:59cesRequired informationCashAccounts ReceivableLess: Allowance for Uncollectible AccountsInventoryTotal Current AssetsLandEquipmentAccumulated DepreciationAssetsTotal AssetsClassified Balance SheetJanuary 31, 2021$Saved0Accounts PayableDeferred Revenue0 Interest PayableTotal Current LiabilitiesNotes PayableTotal LiabilitiesLiabilitiesStockholders' EquityCommon StockRetained EarningsTotal Stockholders' Equity0 Total Liabilities and Stockholders' Equity $0000 38esMapsOn January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandEquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, 2022)Common StockRetained EarningsTotalsSaved< Prev5Debit$ 26,10048,20021,00056,00020,000CreditDuring January 2021, the following transactions occur:January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of thepurchase date.January 6 Purchase additional inventory on account, $157,000.January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account.The cost of the units sold is $78,800.January 23 Receive $126,400 from customers on accounts receivable.January 25 Pay $100,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,800.January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and$137,000 on account. The cost of the units sold is $84,500.January 31 Pay cash for monthly salaries, $53,000.$ 5,2002,50029,50060,00045,00029,100$171,300 $171,300S67 of 7 HNext >Help

Name: :59cesRequired informationCashAccounts ReceivableLess: Allowance for
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Description: :59cesRequired informationCashAccounts ReceivableLess: Allowance for Uncollectible AccountsInventoryTotal Current AssetsLandEquipmentAccumulated DepreciationAssetsTotal AssetsClassified Balance SheetJanuary 31, 2021$Saved0Accounts PayableDeferred Re

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Accounting

Required information Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory Total Current Assets Land Equipment Accumulated Depreciation Assets Total Assets Classified Balance Sheet January 31, 2021 $ 0 Interest Payable 0 Accounts Payable Deferred Revenue 0 Total Current Liabilities Notes Payable Total Liabilities Liabilities Common Stock Retained Earnings Stockholders' Equity S Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ ‒‒‒ 0 0 0 0

Required information Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory Total Current Assets Land Equipment Accumulated Depreciation Assets Total Assets Classified Balance Sheet January 31, 2021 $ 0 Interest Payable 0 Accounts Payable Deferred Revenue 0 Total Current Liabilities Notes Payable Total Liabilities Liabilities Common Stock Retained Earnings Stockholders' Equity S Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ ‒‒‒ 0 0 0 0

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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Accounts Payable Accounts Receivable Accumulated Depreciation (Equip) Allowance for Doubtful Accounts Bonds Payable Cash Cash Dividends Common Stock Cost of Goods Sold Depreciation expense Equipment Interest Expense Inventory Adjusted Trial Balance 12/31/2020 Gain on Sale of Equipment Notes Payable (due 9/30/22) PIC in Excess of Par - Common PIC from Treasury Stock Preferred Stock Prepaid Rent Retained Earnings Salary Expense Sales Returns & Allowances Sales Revenue Supplies Treasury Stock Unearned Sales Revenue Utilities Expense TOTALS Debit $4,000 $12,400 $2,800 $16,400 $1,400 $50,000 $400 $4,800 $600 $4,600 $2,000 $400 $600 $2,000 Credit $9,000 $10,000 $200 $10,000 $600 $600 $600 $20,000 $1,400 $6,000 $6,400 $36,800 $800 $102,400 $102,400 Total Assets Total Current Assets Total Liabilities Total Current Liabilities Total Stockholders' Equity Total Paid-in Capital Gross Profit Income from Operations Net Income Intangible Assets
balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
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perience p....pptm ^ Type here to search w X # 3 E Coronado Company's condensed financial statements provide the following information. C Cash Accounts receivable (net) Short-term investments Inventory Prepaid expenses Total current assets Property, plant, and equipment (net) Total assets Current liabilities ACC341-2022-Ho....xlsx $ 4 Bonds payable R F % 5 O CORONADO COMPANY BALANCE SHEET T At O+ 6 V B ▶ music 2.jpeg n H & 7 Dec. 31, 2020 $52,100 197,700 80,800 442,700 3,000 $776,300 849,900 $1,626,200 237,700 401,800 U 20 8 J Dec. 31, 2019 $60,200 O 80,800 39,600 N M 360,200 $547,700 849,900 $1,397,600 6,900 155,700 ( 401,800 9 W K F11 ) O 0 888 P Home End C Rair Inse
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