GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
4th Edition
ISBN: 9781260087376
Author: M. David Haddock Jr. Professor
Publisher: McGraw-Hill Education
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Chapter 3, Problem 1.5SRE
To determine
Explain that the fundamental
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Lor'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
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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…
Chapter 3 Solutions
GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
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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- Complete 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_forwardThe 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?arrow_forwardThe 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_forward
- The 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_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_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_forward
- Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: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 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_forwardData table (Click on the following icon in order to copy its contents into a spreadsheet.) Cash Accounts receivable $ 470,000 4,060,000 Inventories Net property, plant, and equipment 7,800,000 17,619,000 $ 29,949,000 Long-term debt Common equity Total assets Total debt and equity Done $ 11,030,000 18,919,000 $ 29,949,000arrow_forward
- The 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_forward1. 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_forwardThe balance sheet debit column of the worksheet for Ivanhoe Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 4,300, Cash $ 4,200, Supplies $ 4,900, and Debt Investments (short-term) $ 5,500. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) IVANHOE COMPANY Partial Balance Sheet 24 %24 >arrow_forward
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