Question

In: Accounting

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts.

Debit

Credit

Buildings

 $128,100

Common Stock

 $93,550

Accounts Receivable

 14,000

Retained Earnings

 25,750

Prepaid Insurance

 4,100

Accumulated Depreciation—Buildings

 43,100

Cash

 19,600

Accounts Payable

 11,600

Equipment

 62,000

Notes Payable

 96,100

Land

 68,500

Accumulated Depreciation—Equipment

 17,400

Insurance Expense

 500

Interest Payable

 2,300

Depreciation Expense

 6,600

Service Revenue

 15,900

Interest Expense

 2,300   
$305,700

$279,950

Prepare a classified balance sheet; assume that $21,000 of the note payable will be paid in 2020.

By how much does current assets exceed current liabilities?

Current assets exceed current liabilities by $enter a dollar amount  .


What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)

Percentage of current assets in the form of cash enter percentages rounded to 2 decimal places %.


Determine the company's liquidity.

Current assets exceed current liabilities by how much______

What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)

Percentage of current assets in the form of cash________%

Determine the company's liquidity_________

Solutions

Expert Solution

1 Marigold
Balance Sheet
December 31, 2019
Assets
Current Assets
Cash         19,600
Accounts Receivable         14,000
Prepaid Insurance          4,100
Total current assets      37,700
Property, plant, and equipment
Land         68,500
Building      128,100
Less: Accumulated Depreciation - Building       43,100         85,000
Equipment       62,000
Less: Accumulated Depreciation - Equipment       17,400         44,600    198,100
Total Assets 235,800
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable         11,600
Notes Payable         21,000
Interest Payable          2,300
Total Current Liabilities      34,900
Long Term Liabilities
Notes Payable      75,100
Total Liabilities    110,000
Stockholders' Equity
Common Stock         93,500
Retained Earnings         32,300
Total Stockholders' Equity    125,800
Total Liabilities and Stockholders' Equity 235,800
2 Current assets exceed current liabilities by         2,800
Percentage of current assets in the form of cash 51.99%
Reasonably good

