Required: Determine the company's working capital (current assets minus current liabilities) at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Cash Accounts receivable Allowance for uncollectible accounts Notes receivable Interest receivable Investment in debt securities Raw materials Work in process Finished goods Prepaid rent Total current assets Current liabilities: Deferred revenue Accounts payable Interest payable Total current liabilities Working capital

Yogesh

Calculate the Gross and the Net Operating Cycle for Vishal & Co. Ltd. using the following information. (Assume 360 days in a year). Amt. in Rs. Opening Balances Raw Material 200,000 WIP 60,000 Finished Goods 600,000 Debtors 250,000 Creditors 550,000 Closing Balances Raw Material 300,000 WIP 65,000 Finished Goods 725,000 Debtors 215,000 Creditors 575,000 Annual Purchase of Raw Material 3, 200,000 Manufacturing Expenses 550,000 Selling & Distribution Costs 300,000 Sales 4,480,000

Duke Company’s records show the following account balances at December 31, 2021:        Sales revenue $ 17,600,000 Cost of goods sold   10,300,000 General and administrative expense   1,130,000 Selling expense   630,000 Interest expense   830,000    Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.  $430,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $530,000 was written off as obsolete. Material losses of this type are considered to be unusual. It was discovered that depreciation expense for 2020 was understated by $63,000 due to a mathematical error. The company experienced a negative foreign currency translation adjustment of $330,000 and had an unrealized gain on debt securities of $310,000.  Required:Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company’s effective tax rate on all…

19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.

Duke Company’s records show the following account balances at December 31, 2021:        Sales revenue $ 18,600,000 Cost of goods sold   10,800,000 General and administrative expense   1,180,000 Selling expense   680,000 Interest expense   880,000    Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.  $480,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $580,000 was written off as obsolete. Material losses of this type are considered to be unusual. It was discovered that depreciation expense for 2020 was understated by $68,000 due to a mathematical error. The company experienced a negative foreign currency translation adjustment of $380,000 and had an unrealized gain on debt securities of $360,000.  Required:Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company’s effective tax rate on all…

Using the following information: a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $134,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $43,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for 81,000 309,000 390,000 Direct materials 134,000 Direct labor 73,000 Overhead 43,000 Sales commissions 8,000 Interest on loan 130 Total cash payments 258,130 Ending cash balance $ 131,870 Loan activity Beginning cash balance 13,000 Repayment of Bank loan 118,870 Loan balance, end of month %24

During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Record the write-off of accounts receivable in 2022 and calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).3. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Record the write-off of accounts receivable in 2022 and calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).

The following comparative balance sheet is given for Estern Co.: Assets Dec 31, 2021 Dec 31, 2020 Cash $58,500 $351,000 72,000 Notes Receivable 63,000 Supplies & Inventory 81,000 121,500 Prepaid expense 31,500 54,000 Long-term investments 0 81,000 Machines and tools 166,500 144,000 Accumulated depreciation-equipment (63.000) (45,000) Total Assets $639,000 $477.000 Liabilities & Stockholders' Equity Accounts payable $ 76,500 $ 31,500 Bonds payable (long-term) 166,500 211,500 Common Stock 180,000 103,500 Retained Earnings 216.000 130.500 Total Liabilities & Stockholders' Equity $639.000 $477,000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500. 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000,…

The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents                                                     $ 5,000Accounts receivable (net)                                                       20,000Inventory                                                                                60,000Property, plant, and equipment (net)                                   120,000Accounts payable                                                                   44,000Salaries payable                                                                      15,000Paid-in capital                                                                      100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…