Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100   Accounts receivable 2,100   Merchandise inventory 5,100   Prepaid insurance 1,100   Land 20,100   Accounts payable   $ 3,100 M. Lima, Capital   26,500 Sales   17,100 Cost of goods sold 8,100   Wages expense 6,100   Totals $ 46,700 $ 46,700

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:   Dec. 31, 20Y8 Dec. 31, 20Y7 Assets     Cash $70,910   $86,990   Accounts receivable (net) 108,960   117,270   Merchandise inventory 155,660   145,360   Prepaid expenses 6,340   4,400   Equipment 317,080   260,420   Accumulated depreciation-equipment (82,440)   (63,870)     Total assets $576,510   $550,570         Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $121,070   $115,070   Mortgage note payable 0   165,170   Common stock, $1 par 19,000   12,000   Paid-in capital: Excess of issue price over par-common stock 260,000   155,000   Retained earnings 176,440   103,330     Total liabilities and stockholders’ equity $576,510   $550,570   Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $187,160. Depreciation…

Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1. Accounts receivable $41,120 Accounts payable 6,905 Cash 14,050 Common stock 40,000 Land 19,000 Long-term notes payable 20,750 Merchandise inventory 27,475 Retained earnings 33,990 Assets Current assets ALPHA COMPANY Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:   1   Dec. 31, 20Y8 Dec. 31, 20Y7 2 Assets     3 Cash $146,590.00 $180,310.00 4 Accounts receivable (net) 223,920.00 242,510.00 5 Merchandise inventory 322,020.00 298,480.00 6 Prepaid expenses 12,710.00 9,770.00 7 Equipment 654,640.00 536,710.00 8 Accumulated depreciation (170,680.00) (132,810.00) 9 Total assets $1,189,200.00 $1,134,970.00 10 Liabilities and Stockholders’ Equity     11 Accounts payable (merchandise creditors) $249,470.00 $238,540.00 12 Mortgage note payable     0.00 335,820.00 13 Common stock, $10 par 73,000.00 23,000.00 14 Paid-in capital: Excess of issue price over par—common stock 450,000.00 310,000.00 15 Retained earnings 416,730.00 227,610.00 16 Total liabilities and stockholders’ equity…

Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 Sales revenue Cost of goods sold Salaries expense Net income December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000 Land Notes payable Retained earnings Salaries payable Buckeye Company's 2025 income statement is given below: $420,000 $269,000 $ 93,000 $ 58,000 Calculate the amount of cash paid to suppliers for purchases of inventory during 2025.