LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Chapter 3, Problem 1.5SRE
To determine
Explain that the fundamental
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Bert has extracted the following list of balances from his general ledger at 31 October 20X5:
$
258,542
9,649
142,958
34,835
63,960
31,746
13,864
1,783
12,525
Sales
Opening inventory
Purchases
Expenses
Non-current assets (carrying amount)
Receivables
Payables
Cash at bank
Capital
What is the total of the debit balances in Bert's trial balance at 31 October 20X5?
$267,049
$275,282
$283,148
$284,931
A
D
Prepare a balance sheet using the following information. The business has $12,000 cash, $2,500 in accounts receivable, $22,000 in inventory, and $46,000 in equipment. They have $6,800 in accounts payable, $2,600 in wages payable, $22,000 in mortgage payable and long-term loans.
Assets
Current assets
Cash
$12,000
Accounts receivable.
2,500
Merchandise inventory
22,000
Total current assets
36,500
Plant and equipment
Equipment
46,000
Total plant and equipment
46,000
Total assets.
$82,500
Liabilities
Current Liabilities
Accounts payable
$ 6,800
Wages payable
2,600
Total current liabilities
9,400
Long-term liabilities
Mortgage note payable
22,000
Total long-term liabilities
22,000
Total liabilities
31,400
Owner's Equity
Capital
51,100
Total liabilities and owner's…
The Pioneer Company has provided the following account balances:
Cash $38,100;
Short-term investments $4,100;
Accounts receivable $48,500;
Supplies $6,100;
Long-term notes receivable $2,100;
Equipment $96,500;
Factory Building $181,000;
Intangible assets $6,100;
Accounts payable $29,900;
Accrued liabilities payable $3,950;
Short-term notes payable $14,200;
Long-term notes payable $92,500;
Common stock $181,000;
Retained earnings $60,950.
What are Pioneer's total current assets?
Chapter 3 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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- The following balances were reported at year-end by Company A: Cash in bank $40,000; Cash on hand $600; Treasury bills with maturity of 2 months $5,400; Travel advances $2,500. In the statement of financial position of Company A, how much should be reported as "cash and cash equivalent ? A. $46,000 B. $40,600 C. $48,500 D. $43,100arrow_forwardComplete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…arrow_forwardOxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.arrow_forward
- Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Ekpense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is O 2:1. O 2.42:1. O 2.27:1. O2.67:1. eTextbook and Mediaarrow_forwardIf you have the following account balances, how much are your current assets? Cash $5,921; Building $100,000; Accounts Payable $10,723; Accounts Receivable $25,783; Common Stock $200,000arrow_forwardThe Pioneer Company has provided the following account balances: Cash $38,500; Short-term investments $4,500; Accounts receivable $6,500; Supplies $50,500; Long-term notes receivable $2,500; Equipment $98,500; Factory Building $185,000; Intangible assets $6,500; Accounts payable $29,500; Accrued liabilities payable $3,750; Short-term notes payable $15,000; Long-term notes payable $94,500; Common stock $185,000; Retained earnings $64,750. What are Pioneer's total current liabilities?arrow_forward
- 1. The beginning Cash account balance is $ 8,700. During the period, cash payments totalled$44,600. If ending Cash is $1,100, then cash receipts must have been: A. $35,500 B. $37,000 C. $35,900 D. $34,800arrow_forwardLor's Company has the following items: cash in a checking account, $4,000; cash in a savings account, $6,000,; high – grade government securities due in one ma (purchased last month), $3,536; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? O A. $13,536 OB. $16,536 OC. $17,136 OD. $6,000 Click to select your answer. 1T-5anm 1O 立arrow_forwardThe balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the period $9,440 of credit sales were made to customers balance in Accounts Receivable amounted to $1,880, and uncollectible accounts expense amounted to $800, then the amount of cash inflow from customers appear in the operating activities section of the cash flow statement would be Multiple Choice $9.640 $9,440 $12.120 Nore of these answers are correct barrow_forward
- Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:arrow_forwardLori's Company has the following items: cash in a checking account, $2,000; cash in a savings account, $10,000; high - grade government securities due in one month (purchased last month), $3,546; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? O A. $18,546 O B. $10,000 O C. $15,546 O D. $15,000arrow_forwardPerform a vertical analysis for the balance sheet entry "Accounts Receivable" given below. (Round to the nearest tenth) Assets Current Assets Cash $ 23,000 Accounts Receivables 16,000 Merchandise Inventory 50,000 Supplies 2,500 Total Current Assets 91,500 Property, Plant, and Equipment Machinery and Equipment 23,000 Total Assets $114,500arrow_forward
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