Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to Employee 20,000 Office Furniture 15,000 Shop Equipment 25,000 Accounts Payable 33,000 Accrued Interest Expense 15,000 How much is the total current assets?

Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to Employee 20,000 Office Furniture 15,000 Shop Equipment 25,000 Accounts Payable 33,000 Accrued Interest Expense 15,000 How much is the total current assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Find the net book value of assets
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
6
The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
Calculate the profit margin (net income or net profit/total sales)for Rock Castle construction for this fiscal year. What’s the percentage
Acc
Data extracts from Gamma's accounts are shown below Turnover Gross Profit Expenses Operating Profit Interest and Tax Profit for Year Non-current assets Inventory Receivables Cash at Bank Payables Other Current Liabilities Net current assets Shareholder funds 10% Debenture (2030) Required: Ye-Dec-20 Ye-Dec-19 18,500 16,000 4,500 4,000 1,500 2,400 3,000 1,600 1,100 700 1,900 900 19,600 16,400 840 640 2,790 1,890 450 350 830 570 340 460 2,910 1,850 15,510 13,250 7,000 5,000 22,510 18,250 A) Calculate the following accounting ratios for each year-end 1) Return on Capital Employed 2) Profit Margin on Sales 3) Gearing Ratio 4) Interest Cover Ratio 5) Return to Shareholders 6) Quick Asset or Acid test Ratio 7) Cash Conversion Period (Operating Cash Cycle) B) Outline the limitations of accounting ratios
hank ary tor The Statement of Financial Position for the Volks Company prepared in 2019 report the following balances: January 1 330,000.00 200,000.00 740,000.00 1,600,000.00 120,000.00. December 31 Cash 750,000.00 Notes Receivable 210,000.00 Accounts Receivable 950,000.00 Inventory Prepaid expenses Investment (at cost) Equipment 1,500,000.00 100,000.00 100,000.00 1,200,000.00 400,000.00 1,000,000.00 580,000.00 750,000.00 30,000.00 750,000.00 Notes payable Accounts payable Interest payable Accrued expenses Bonds payable Share capital, P100 par 600,000.00 40,000.00 500,000.00 50,000.00 1,300,000.00 1,500,000.00 600,000.00 1,000,000.00 1,000,000.00 500,000.00 Share Premium Retained Earnings An analysis of cash receipts and disbursements discloses the following: Receipts: Issue of share capital Trade debtors-notes and accounts Note receivable discounted: 800,000 2,950,000 190,000 Face value, P200,000, proceeds 12% one-year note issued to bank, 300,000 250,000 Issued and discounted on…
COMPUTE FOR DAY SALES OUTSTANDING RATIO GIVEN ASSETS Current Assets Cash and cash equivalents ₱ 345,929,975 Receivables - net 228,360,959 Notes receivable 195,007,214 Inventories 33,918,796 Due from related parties - current portion 1,602,120,064 revenue 2,104,932,423
Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
28