heyenne Corporation's adjusted trial balance contained the following current asset accounts as of December 31, 2017: Cash $ 0,400; Supplies $ 5,900; Inventory $ 125,700; Allowance for Doubtful Accounts $ 6,100; Equity Investments (available-for-sale) $ 5,900; and Accounts Receivable $ 84,500.
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- Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (trading) $11,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.(Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2017. Check the following image for balance sheet The following information is presented.1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value.2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same.3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000.4. Intangible assets include a franchise…Cullumber Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $119,100, Inventory $295,100, Allowance for Doubtful Accounts $9,850, Patents $75,200, Prepaid Insurance $9,830, Accounts Payable $82,900, and Cash $32,400. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
- Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
- Monty Corporation has the following accounts included in its December 31, 2025, trial balance: Accounts Receivable $110,600, Inventory $293,700, Allowance for Doubtful Accounts $8,340, Patents $74,300, Prepaid Insurance $9,710, Accounts Payable $77,000, and Cash $32,700. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) MONTY CORPORATION Balance Sheet (Partial) LA $ tA tA $Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000Harding Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.
- Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓In its December 31, 2017, balance sheet Oakley Corporationreported as an asset, “Net notes and accounts receivable,$7,100,000.” What other disclosures are necessary?Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.) Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity. Inventory $17,000 Patents $12,500 Notes receivable—due after December 31, 2019 5,500 Buildings 21,600 Notes receivable—due before December 31, 2019 400 Cash 9,200 Accumulated depreciation—buildings 12,800 Accounts receivable 5,800 Debt investments (short-term) 2,008 Checking my answer: I am confused about the notes receivable.