From the following trial balance, prepare income statement and balance sheet for Xyz Company for December, 31" 2020 Account Debit Credit Cash in Bank 15,000 Sale Revenue 18,900 |Supplies 3,200 Cash in had 3,000 Account Receivable 650 Capital 40,000 Provision 3,000 Inventory Equipment 1,000 32,000 Intangible asset 8,600 Prepaid insurance Office Supplies 450 4,000 Long-term loan Bond payable 4,000 3,500 Wages payable 400 Trade receivable 500 Owner Drawing Purchase Bills payable 500 7,000 330 Consultation revenue 370 received in advance Salary payable Interest payable 5,000 700 Prepaid sale expenses Deferred tax liability 600 6,000 Telephone expenses 3,700 Salary expenses 10,500

On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal entry made by Jarrett Company to record the transaction? Multiple Choice   Debit Cash $8,800; credit Accounts Payable $8,800.   Debit Accounts Payable $8,800; credit Notes Payable $8,800.   Debit Cash $8,976; credit Notes Payable $8,976.   Debit Cash $8,800; credit Notes Payable $8,800.   Debit Notes Receivable $8,800; credit Cash $8,800.

Culver Limited reports the following selected information at December 31, 2024: Accounts receivable $299,000 Interest income $12,200 Advances to employees 10,000 Interest receivable 8,000 Allow. for expected credit losses 15,000 Inventory 224,000 Credit losses 19,000 Notes receivable (due in 120 days) 50,000 Cost of goods sold 2,330,000 Notes receivable (due in 4 years) 152,000 Depreciation expense 100,000 Salaries expense 804,000 Income tax expense 152,000 Sales 4,200,000 Income tax receivable 14,900 Sales tax recoverable 5,000 Prepare a partial statement of financial position for Culver Ltd. (List current assets in order of liquidity.)

Round answers to nearest dollar

Use the attachment to answer the following Accounts receivable days outstanding at the end of Year 2 is closest to:  a) 30.6 days b) 26.0 days c) 27.0 days d) 6.1 days

Please Do not Give image format

The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.    Cash $ 24,940   Accounts receivable   46,300   Note receivable, due 2020   8,100   Merchandise inventory   34,300   Prepaid insurance   2,210   Supplies   1,270   Equipment   42,100   Accumulated depreciation, equipment   22,100   Note payable to bank, due 2020   21,000   Accounts payable   27,590   Interest payable   210   Sales   523,000   Sales discounts   1,800   Cost of goods sold   384,300     Accounts Receivable at December 31, 2018, was $56,050. Merchandise inventory at December 31, 2018, was $57,200. Based on the account balances above, calculate the following: c. The current ratio     Current Ratio Choose Numerator   Choose Denominator   Current Ratio             ÷   =

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable

John Lee Wholesale provides the following information: Accounts Receivable - 01/07/2020 $150 Accounts Receivable - 30/06/2021 900 Cash received from accounts receivable 8,050 What would be the credit sales for the year? Select one: 8,950 750 8,800 1,050

Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $