The following financial information is from Shovels Construction Company. Accounts payable: $13,900 Buildings: $87,000 Cash: $10,600...
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The following financial information is from Shovels Construction Company. Accounts payable: $13,900 Buildings: $87,000 Cash: $10,600 Accounts receivable: $10,000 Sales tax payable: $3,900 Retained earnings: $45,800 Supplies: $41,600 Notes payable due in 18 months: $32,000 Interest payable: $2,900 Common stock: $50,700 What is the amount of current assets, assuming the accounts above reflect normal activity? |
Homework Answers
the following are the current asset accounts:
| cash | 10,600 |
| accounts receivable | 10,000 |
| supplies | 41,600 |
| total current assets | $62,200 |
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The following financial information is from Shovels Construction
Company.
Accounts payable: $13,900
Buildings: $87,000
Cash: $10,600...
Clear Water Co. reports the following balance sheet accounts asof December 31.Buildings $ 57,500,...
Clear Water Co. reports the following balance sheet accounts as of December 31.Buildings $ 57,500, Accounts receivable 3,300, Land 24,000, Merchandise inventory 9,600, Accounts payable 6,300, Cash 10,600, Notes payable (due in 7 years) 56,000 , Office supplies 3,600, Common stock 23,000, Retained earnings 19,000, Wages payable 4,300.
Oriole Limited reports the following statement of financial position accounts, in alphabetical order: Accounts payable $13,850...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
The following items are taken from the financial statements of Wildhorse Co. at December 31, 2022....
The following items are taken from the financial statements of Wildhorse Co. at December 31, 2022. Land $196,400 Accounts receivable 22,700 Supplies 9,500 Cash 11,850 Equipment 82,800 Buildings 262,200 Land improvements 46,200 Notes receivable (due in 2023) 5,700 Accumulated depreciation—land improvements 13,000 Common stock 74,500 Retained earnings (December 31, 2022) 513,000 Accumulated depreciation—buildings 32,700 Accounts payable 9,700 Mortgage payable 80,250 Accumulated depreciation—equipment 19,000 Interest payable 3,900 Income taxes payable 14,700 Patents 46,900 Investments in stock (long-term) 72,100 Debt investments (short-term)...
The accounts of Local Company at May 31, 2019 are as follows: Account Balance Accounts Payable...
The accounts of Local Company at May 31, 2019 are as follows: Account Balance Accounts Payable $23,500 Accounts Receivable $15,600 Cash $68,000 Common Stock $32,000 Dividends $3,000 Insurance Expense $2,100 Retained Earnings $25,800 Salary Expense $1,100 Sales Revenue $10,000 Supplies $1,500 What are the first four lines, in proper order, on the trial balance at May 31, 2019? Sales Revenue, Salary Expense, Insurance Expense, Supplies Accounts Payable, Dividends, Common Stock, Retained Earnings Cash, Accounts Receivable, Supplies, Accounts Payable Accounts Payable,...
3. Adam's Apples opened for business on January 1, 2019, and paid for two insurance policies...
3. Adam's Apples opened for business on January 1, 2019, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Adam's Prepaid Insurance account as of December 31, 2019? a. $9,000 b. $18,000 c. $30,000 d. $48,000. I 5. The following financial information is from Daily Construction Company: Accounts Payable $15,000 Buildings 80,000 Cash 10,500 Accounts Receivable 9,500...
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100...
The following information is available for Sheridan
Company
Accounts receivable
$3,100
Cash
$6,370
Accounts payable
4,100
Supplies
3,790
Interest payable
580
Unearned service revenue
800
Salaries and wages expense
4,100
Service revenue
42,500
Notes payable
33,000
Salaries and wages payable
870
Common stock
58,500
Depreciation expense
710
Inventory
2,900
Equipment (net)
109,200
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100 Supplies 3,790 Interest payable 580 Unearned service revenue 800 Salaries and wages...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129,900 Share Capital $100,000 29,070 42,570 11,700 97,600 78,000 Accumulated Depreciation-Equipment 18,650 2,350 14,330 14,580 4,760 17,740 60,800 Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable 780 Interest Payable 7,360 Bowling Revenues 2,350 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable will be paid in 2020. (List Current...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense nterest Expense $100,000 2,570 42,450 11,500 97,580 55,000 Accumulated Depreciation-Equipment 18,520 2,100 14,100 $127,500 Share Capital 14,410 Retained Earnings (beginning) 4,550 Accumulated Depreciation Buildings 16,840 Accounts Payable 60,400 Notes Payable 780 Interest Payable 7,240 2,100 Bowling Revenues Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2020. (List...
Accounts Debits Credits Cash $42,500 Accounts Receivable 25,800 Land 115,800 Accounts Payable 15,100 Notes Payable 30,500...
Accounts Debits Credits Cash $42,500 Accounts Receivable 25,800 Land 115,800 Accounts Payable 15,100 Notes Payable 30,500 Common Stock 100,000 Retained Earnings 38,500 Totals $184,100 $184,100 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts...
A company has the following balance sheet accounts: Cash Accounts Payable Retained Earnings $20,000 $2.000 $10,000...
A company has the following balance sheet accounts: Cash Accounts Payable Retained Earnings $20,000 $2.000 $10,000 Accounts Receivable Common Stock Notes Payable $20,000 $5,000 What is the balance of Accounts Receivable?
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
3. Adam's Apples opened for business on January 1, 2019, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Adam's Prepaid Insurance account as of December 31, 2019? a. $9,000 b. $18,000 c. $30,000 d. $48,000. I 5. The following financial information is from Daily Construction Company: Accounts Payable $15,000 Buildings 80,000 Cash 10,500 Accounts Receivable 9,500...
The following information is available for Sheridan
Company
Accounts receivable
$3,100
Cash
$6,370
Accounts payable
4,100
Supplies
3,790
Interest payable
580
Unearned service revenue
800
Salaries and wages expense
4,100
Service revenue
42,500
Notes payable
33,000
Salaries and wages payable
870
Common stock
58,500
Depreciation expense
710
Inventory
2,900
Equipment (net)
109,200
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100 Supplies 3,790 Interest payable 580 Unearned service revenue 800 Salaries and wages...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129,900 Share Capital $100,000 29,070 42,570 11,700 97,600 78,000 Accumulated Depreciation-Equipment 18,650 2,350 14,330 14,580 4,760 17,740 60,800 Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable 780 Interest Payable 7,360 Bowling Revenues 2,350 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable will be paid in 2020. (List Current...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense nterest Expense $100,000 2,570 42,450 11,500 97,580 55,000 Accumulated Depreciation-Equipment 18,520 2,100 14,100 $127,500 Share Capital 14,410 Retained Earnings (beginning) 4,550 Accumulated Depreciation Buildings 16,840 Accounts Payable 60,400 Notes Payable 780 Interest Payable 7,240 2,100 Bowling Revenues Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2020. (List...
A company has the following balance sheet accounts: Cash Accounts Payable Retained Earnings $20,000 $2.000 $10,000 Accounts Receivable Common Stock Notes Payable $20,000 $5,000 What is the balance of Accounts Receivable?
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