chapter 2 Solutions
FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
Knowledge Booster
Similar questions
- Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?arrow_forwardUse the following select financial information to prepare a December 31 income statement. Cash $ 67,000 Services revenue $ 130,400 Accounts receivable 62,000 Rental revenue 27,000 Land 82,000 Salaries expense 77,000 Accounts payable 47,000 Insurance expense 32,000 Salaries payable 3,700 Advertising expense 6,700 Unearned revenue 9,700arrow_forwardFrom the following data for David ProElecticals, calculate the quick ratio. Cash $ 68,500 Accounts receivable 130,000 Inventories 213,000 Prepaid expenses 25,000 Total current assets $436,500 Less current liabilities 275,000 Working capital $161,500 a. 1.6 b. 0.7 c. 0.3 d. 1.5arrow_forward
- Show the following transactions for a household on a double-entry bookkeeping ledger (values are expressed in the same given unit of account): Household earns a salary paid in a checking account (value=100). Household makes consumption expenses (value=80). Household buys a property (value=15,000) with a down payment of 10,000 and a loan of 5,000. ENTRY DEBIT CREDIT Salary Deposits Consumption expenses Deposits Loan Deposits Property Depositsarrow_forwardA. Opened a business bank account with a deposit of $25,000 from personal funds.B. Purchased office supplies on account, $1,850.C. Paid creditor on account, $1,200.D. Earned sales commissions, receiving cash, $41,500.E. Paid rent on office and equipment for the month, $3,600.F. Withdrew cash for personal use, $4,000.G. Paid automobile expenses (including rental charge) for the month, $3,050, and miscellaneous expenses, $1,600.H. Paid office salaries, $5,000.I. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900. Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be…arrow_forwardPREPARE A TABULAR ANALYSIS OF THE TRANSACTIONS BELOW USING THE FOLLOWING COLUMN HEADINGS: CASH, MEDICAL SUPPLIES, FURNITURE AND EQUIPMENT, ACCOUNTS PAYABLE, AND CAPITAL. Transferred cash to the business bank account, Php 100,000. Paid rent for the month, Php 10,000. Purchased medical supplies for cash, Php 2,000. Bought furniture and equipment on account, Php 20,000. Performed services for cash, Php 50,000. Paid the salary of receptionist, Php 8,000.arrow_forward
- Below is a summary of all transactions of Dreamworks Bedding Supplies for the month of August 2021.Cash TransactionsCash collections from: Customers $ 80,400 Sale of unused land 15,700 Issuance of common stock 30,000 Interest earned on savings account 300Cash payments for: Employee salaries (47,100) Delivery truck (34,500) Advertising expense (5,900) Office supplies (3,800) Repayment of borrowing (9,000) Bedding material (13,000)Noncash TransactionsSales to customers on account 12,300Purchase of materials on account 8,400Purchase equipment with promissory note to pay later 92,000Required: Prepare a statement of cash flows for the month of August, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of August is $8,300.arrow_forwardConsider the following transactions. 1. Receive cash from customers, $15,000. 2. Pay cash for employee salaries, $9,000. 3. Pay cash for rent, $3,000. 4. Receive cash from sale of equipment, $8,000. 5. Pay cash for utilities, $1,000. 6. Receive cash from a bank loan, $4,000. 7. Pay cash for advertising, $7,000. 8. Purchase supplies on account, $3,000. Required: Post transactions to the Cash T-account and calculate the ending balance. The beginning balance in the Cash T-account is $5,000.arrow_forwardForest Company had the following transactions during the month of December. What is the December 31 cash balance? Cash sales $3,250, Payments for inventory $1,760, Investments by owners $3,000, Supplies used$ 175, Cash withdrawals $260, Inventory received $2,500, Wages paid $2,390, Cash balance as of Dec. 1 $4,250. Your answer (show your calculation as well):arrow_forward
- From the following data for David ProElecticals, calculate the quick ratio. Cash $ 68,500 Accounts receivable 130,000 Inventories 213,000 Prepaid expenses 25,000 Total current assets $436,500 Less current liabilities 275,000 Working capital $161,500arrow_forwardThe Cash account had a balance at the beginning of the year of $40,000. During the year, $200,000 was debited and $220,000 was credited to the account. What is the ending balance of Cash? Group of answer choices $20,000 credit balance $20,000 debit balance $60,000 credit balance $60,000 debit balancearrow_forwardConstruct a statement of financial position (balance sheet) for theHumperdinck family using the following information: cash, $50; checkingaccount, $2,500; student loan balance, $6,000; stocks and bonds, $2,600;savings account, $5,850; residence, $110,000; automobile, $12,000; savingsaccount, $5,800; automobile loan balance, $12,000; 401(k) retirementaccount, $15,000; furniture, clothing, jewelry, $8,000; credit card balance,$4,000; and mortgage loan balance, $99,000.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning