Homework Answers
1.Total Current Assets for HVH
Current assets are those assets that are expected to converted to cash within an year.
= Accounts receivable+Advance deposits+beverage inventory+Cash+food inventory+Prepaid insurance+notes receivable+short term investments
=(100000-3000)+12000+15000+15000+25000+6000+35000+50000
= $255000
(allownace for doubtful accounts id deducted from accounts receivable)
2.Total current liabilities for HVH
Curent liabilities are those liabilties which are expected to be settled within an year.
=Account payable+accrued expenses+current maturities+income tax payable+notes payable
=30000+15000+40000+4000+25000
=$114000
3.Net working Capital Of HVH
Net working capital =current assets-current liabilties
=255000-114000
=$141000
4. Current Ratio of HVH
Current Ratio= Current assets/Current liabilties
= 255000/114000
= 2.236 0r 2,24 times
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nces The Happy Valley Hotels (HVH) list of current are as follows: Accounts Receivable Accounts Payable...
At the beginning of the current period, Golden Valley Corporation had balances in Accounts Receivable of...
At the beginning of the current period, Golden Valley
Corporation had balances in Accounts Receivable of $200,700 and in
Allowance for Doubtful Accounts of $9,600 (credit). During the
period, Golden Valley had credit sales of $802,100 and collections
on account of $767,100. Golden Valley uses a perpetual inventory
system and determined that the cost of goods sold during the period
was $675,100. Golden Valley wrote off as uncollectible accounts
receivable of $7,600. However, a $3,300 account previously written
off as...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock...
Accounts Balance Accounts Payable $ 25,000 Accounts Receivable 10,000 Accumulated Depreciation 20,000 Allowance for Doubtful Accounts...
Accounts Balance Accounts Payable $ 25,000 Accounts Receivable 10,000 Accumulated Depreciation 20,000 Allowance for Doubtful Accounts 5,000 Building 50,000 Cash 50,000 Common Stock 140,000 Equipment 40,000 Notes Payable 5,000 Prepaid Insurance 50,000 Provision for Doubtful Accounts 10,000 Retained Earnings 5,000 Based on the provided information, calculate the value of Total Assets. $175,000 $200,000 $220,000 $225,000
Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable December 31, 2010 $ 3,000 15,000...
Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable December 31, 2010 $ 3,000 15,000 12.000 12,000 2,000 6,000 December 31, 2009 $ 6,000 10,000 8,000 7,000 1,000 4,000 Required 1. Compute Baldwin's current ratio at the end of each of the two years. 2. How has Baldwin's liquidity changed at the end of 2010 compared to the end of 2009 3. Comment on the relative composition of Baldwin's current assets at the end of 2010 compared to the...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 44,000 94,000 119,000 $ 29,000 82,000 158,000 395,000 119,000 113,000 44,000 31,000 51,000 84,000 39,000 345,000 6,000...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Saved The following is the ending balances of accounts at December 31, 2018 for the Valley...
Saved The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits 30,000 66,000 91,000 Credits Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts 15,000 54,000 130,000 325,e00 105,000 85,000 30,000 17,e00 37,000 70,000 25,000 275,000 5,000 25e,eee 60,000 Common stock Retained...
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable...
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Sandlin, Capital Notes Payable $6,000 8,000 1,050 1,200 11,000 15,000 10,250 4,000 What is the net income for Sandlin Marketing for the current month? A. $9,200 B. $6,800 O C. $9,050 OD. $8,000
At the beginning of the current period, Golden Valley
Corporation had balances in Accounts Receivable of $200,700 and in
Allowance for Doubtful Accounts of $9,600 (credit). During the
period, Golden Valley had credit sales of $802,100 and collections
on account of $767,100. Golden Valley uses a perpetual inventory
system and determined that the cost of goods sold during the period
was $675,100. Golden Valley wrote off as uncollectible accounts
receivable of $7,600. However, a $3,300 account previously written
off as...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock...
Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable December 31, 2010 $ 3,000 15,000 12.000 12,000 2,000 6,000 December 31, 2009 $ 6,000 10,000 8,000 7,000 1,000 4,000 Required 1. Compute Baldwin's current ratio at the end of each of the two years. 2. How has Baldwin's liquidity changed at the end of 2010 compared to the end of 2009 3. Comment on the relative composition of Baldwin's current assets at the end of 2010 compared to the...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 44,000 94,000 119,000 $ 29,000 82,000 158,000 395,000 119,000 113,000 44,000 31,000 51,000 84,000 39,000 345,000 6,000...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Saved The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits 30,000 66,000 91,000 Credits Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts 15,000 54,000 130,000 325,e00 105,000 85,000 30,000 17,e00 37,000 70,000 25,000 275,000 5,000 25e,eee 60,000 Common stock Retained...
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Sandlin, Capital Notes Payable $6,000 8,000 1,050 1,200 11,000 15,000 10,250 4,000 What is the net income for Sandlin Marketing for the current month? A. $9,200 B. $6,800 O C. $9,050 OD. $8,000
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