On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current liabilities were $274,000. On July 1, Year 3, Rundle issued a short-term note to a bank for $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction Working capital a. b. Current ratio
Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…
A: Discount on June 8 : = $ 9000 * 2% = $ 180
Q: The firm is currently in the process of forecasting sales, asset requirements, and required funding…
A: Additional funds needed (AFN) is a financial concept used when a business looks to expand its…
Q: Ascertain the Profit or Loss made by the firm in 2014-2015 and show the Balance sheet as on 31st…
A: Balance sheet is the statement which shows the financial position of the company at any particular…
Q: At the beginning of April, Warren Corporation's assets totaled $247,000 and liabilities totaled…
A: Lets understand the basics. As per balance sheet approach, total assets is always equal to total…
Q: Swinnerton Clothing Company's balance sheet showed total current assets of $2,450, all of which were…
A: GIven Information, Total Current Assets = $2,450 Current Liabilities: Accounts Payable = $550 5%…
Q: During its first year of operations, G Company provides services on account of $250,000. By the end…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: Husain Corporation has the following account it trial balance at the end of year: Accounting…
A: Current assets: Current assets are all those assets which are expected to be sold or used as a…
Q: On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts. Accounts…
A: Adjusting entries are journal entries passed at the end of the accounting period to reflect income,…
Q: Near the end of its first year of operations, December 31, 2021, Sheffield Designs Ltd. approached…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: On the basis of the following data related to assets due within one year for Simons Co. prepare…
A: Balance sheet is a financial statement which shows the position of a firm at a particular point of…
Q: During its first year of operations, Cooper Company bills credit customers $19,800 for services…
A: As per accounting concept, revenue and expenses should be recognized on accrual basis. It means,…
Q: Rashed Company's balance sheet showed total current assets of $4,250, all of which were required in…
A: We know, net operating working capital= Total current assets - Total current liabilities
Q: GoGreen started operation on 1 August 2021. The general journal of GoGreen contained the entries…
A: Introduction: Ledgers: After journal entries all the journals are posted in to ledgers accounts. It…
Q: [The following information applies to the questions displayed below.] On January 1, 2021, the…
A: Journal Entry - It is record of every business transaction in day to day life whether it is economic…
Q: accounts payable are P1,350,000 and P1,850,000, respectively. During the current year, accounts…
A: Gross Sales of a business include cash sales as well as credit. Gross sales are the total of that…
Q: Stanley Company earns $8,000 of revenue on account in Year 1. Cash collections of receivables amount…
A: Revenues earned are added to the retained earnings. During the period of Year 1, recognition of…
Q: You were able to obtain the following from the accountant for Agdangan Corp. related to the…
A: In accountancy, liabilities can be defined as business obligations which needs to be fulfilled in…
Q: On March 1, 20X1 ABC Co. assigned its P1,000,000 accounts receivable to B Bank in exchange for a…
A: Factoring: Factoring is a type of business loan in which the business organization sells its…
Q: On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts. Accounts…
A: Date Account Debit credit jan1 cash 25200 To Note payable 25200 jan5 cash 7632…
Q: On January 1, 2022, the ledger of Sandhill Co. contained these liability accounts. Accounts…
A: Adjusting entries are the one which are prepared at year-end so that financial statements can be…
Q: On January 1, 2022, the ledger of Sunland Company contained these liability accounts. Accounts…
A: When a liability has to be settled within one operating cycle or 1 year it is called current…
Q: (The following information applies to the questions displayed below.) On January 1, 2021, the…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On September 1, Starr Guitar Corp, borrowed $24,000 from their bank, and signed a 8%, 3- month bank…
A: Formula used: Interest amount = Loan amount x Time period x Interest rate
Q: On January 1, 2022, the ledger of Sunland Company contained these liability accounts. Accounts…
A: Journal entry:-Way of recording any transaction of a company with debit and credit side. It works on…
Q: On October 1, Eli's Carpet Service borrows $125,000 from Bank on a 3 month, $125,000, 8% note. What…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales…
A: Bad debts expense = Total receivables - collectible receivables where, Collectible receivables =…
Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…
A: Introduction: Current Assets: Assets which can be easily converted in to cash with in a year period…
Q: At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC…
A: The account receivables are also known by the name of debtors. These are the values due to a firm on…
Q: Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash…
A: Particulars Amount Notes payable $41,600 Less : discount on bonds payable $1144 Total…
Q: The following selected accounts and their current balances appear in the ledger of Fernandez Co. at…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…
Q: Diane Corporation is preparing its year-end balance sheet. The company records show the following…
A: 1-a Calculation of current liabilities- Accounts Payable $55,000 Income Tax Payables $14,000…
Q: Horizon Outfitters Company includes in its trial balance for December 31 an item for Accounts…
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received…
A: Cash flow statement is a financial statement that shows how changes in balance sheet accounts and…
Q: Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On March 1, 20x1, ABC assigned its P4,000,000 accounts receivable to XYZ Bank in exchange for a…
A: Introduction The formula in computing the Equity on Assigned Accounts of ABC is shown below. Equity…
Q: The journal entry on December 31 would consist of a debit to Notes Payable for $10,000, debit to…
A: Notes payable: Notes payable can be defined as the promissory note in which one party promises other…
Q: On January 1, Kale Company has a beginning cash balance of $42,000. During the year, the company…
A: Amount to be borrowed = Desired ending cash balance - Amounts available where, Amounts available =…
Q: Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A…
A:
Q: Presented below is an alphabetical list of account balances taken from the books of an entity at the…
A: Retained earnings are the earnings kept aside by the company for some future use or for capital…
Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Workings Allowance for Uncollectible…
Q: On the basis of the following data related to assets due within one year for simmons Co. prepared…
A: Current assets are the resources owned or held by an entity for a period of one year or even lesser.
Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…
A:
Q: Mountain Water Corp. issued a common stock of $28,000 to pay off long-term notes payable of $28,000.…
A: “Non-cash transaction” does not involve any cash dealings and this type transaction will not create…
Q: Library Company provided the following data: On January 1, the company’s account receivable and…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: Suppose Green Caterpillar Garden Supplies Inc.’s assets are fully utilized. Use the additional funds…
A: “Since you have posted a question with multiple subparts, we will solve first three subparts for…
Q: January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show…
A: credit term of 2/10, net 90 means credit is allowed for 90 days. If the payment will receive within…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a long-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 1 decimal place.)On June 30, Year 3, Benson Company's total current assets were $501,500 and its total current liabilities were $274,500. On July 1, Year 3, Benson issued a short-term note to a bank for $39,200 cash. Required a. Compute Benson's working capital before and after issuing the note. b. Compute Benson's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the TransactionOn June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a short-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
- On June 30, Year 3, Franklin Company's total current assets were $495,000 and its total current liabilities were $275,000. On July 1, Year 3, Franklin issued a short-term note to a bank for $41,000 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the TransactionOn June 30, Year 3, Solomon Company's total current assets were $497,500 and its total current liabilities were $270,000. On July 1. Year 3, Solomon issued a long-term note to a bank for $41,000 cash. Required a. Compute Solomon's working capital before and after issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Before the transaction After the transaction a. Working capital b. Current ratio MacBook Air 80 88 DII DD F2 F3 F6 F7 F8 F9 F10 F11 @ # $ & 2 3 4 7 8 W E Y 0 P S D G H J K CV N M %3D ROn June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current liabilities were $272.000. On July 1, Year 3, Munoz issued a long-term note to a bank for $38.200 cash. Required a. Compute Munoz's working capital before and after issuing the note. b. Compute Munoz's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Belore the transaction After the transaction Working capital Current ratio
- On June 30, Year 3, Franklin Company's total current assets were $496,000 and its total current liabilities were $272,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $40,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) After the transaction Before the transaction Working capital а. b. Current ratioOn June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transactionOn June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current liabilities were $273,000. On July 1, 2018, Munoz issued a short-term note to a bank for $39,400 cash. Required Compute Munoz’s working capital before and after issuing the note. Compute Munoz’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
- A business issued a 60-day note for $99,000 to a bank. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar.On August 1, Year 1, Hernandez Company loaned $58,800 cash to Acosta Company. The one-year note carried a 5% rate of Interest. Which of the following shows how the December 31, Year 1, recognition of accrued Interest will affect Hernandez's financial statements? Assets A. $ 1,715 = B. $ 1,715 = C. $ 1,225 D. $ 1,225 = Multiple Choice O Balance Sheet = Liabilities + ΝΑ + ΝΑ + ΝΑ O O Option A Option B Option C Option D ΝΑ Income Statement Expenses = ΝΑ NA Equity Revenues $1,715 $ 1,715 - $1,715 $ 1,715 - $ 1,225 $1,225 - $1,225 + + $1,225 ΝΑ NA = = = = Net Income $ 1,715 $ 1,715 $ 1,225 $ 1,225 Statement of Cash Flows $ 1,715 OA ΝΑ $ 1,225 OA NAAbardeen Corporation borrowed $122,000 from the bank on October 1, Year 1. The note had an 6 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) a. Amount of cash paid b. Interest expense c. Total liabilities d. Amount of cash…