Your friend, Daniel recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018: assets: land $100000 accounts payable $10000 accounts receivable $12500 cash $10000 daniel nat, capital $235000 total assets: $367500 liabilities: equipment $125000 wages payable $2500 total liabilities: $127500 instructions: 1. write a brief explanations to Daniel explaining the errors in the Ashville Company balance sheet. 2. Draw a correct presentation for the balance sheet
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first question alone. If you want…
Q: You are the Accountant for Ching Wei Tai, a sole trader business operating downtown, Kingston. The…
A: Cash Debit Credit Date Particulars Amount Date Particulars Amount Dec'3 Ching Wei Tai,…
Q: Barney Technologies - As the new accountant for Barney Technologies, you notice that their some…
A: Current assets are the short-term assets of the business which have high liquidity and will be…
Q: Given below are the transactions related to Omar Enterprises for the month of March 2020. Date…
A: Since you have posted a question with multiple sub-parts , we will do the first three sub-parts for…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: Linda Williams started her own consulting firm, Linda Consulting, on May 1, 2022. The following…
A: As per Accounting Equation,Assets =Liabilities +Shareholder's equity
Q: I. Case Analysis: Analyse the case and find out if Joe Razon was able to compute the total assets…
A: As per accounting equation : Assets = Liabilities + Equity
Q: Maria Miller started her own consulting firm, Maria Consulting, on May 1, 2022. The following…
A: Trial balance is the statement which is usually prepared to check if all the debits in the books are…
Q: 1. CtSha Enterprise started a new business on 1 of September 2020. You are required to record the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: (For items 1 and 2). Read and analyze the following transactions taken from the book of XYZ Services…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: 1. Mr. Musfig is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Your friend, Daniel, recently began work as the lead accountant for the Asheville Company. Daniel…
A: Balance sheet is the representation of the assets, liabilities and shareholder’s equity. It is a…
Q: The following transactions are taken from the books of Mr. Noushad for the month of May 2020. May 1…
A: Journal is a place where journal entries are recorded in the book keeping system before ledger…
Q: Since you are already done answering the previous activities, I think you are now ready to make your…
A: Every company must keep accurate books of accounts in order to assess and analyse results at the…
Q: a. Journalize and post quarter transactions. b. Prepare December 31st, 2019 trail balance c. Use the…
A: Final Accounts Journal entries are used to record transactions. It then posted into ledger…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: The income statement reports the financial performance of a company during a given period of time.…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Mr. Salah Accounting analyst Company Income statement for the month ended Jan 31 Amount…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: , 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the…
A: Financial Statement:- Financial statements includes balance sheet, Income statements etc., that are…
Q: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the…
A: Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: The following are the Balance Sheets for Larry's as of March 31, 2021 and June 30, 2021: March 31,…
A: Cash flow statement is very important financial statement which shows all cash inflows and cash…
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Post the entries and calculate the balances:
Q: The following business transactions relate to John Clark (financial planner) for his first month of…
A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date…
A: The question is related to Journal entry, Ledgers amd Trial Balance of Abdullah Enterprises for the…
Q: 1. Mr. Musfiq is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021.…
A: Date Particulars Dr. $ Cr $ 01 July 2021 Cash dr 550000 to Musfiq capital…
Q: On October 1, 2018 Abdullah formed Accounting Consulting Co. to provide accounting services. The…
A: Balance sheet is a financial statement which is prepared to analyse financial position of business.…
Q: Sonya Jared opened a law office on July 1.2022. On July 31. the balance sheet showed Cash $5.000,…
A: A balance sheet is a representation of an individual's personal or corporation's financial balances…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers" that specialized in computer…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following transactions occurred during June 2020 for Rashid Est. June 1 Invested BD64,000 cash…
