At September 1, 2024, the balance sheet accounts for Gary's Restaurant, owned by Gary Ray were as follows: Accounts Payable Accounts Receivable Building Cash Furniture Land G. Ray, Capital Notes Payable Supplies $3,300 1,700 78,000 5,300 16,500 44,600 ? 48,400 6,600 The following transactions occurred during the next two days: 1. Gary invested an additional $22,300 cash in the business. 2.the accounts payable were paid in full(no payment was made on the notes payable). prepare a balance sheet at september3,2024 At September 1, 2024, the balance sheet accounts for Gary's Restaurant, owned by Gary Ray were as follows: Accounts Payable Accounts Receivable Building Cash Furniture Land G. Ray, Capital Notes Payable Supplies $3,300 1,700 78,000 5,300 16,500 44,600 ? 48,400 6,600 The following transactions occurred during the next two days 1 Gary invested an additional $22,300 cash in the business.

At September 1, 2024, the balance sheet accounts for Gary's Restaurant, owned by Gary Ray were as follows: Accounts Payable Accounts Receivable Building Cash Furniture Land G. Ray, Capital Notes Payable Supplies $3,300 1,700 78,000 5,300 16,500 44,600 ? 48,400 6,600 The following transactions occurred during the next two days: 1. Gary invested an additional $22,300 cash in the business. 2.the accounts payable were paid in full(no payment was made on the notes payable). prepare a balance sheet at september3,2024 At September 1, 2024, the balance sheet accounts for Gary's Restaurant, owned by Gary Ray were as follows: Accounts Payable Accounts Receivable Building Cash Furniture Land G. Ray, Capital Notes Payable Supplies $3,300 1,700 78,000 5,300 16,500 44,600 ? 48,400 6,600 The following transactions occurred during the next two days 1 Gary invested an additional $22,300 cash in the business.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

See similar textbooks

Similar questions

On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) а. Int est income b. Receivables C. d. Interest income e. Cash f. g. Interest earned
On 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 May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?
On June 30, Year 3, Stuart Company's total current assets were $504,500 and its total current liabilities were $276,000. On July 1, Year 3, Stuart issued a long-term note to a bank for $39,800 cash. Required a. Compute Stuart's working capital before and after issuing the note. b. Compute Stuart's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) a. Working capital b. Current ratio Before the transaction After the transaction
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 January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $26, 100 14,700 3,600 15,000 80,000 $139,400 $1,400 January 20 Pay cash for salaries, $32,500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 38 Pay cash for utilities during January, $14,800. 9,500 95,000 33,500 $139,400 During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400. January 15 Write off accounts receivable as uncollectible, $2,500. (Assume the company uses the allowance method) Exercise 5-21 (Algo) Part 2 2. Record adjusting entries on January 31. (If no entry is required for a particular…
The following transactions occurred for the Microchip Company. 1. On October 1, 2021, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $11,700 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $17,700 in advance rent from another company that is renting a portion of Microchip's factory. The $17,700 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $6,400 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,900. The company records vacation pay as salaries expense. 6. Microchip began the year with $3,900 in its asset account, supplies. During the year, $8,400 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,200…
On 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 R
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 26,680 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 17,480 16,88e 168, 08e $ 8,700 7,80e 163, e00 48,500 Conmon Stock Retained Earnings Tatals $228, 080 $228, 000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $154,100, and on account, $62, 200. 1. Зaпиагy 2. February 12 Collect on accounts receivable, $53,508. 3. April 4. May 5. July 6. September 10 Pay on accounts payable, $13,408. 7. October 8. Novenber 20 Issue shares of comman stock in cxchange for $47,000 cash. 9. Decenber 38 Pay $4,880 cash dividends to stockholders. 25 Receive cash in advance from custoners, $14,98e. 6 Purchase supplies on account, $13, 200. 15 Pay property taxes, $1e,5ee. 31 Pay salaries, $143,60e. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal…
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26, 700 Accounts Receivable 14, 200 Allowance for Uncollectible Accounts $ 1,900 Supplies 3, 400 Notes Receivable (6%, due in 2 years) 27,200 Land 51,900 Accounts Payable 5, 200 Common Stock 69, 300 Retained Earnings 47,000 Totals $ 123,400 $ 123,400 During January 2024, the following transactions occur: 1. January 2 Provide services to customers for cash, $28, 200. 2. January 6 Provide services to customers on account, $68, 100. 3. January 15 Write off accounts receivable as uncollectible, $1,000. 4. January 20 Pay cash for salaries, $31,100. 5. January 22 Receive cash on accounts receivable, $69, 300. 6. January 25 Pay cash on accounts payable, $ 3,800. 7. January 30 Pay cash for utilities during January, $9, 900. The following information is available on January 31, 2024. At the end of January, $3,600 of accounts receivable are past due, and the company…
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 $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction a. Working capital b. Current ratio MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 23 2$ & * 3 4 6. 7 E R Y D F G H J K この * CO