The following is a partial list of account balances for the Fisherman's Supply at Accounts receivable 31,000 Inventory 220,000 Supplies 4,900 Land 140,000 A 42,000 Retained earnings 90,000 Sales revenue 550,000 Cost of goods sold 4 expense 10,300 Other operating expense 32,000 Gain on sale of land 8,400 R closed, what is the balance of Retained Earnings? From the above information

The following is a partial list of account balances for the Fisherman's Supply at Accounts receivable 31,000 Inventory 220,000 Supplies 4,900 Land 140,000 A 42,000 Retained earnings 90,000 Sales revenue 550,000 Cost of goods sold 4 expense 10,300 Other operating expense 32,000 Gain on sale of land 8,400 R closed, what is the balance of Retained Earnings? From the above information

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Description: Please do not give solution in image format thanku The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1: Cash $93,000Accounts receivable 31,000 Inventory 220,000 Supplies 4,900 Land 140,000 Accounts pa

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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The general ledger of Hubert Corporation provides the following information: End of Year Beginning of Year Accounts Receivable $ 125,000 $ 94, 000 Inventory 280,000 210,000 Accounts Payable 130,000 65,000 The company's net sales for the year were $2,850,000 and cost of goods sold amounted to $1,650,000. Instructions Calculate the following: a) Cash receipts from customers. b) Cash payments to suppliers.
Balance Sheet Data Income Statement Data Cash $900,000 Accounts payable $1,080,000 Sales $18,000,000 Accounts receivable 1,800,000 Accruals 360,000 Cost of goods sold 10,800,000 Inventory 2,700,000 Notes payable 1,440,000 Gross profit 7,200,000 Current assets 5,400,000 Current liabilities 2,880,000 Operating expenses 4,500,000 Long-term debt 5,310,000 EBIT 2,700,000 Total liabilities 8,190,000 Interest expense 810,000 Common stock 1,102,500 EBT 1,890,000 Net fixed assets 7,200,000 Retained earnings 3,307,500 Taxes 472,500 Total equity 4,410,000 Net income $1,417,500 Total assets $12,600,000 Total debt and equity $12,600,000 Now, let’s see your notes with your ratios, and then we can talk about possible strategies that will improve the ratios. I’m going to check the box to the side of your calculated value if your calculation is correct and leave it unchecked if your calculation is incorrect. Pavo Media Systems Inc.…
For the month of December, the records of ABC Corporation show the following information:Cash received on accounts receivable ₱ 70,000Cash sales 60,000Accounts Receivable, December 1 148,000Accounts Receivable, December 31 160,000Accounts Receivable written-off as uncollectible 2,000How much are the gross sales in December?
Patton Corporation had the following items on its financial statements for two recent years: Line Item Description     Year 2     Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s accounts receivable turnover for Year 2.a. 6.7b. 12.5c. 14.3d. None of these choices are correct
Patton Corporation had the following items on its financial statements for two recent years: Line Item Description     Year 2     Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s working capital for Year 2.a. $725,000b. $1,625,000c. $2,050,000d. $650,000 2. Patton Corporation had the following items on its financial statements for two recent years: Line Item Description     Year 2     Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s accounts receivable turnover for Year 2.a.…
Patton Corporation had the following items on its financial statements for two recent years: Line Item Description     Year 2     Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s number of days’ sales in inventory for Year 2.a. 3.2b. 57.8c. 5.7d. 6.3
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
The following are the year end balances in a business' ledgers: Sales 628,000 Cost of sales 458,000 General overheads 138,000 Trade Payables 54,000 Trade Receivables ? Cash 61,000 Capital 86,000 If the trial balance balances, what is the missing figure for trade receivables? $111,000 B $233,000 $61,000 $387,000
Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500 Accounts payable $ 122,500 Receivables 202,500 Short-term bank note 162,500 Inventories 364,000 Accrued wages and taxes 110,500 Total current assets $ 661,000 Total short-term liab. $ 395,500 Long-term debt 418,000 Net fixed assets 468,500 Common equity 316,000 Total assets $ 1,129,500 Total liabilities & equity $ 1,129,500 Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold 250,000 Gross profit $ 200,000 Operating expenses 97,500 Earnings before interest and taxes (EBIT) $ 102,500 Interest expense 46,500 Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent) 25,200 Net earnings $ 30,800…
The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
Selected accounts are listed below. How much is the firm's operating income? accrued payroll $2,000 sales 45,000 cost of goods sold 26,000 interwst expense 1,000 expenses ( other than interest) 8,000
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?