A: Journaling is the process of recording business transactions in accounting records. This activity…
Q: Mr. Josh Edinburgh started a company titled "Ryerson Computers" that specialized in computer…
A: Journal - It refers to the primary books of accounts in which transactions and events are recorded…
Q: On October 1, 2018 Abdullah formed Accounting Consulting Co. to provide accounting services. The…
A: Transactions are recorded in the form of journal entries. Then posted into ledger and afterword…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following…
A: Lets understand the basics. Income statement is a statement which shows revenue, expense and net…
Q: Answer the following question. On 1st March 2020, Mr Alan Richardson began a business specialising…
A: Journal entries recording, posting into general ledger and Trial balance preparation are three steps…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: une 1 Owner invested $50,000 in the business 5 Purchased equipment for $6,000, paid $2,000 in cash…
A: Journal entries are the primary record of financial transaction
Q: Mr. Josh Edinburgh started a company titled "Ryerson Computers" that specialized in computer…
A: Adjusting entries are those entries which are passed at the end of the year to accurately reflect…
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation forms the basis of the double-entry system of equation. The equation is…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Unadjusted trial balance: Unadjusted trial balance is that statement which contains complete list of…
Q: You are an accountant of Rapid Transport Service. The following information is available about the…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Q3. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Journal entry is defined as recording of business transactions into the books of accounts of the…
Q: Sonya Jared opened a law office on July 1, 2022 On July 31, the balance sheet showed Cash$5.000,…
A: The shareholders' equity statement records the changes that effected the capital of owners such as…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5.000,…
A: Income statement: It is one of the financial statement that is prepared by the business to show its…
Q: On October 1, 2018 Abdullah formed Accounting Consulting Co. to provide accounting services. The…
A: Balance sheet is one of the financial statement of business which shows financial position of…
Q: Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan…
A: Memorandum is a written documents used by companies to communicate the policy changes to their…
Q: Modupe owns a retail shop. The following are the list of balances extracted from his books of…
A: Statement of income means the statement which shows all the nominal account and balancing figure is…
Q: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Your friend, Daniel recently began work as the lead accountant for the Asheville Company. Daniel prepared the following
assets:
land $100000
accounts payable $10000
accounts receivable $12500
cash $10000
daniel nat, capital $235000
total assets: $367500
liabilities:
equipment $125000
wages payable $2500
total liabilities: $127500
instructions:
1. write a brief explanations to Daniel explaining the errors in the Ashville Company balance sheet.
2. Draw a correct presentation for the balance sheet
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
- You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, yourfirst-time audit of the client. The current asset portion of Classic Corporation’s statement of financial positionshows the following information as of December 31, 2019: Current Assets Note As of December 31, 2019 Cash and cash equivalents 5, 14 P 3,985,000 Receivables, net 6, 14 7,742,000 Inventories 7 15,859,000 Short-term investments 8, 14 3,280,000 Other current assets 10 352,000 Total current assets P 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to takeadvantage of price fluctuations in the market. The following information shows the breakdown of the investmentaccount per client’s subsidiary records: Held for Trading Securities: Securities No. of Shares Market Price Amount SMC Ordinary 5,000…UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…Your email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dash
- Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the following information. Almaden CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,881,100 Current liabilities $ 962,400 Other assets 5,171,400 Long-term liabilities 1,439,500 Stockholders' equity 4,650,600 $7,052,500 $7,052,500 An analysis of current assets discloses the following. Cash (restricted in the amount of $300,000 for plant expansion) $ 571,000 Investments in land 185,000 Accounts receivable less allowance of $30,000 480,000 Inventories (LIFO flow assumption) 645,100 $1,881,100 Other assets include: Prepaid expenses $ 62,400 Plant and equipment less accumulated depreciation of…Your firm has been engaged to examine the financial statements of Teal Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Teal CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,888,000 Current liabilities $970,000 Other assets 5,114,480 Long-term liabilities 1,471,000 Stockholders’ equity 4,561,480 $7,002,480 $7,002,480 An analysis of current assets discloses the following. Cash (restricted in the amount of $301,000 for plant expansion) $582,000 Investments in land 185,000 Accounts receivable less allowance of $29,000 479,000 Inventories (LIFO flow assumption) 642,000 $1,888,000 Other assets include: Prepaid expenses $62,000 Plant and…
- he financial statements of Hollywood Estate are given below. Comparative Statements of Financial Position at: 30 September 2021 30 September 2020 Assets $ $ Current Assets Inventory 420 000 460 000 Accounts Receivable 390 000 320 000 Interest Receivable 4 000 9 000 Investments (Held for trading) 50 000 0 Cash in bank 75 000 0 Cash in hand 7 000 5 000 Total Current Assets 946 000 794 000 Non-Current Assets Property, Plant and Equipment (net) 584 000 510 000 TOTAL ASSETS 1 530 000 1 304 000 Liabilities and Shareholders’ Equity Current Liabilities Bank overdraft 0 70 000 Accounts Payable 550 000 400 000 Interest Payable 6 000 33 000 Income Tax Payable 100 000 90 000 Other Payables 30 000 0 Total Current Liabilities 686 000 593 000 Non-Current Liabilities…At August 31, 2022, Emma's trial balance included the following balances: $Machinery at cost 12,890Depreciation 8,950Inventory 5,754Trade receivables 11,745Trade payables 7,830Bank overdraft 1,675Cash at bank 150What is the value of Emma's current assets at 31 August 2022?Using the information below I am looking for assistance to filling in the blanks in the attached photos. The following are the financial statements of Nosker Company. NOSKER COMPANYComparative Balance SheetsDecember 31 Assets 2020 2019 Cash $35,500 $20,800 Accounts receivable 32,500 19,800 Inventory 26,150 20,850 Equipment 59,600 77,650 Accumulated depreciation—equipment (29,650 ) (23,150 ) Total $124,100 $115,950 Liabilities and Stockholders’ Equity Accounts payable $28,200 $ 16,750 Income taxes payable 7,350 8,150 Bonds payable 27,400 33,900 Common stock 18,650 14,950 Retained earnings 42,500 42,200 Total $124,100 $115,950 NOSKER COMPANYIncome StatementFor the Year Ended December 31, 2020 Sales revenue $241,150 Cost of goods sold 175,100…
- Use the following data to determine the total dollar amount of assets to be classified as current assets. Nighthawk Corporation Balance Sheet December 31, 2020 Cash $130,000 Accounts payable $151,000 Accounts receivable 123,800 Salaries and wages payable 27,700 Inventory 208,500 Note payable (due 2025) 270,400 Supplies 94,400 Total liabilities $449,100 Land 538,500 Buildings $335,500 Common stock $360,000 Less: Accumulated depreciation (56,100) 279,400 Retained earnings 779,800 Franchise 214,300 Total stockholders' equity $1,139,800 Total assets $1,588,900 Total liabilities and stockholders' equity $1,588,900Your firm has been engaged to examine the financial statements of Buffalo Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Buffalo CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,899,000 Current liabilities $956,000 Other assets 5,138,660 Long-term liabilities 1,471,000 Stockholders’ equity 4,610,660 $7,037,660 $7,037,660 An analysis of current assets discloses the following. Cash (restricted in the amount of $298,000 for plant expansion) $582,000 Investments in land 187,000 Accounts receivable less allowance of $30,000 487,000 Inventories (LIFO flow assumption) 643,000 $1,899,000 Other assets include: Prepaid expenses $62,000 Plant…Use the following data to determine the total dollar amount of assets to be classified as current assets. Metlock, Inc. Balance Sheet December 31, 2022 Cash $188000 Accounts payable $205000 Accounts receivable 151000 Salaries and wages payable 28000 Inventory 171000 Mortgage payable 232000 Prepaid insurance 91900 Total liabilities $465000 Stock investments (long-term) 251000 Land 260000 Buildings $308000 Common stock $377900 Less: Accumulated (62500) 245500 Retained earnings 732500 depreciation Total stockholders' Goodwill 217000 $1110400 equity Total liabilities and Total assets $1575400 $1575400 stockholders' equity O $430900 O $852900 O $601900 O $510000