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable...
GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable 2,000 Inventory 5,000 Prepaid insurance 2,400 Prepaid rent 1,600 Supplies (Office) 300 Supplies (Racing) 200 Equipment (Bikes) 12,000 Equipment (Kayaks) 21,000 Accumulated depreciation 8,000 Accounts payable 2,800 Income tax payable 14,000 Interest payable 750 Notes payable   30,000 Common stock ($1.00 par - 1,000,000 shares authorized,10,000 shares issued and outstanding) 10,000 Paid-in Capital in Excess of Par-Common 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales...
Presented below is the trial balance of Marigold Corporation at December 31, 2017. Debit Credit Cash...
Presented below is the trial balance of Marigold Corporation at December 31, 2017. Debit Credit Cash $   200,620 Sales $ 8,104,760 Debt Investments (trading) (cost, $145,000) 157,760 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 302,620 Equity Investments (long-term) 280,620 Notes Payable (short-term) 94,760 Accounts Payable 459,760 Selling Expenses 2,004,760 Investment Revenue 66,470 Land 264,760 Buildings 1,043,620 Dividends Payable 139,620 Accrued Liabilities 100,760 Accounts Receivable 439,760 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,760 Administrative Expenses 903,470 Interest Expense 214,470 Inventory...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 265,100 Accounts receivable 51,000 Interest receivable 23,200 Notes receivable (due in 90 days) 173,000 Office supplies 15,500 Automobiles 173,000 Accumulated depreciation—Automobiles $ 55,000 Equipment 140,000 Accumulated depreciation—Equipment 28,000 Land 84,000 Accounts payable 97,000 Interest payable 50,000 Salaries payable 22,000 Unearned fees 34,000 Long-term notes payable 154,000 Common stock 35,580 Retained earnings 320,220 Dividends 53,000 Fees earned 584,000 Interest earned 32,000 Depreciation expense—Automobiles 27,500 Depreciation...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 157,200 Accounts receivable 51,500 Interest receivable 18,600 Notes receivable (due in 90 days) 171,500 Office supplies 16,000 Automobiles 168,000 Accumulated depreciation—Automobiles $ 55,000 Equipment 140,000 Accumulated depreciation—Equipment 27,000 Land 81,000 Accounts payable 96,000 Interest payable 25,000 Salaries payable 26,000 Unearned fees 36,000 Long-term notes payable 154,000 Common stock 27,580 Retained earnings 248,220 Dividends 53,000 Fees earned 574,000 Interest earned 28,000 Depreciation expense—Automobiles 27,000 Depreciation...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit   Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit   Cash $ 1,260   Accounts Receivable 2,300   Prepaid Insurance 2,600   Notes Receivable (long-term) 3,300   Equipment 13,500   Accumulated Depreciation $ 3,200   Accounts Payable 5,720   Salaries and Wages Payable 1,150   Income Taxes Payable 3,200   Unearned Revenue 660   Common Stock 2,700   Retained Earnings 1,120   Dividends 330   Sales Revenue 44,730   Rent Revenue 330   Salaries and Wages Expense 22,200   Depreciation Expense 1,600   Utilities Expense 4,520   Insurance Expense 1,700   Rent Expense 6,300...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit   Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit   Cash $ 1,340   Accounts Receivable 3,100   Prepaid Insurance 3,400   Notes Receivable (long-term) 4,100   Equipment 17,500   Accumulated Depreciation $ 4,800   Accounts Payable 6,520   Salaries and Wages Payable 1,550   Income Taxes Payable 4,000   Unearned Revenue 820   Common Stock 3,500   Retained Earnings 1,440   Dividends 410   Sales Revenue 51,930   Rent Revenue 410   Salaries and Wages Expense 23,800   Depreciation Expense 2,400   Utilities Expense 5,320   Insurance Expense 2,500   Rent Expense 7,100...
HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $    14,400 Accounts receivable...
HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $    14,400 Accounts receivable 35,000 Allowance for doubtful accounts 800 Merchandise inventory 50,400 Office supplies 900 Prepaid Insurance 1,200 Equipment 60,000 Accumulated depreciation – equipment 25,000 Accounts payable 12,000 Notes payable 10,000 Common stock 40,000 Retained earnings 22,250 Dividends 21,000 Net Sales 320,300 Cost of goods sold 205,000 Sales salaries expense 32,500 Depreciation expense – equipment 7,500 Office supplies expense 1,300 Interest expense 600 Bad Debts Expense 200...
The adjusted trial balance of AL Marai Company as of December 31, 2019, contains the following.                          &nbs
The adjusted trial balance of AL Marai Company as of December 31, 2019, contains the following.                                                                                                         [7 Points]    Account title Amount(Debit) Amount(Credit) Cash   19,470 - Accounts Receivable   6,922 - Prepaid rent   2,280                   - Equipment    18,050                   - Accumulated Depreciation - 4,895 Notes Payable - 5,700 Accounts Payable - 5,472 Common Stock - 20,000 Retained Earnings - 11,310 Dividends 3.000                       - Service Revenue   11,590 Salaries Expense 6,840                         Rent Expense   2, 260 - Depreciation Expense 145 - Interest Expense 83 - Interest Payable                                                                                           83...
Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit...
Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit Cash $          ? Supplies 1,490 Prepaid Insurance 1,290 Equipment 48,290 Accumulated Depreciation-Equipment $  4,290 Trademarks 1,240 Accounts Payable 10,290 Salaries and Wages Payable 790 Unearned Service Revenue 2,290 Bonds Payable (due 2024) 9,290 Common Stock 10,290 Retained Earnings 25,290 Service Revenue 10,290 Salaries and Wages Expense 9,290 Insurance Expense 1,690 Rent Expense 1,490 Interest Expense 1,190     Total $          ? $          ? Additional information: 1. Net loss for the...
Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit...
Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,560 Prepaid Insurance 1,360 Equipment 48,360 Accumulated Depreciation-Equipment $ 4,360 Trademarks 1,310 Accounts Payable 10,360 Salaries and Wages Payable 860 Unearned Service Revenue 2,360 Bonds Payable (due 2024) 9,360 Common Stock 10,360 Retained Earnings 25,360 Service Revenue 10,360 Salaries and Wages Expense 9,360 Insurance Expense 1,760 Rent Expense 1,560 Interest Expense 1,260 Total $ ? $ ? Additional information: 1....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT