Activity 1Draw up Kelly's balance sheet as at 30 June 2008 from the following information .Office Machinery9000Accounts Payable900Stock of goods1550Accounts Receivable275Cash at bank5075Loan from C. Smith 2000Calculate capital using the formula from the accounting equation KellyBalanceSheet as at 31December 2007Non -Current AssetsOffice Machinery90009000Total m narent assetsCureat AssetsStock of Goods1550DebtorsCash at Bank27550756900Less CurrentCreditorsLoan from C. SmithLiabilities.90020002900Net arert Assets400013,00OFinaced By:Capital13,000

Accounting equation of the business has three important elements. These are assets, liabilities and…

Activity 1 Draw up Kelly's balance sheet as at 30 June 2008 from the following information. $ Office Machinery 9000 Accounts Payable 900 Stock of goods 1550 Accounts Receivable 275 Cash at bank 5075 Loan from C. Smith 2000 Calculate capital using the formula from the accounting equation

Activity 1 Draw up Kelly's balance sheet as at 30 June 2008 from the following information. $ Office Machinery 9000 Accounts Payable 900 Stock of goods 1550 Accounts Receivable 275 Cash at bank 5075 Loan from C. Smith 2000 Calculate capital using the formula from the accounting equation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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according to information: Question Liabilities OMR Assets OMR Equity share capital 27,800 Furniture 4,000 Accounts Payable 1,550 Cash in hand 4,500 Reserves and surplus 2,550 Bills receivables 3,750 Bills payable 950 Land 9,000 Long term borrowings 6,520 Marketable securities 850 Outstanding Salaries 850 Cash in bank 5,250 Loan from Bank 3,450 Building 6,600 Preference share capital 5,265 Prepaid expenses 850 Bank overdraft 825 Cars & Trucks 3,350 Tax outstanding 590 Account Receivables 1,150 Inventory 2,150 Income earned but not received 430 Machinery 6,250 Equipment 2,220 Total 50,350 Total 50,350 Other information Particulars OMR Sales 330,000 Cost of goods sold 155,000 Administration expenses 33,000 Selling & Distribution exp. 44,000 Interest received…
Statement of Cash Flow Preparation Activity Consider the following journal entries: Entry (a) cash $4 %$4 81,000.00 common stock 81,000.00 (b) treasury stock 13,000.00 cash 13,000.00 (c) cash 60,000.00 sales revenue 60,000.00 (d) land 87,700.00 cash 87,700.00 (e) depreciation expense 9,000.00 accumulated depreciation 9,000.00 (f) dividends payable 16,500.00 cash 16,500.00 (g) land 18,000.00 cash 18,000.00 (h) cash 7,200.00 7,200.00 equipment (1) bonds payable cash 45,000.00 45,000.00 (1) building 164,000.00 164,000.00 note payable, long-term (k) loss on disposal of equipment | 1,400.00 equipment, net 1,400.00 Indicate whether each transaction would result in an operating activity, an investing activity, or a financing activity for an indirect method statement of cash flow and the accompanying schedule of non-cash investing and financing activities. Click here to enter text. %24
22. What is the value of the firm's accounts payable? Accounts Receivable $500 Cash Retained Earnings Revenue Notes Payable Common Stock Land Buildings Equipment a. $2000 b. $4700 c. $1700 d. $1200 $350 $100 $3000 $550 $300 $1000 $500 $300
What is Bank A's ROA based on Figure 1 Balance Sheet ($ in Millions): Assets Liability and Equity Cash $850 Deposits $6,475 Securities 1,925 Other borrowing 1,645 Loans 5,400 Equity 1,030 Other 975 Total $9,150 Total $9,150 Figure 2 Income Statement ($ in Millions): Interest income on loans $450 Interest income on securities 95 Interest expense 246 Noninterest income 78 Noninterest expense 112 Provision for loan loss 35 Taxes 115 Net Income $115 Based on Figures 1 and 2, what is Bank A's Equity Multiplier? A. 8.88 B. 4.75 C. 7.23 D. 8.11
what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Don't use chatgpt, I will 5 upvotes Prezas Company's balance sheet showed total current assets of $3,250, all of which were required in operations. Its current liabilities consisted of $975 of accounts payable, $600 of 6% short- term notes payable to the bank, and $250 of accrued wages and taxes. What was its net operating working capital?
Question Content Area The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the question that follow. Assets Cash and short-term investments $30,000 Accounts receivable (net) 20,000 Merchandise inventory 15,000 Property, plant, and equipment 185,000 Total assets $250,000 Liabilities and Stockholders' Equity Current liabilities $45,000 Long-term liabilities 70,000 Stockholders' equity—common 135,000 Total liabilities and stockholders' equity $250,000 Income Statement Sales $85,000 Cost of merchandise sold 45,000 Gross profit $40,000 Operating expenses (15,000) Interest expense (5,000) Net income $20,000 Number of shares of common stock outstanding 6,000 Market price per share of common stock $20 Total dividends paid $9,000 Net cash flows from operating…
From the following details prepare a summarized balance sheet of Anitha and Company as on 31.12.2018. Fixed assets to net-worth: 0.75:1 Current ratio 2:1 Liquid ratio 3:2 Reserves included in Proprietors" Fund 1:4 07 Page 2 of 4 Current Liabilities Rs.2, 00, 000 Cash and bank balancesRs .10,000 Fixed Assets Rs.6,00,000.
Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…
son.1 Prezas Company's balance sheet showed total current assets of $5,250, all of which were required in operations. Its current liabilities consisted of $1,040 of accounts payable, $600 of 6% short-term notes payable to the bank, and $310 of accrued wages and taxes. What was its net operating working capital? a. $3,900 b. $4,650 c. $1,350 d. $1,950 e. $3,300
Activity 1. Prepare an CFI/SCF Instruction: Show you solution in a sheet of paper with a complete report with proper heading using your own company name: Solve for the cash flow at the end of the quarter. Net Earnings Depreciation Decrease in account receivables Increase in accounts payable Increase in inventory Equipment Notes Payable 25,000.00 1,000.00 250.00 1,000.00 (5,000.00) (7,500.00) 1,000.00
. Prepare the Balance Sheet in the proper format 2. Solve for Net Working Capital 3. Determine the current ratio Account Debit Credit Accounts Payable $77,000 Accounts Receivable $96,900 Accrued Liabilities 91,000 Accumulated Depreciation 338,400 Additional Paid-In Capital 25,000 Building 1,786,400 Cash 47,800 Common Stock 300,000 Current Portion-Long-Term Debt 14,000 Furniture and Fixtures 275,400 Inventories 19,900 Land 115,500 Long-Term Debt 1,527,000 Other Assets 172,200 Other Current Liabilities 40,800 Prepaid Expenses 2,400 Retained Earnings 103,300 Net Working Capital ?????