At the end of an accounting period, a company's total assets equaled $575,000, and owner's equity equaled $240,000. How much were the company's liabilities? liabilities = [?] Round to te nearest hundredth. Enter
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![At the end of an accounting period, a company's
total assets equaled $575,000, and owner's equity
equaled $240,000. How much were the company's
liabilities?
liabilities = [?]
Round to te nearest hundredth.
International Academy of Science. All Rights Reserved.
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- Q.Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31, 2020: Retained Earnings 87,600 Cash 32,800 Common stock 20,000 Inventory 39,800 Long-term liabilities 25,000 Leasehold Improvements 100,000 Accrued Expenses 1,000 Accumulated Depreciation (2,000) Accounts Payable 49,000 Trademarks 20,000 Accumulated Amortization (8,000) Required: Prepare in good form a properly classified statement of financial position on December 31,2020 with supporting notes and computations.Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: $193,000; patents and copyrights = $847,000; accounts payable = $296,000; accounts receivable = $ cash $189,000; accumulated 253,000; tangible net fixed assets = $5,100,000; inventory = $538,000; notes payable retained earnings = $4,586, 000; long-term debt = $1,250,000. = =11. Below are the accounts taken from MM Company, December 31, 2019: Assets - 100,000, Current assets - 40,000, Total Equity - 60,000, Current liability - 10,000 How much is the noncurrent liability? A. 50,000 B. 40,000 C. 30,000 D. 20,000
- On 1 July 2019, ABC Ltd took control of the assets and liabilities of PQR Ltd. At this date the statement of financial position of PQR Ltd was as follows:Carrying AmountFair ValueMachinery$40 000$57 000Fixtures & fittings60 00078 000Vehicles35 00045 000Current assets10 00022 000Current liabilities(16 000)(19 000)Total net assets$129 000Share capital (80 000 shares at $1.00 per share)80 000General reserve20 000Retained earnings29 000Total equity$129 000REQUIRED:Prepare the acquisition analysis in the records of ABC Ltd at 1 July 2019 in the following situations, assuming the costs of issuing the shares by ABC Ltd cost $2600:a. ABC Ltd issued 80 000 shares having a fair value of $2.50 per share in exchange for the net assets of PQR Ltdb. ABC Ltd acquired the shares of PQR Ltd. The agreement was that ABC Ltd would pay the shareholders of PQR Ltd one share in ABC Ltd for every two shares held in PQR Ltd plus $1 in cash for each share held in PQR Ltd. Shares…14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: cash = $201,000; patents and copyrights = $855,000; accounts payable = $288,000; accounts receivable = $261,000; tangible net fixed assets = $5,180,000; inventory = $546,000; notes payable = $181,000; accumulated retained earnings = $4,666,000; long-term debt = $1,170,000. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Current assets Total assets Current liabilities Total liabilities Balance Sheet Assets Liabilities Total liabilities & owners' equity
- Ana Inc. provided the following information for the current year: Current asserts, January 1 P500,000 Property, plant and equipment, January 1 P3,000,000 Noncurrent liabilities, January 1 P1,000,000 Property, pant and equipment, December 31 P4,000,000 Current liabilities, December 31 P300,000 All assets and liabilities are reported at year end. Working capital of P600,000 remain unchanged. Net income for the current year is P400,000. No dividends were declared during the current year. What is the shareholders' equity on December 31?A. 1,800,000B. 4,800,000C. 3,800,000D. 2,800,000Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: cash = $199,000; patents and copyrights = $853,000; accounts payable = $290,000; accounts receivable = $259,000; tangible net fixed assets = $5,160,000; inventory = $544,000; notes payable = $183,000; accumulated retained earnings = $4,646,000; long-term debt = $1,190,000. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Cash Accounts receivable Inventory Total assets Current assets Intangible net fixed assets Tangible net fixed assets Accounts payable Notes payable Balance Sheet Current liabilities Long-term debt Assets Liabilities Total liabilities Accumulated retained earnings Common stock Total liabilities & owners' equity $ 199,000 259,000 544,000D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?
- Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: cash = $206,000; patents and copyrights = $860,000; accounts payable = $283,000; accounts receivable = $266,000; tangible net fixed assets = $5,230,000; inventory = $551,000; notes payable = $176,000; accumulated retained earnings = $4,716,000; long-term debt = $1,120,000.58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…AL Lhe end of 2019, Guanlao Farms had P 1,500,000 in owner's equity and amounts owed to creditors totalling P1,100,000. The total assets of the entity was P 400,0C0 P 2.600 C00 P340,CC0 P1,500.000
