Chapter 1, Problem 10BE

An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common stock, $7,000; and retained earnings, $3,800.Required:Prepare a balance sheet for Cavernous Homes Inc. at December 31, 2019.

Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.

The bookkeeper for Stellar Company has prepared the following balance sheet as of July 31, 2020. STELLAR COMPANYBALANCE SHEETAS OF JULY 31, 2020 Cash   $  70,190   Notes and accounts payable   $  45,190 Accounts receivable (net)   41,690   Long-term liabilities   76,190 Inventory   61,190   Stockholders’ equity   156,690 Equipment (net)   84,000       $ 278,070 Patents   21,000             $ 278,070         The following additional information is provided. 1.   Cash includes $ 1,200 in a petty cash fund and $ 11,890 in a bond sinking fund. 2.   The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $ 45,190 and (b) allowance for doubtful accounts $ 3,500. 3.   Inventory costing $ 4,991 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $ 4,991 were recognized on these consigned goods. 4.   Equipment had a cost of $…

Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000

Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…

Presented below is selected information related to Sheridan Company at December 31, 2019. Sheridan Company reports financial information monthly. Accounts Payable $ 3,360 Salaries and Wages Expense $18,480 Cash 10,080 Notes Payable 28,000 Advertising Expense 6,720 Rent Expense 10,976 Service Revenue 60,480 Accounts Receivable 15,120 Equipment 32,480 Dividends 8,400 Determine the total assets of Sheridan Company at December 31, 2019. Total assets of Sheridan Company $4 UNK TO TEXT Determine the net income that Sheridan Company reported for December 2019. Net income of Sheridan Company 24

Presented below is selected information related to Sheridan Company at December 31, 2019. Sheridan Company reports financial information monthly. Accounts Payable $ 3,360 Salaries and Wages Expense $18,480 Cash 10,080 Notes Payable 28,000 Advertising Expense 6,720 Rent Expense 10,976 Service Revenue 60,480 Accounts Receivable 15,120 Equipment 32,480 Dividends 8,400 Determine the total assets of Sheridan Company at December 31, 2019. Total assets of Sheridan Company

The December 31, 2019, balance sheet for Walton Corporation is presented here. These are the only accounts on Walton’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:   WALTON CORPORATIONBalance Sheet As of December 31, 2019 Assets       Cash $ 35,000   Accounts receivable (net)   ?   Inventory   ?   Property, plant, and equipment (net)   305,000     $ 452,000   Liabilities and Stockholders’ Equity       Accounts payable (trade) $ ?   Income taxes payable (current)   35,000   Long-term debt   ?   Common stock   311,000   Retained earnings   ?     $ ?       Additional Information       Current ratio (at year end) 1.4 to 1.0 Total liabilities ÷ Total stockholders’ equity   60 % Gross margin percentage   40 % Inventory turnover (Cost of goods sold ÷ Ending inventory)   10.5 times Gross margin for 2019 $ 350,000       Required Compute the balance in trade accounts…

The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2020. Geronimo CompanyBalance SheetAs of July 31, 2020 Cash    $ 69,000    Notes and accounts payable    $ 44,000 Accounts receivable (net) 40,500 Long-term liabilities 75,000 Inventory 60,000 Stockholders' equity  155,500 Equipment (net) 84,000   $274,500 Patents   21,000          $274,500           The following additional information is provided. 1.    Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund. 2.    The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3,500. 3.    Inventory costing $5,300 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods. 4.    Equipment had a cost of $112,000 and an accumulated…