The following information is for Sunland Auto Supplies: Sunland Auto Supplies Balance Sheet December 31, 2018...

The following information is for Sunland Auto Supplies:

Sunland Auto Supplies Balance Sheet December 31, 2018
Cash		$ 39000	Accounts Payable		$ 129000
Prepaid Insurance		80000	Salaries and Wages Payable		54000
Accounts Receivable		99000	Mortgage Payable		155000
Inventory		142000	Total Liabilities		338000
Land Held for Investment		182000
Land		251000
Buildings	$197000		Common Stock	$397000
Less Accumulated			Retained Earnings	332000	729000
Depreciation	(65000)	132000
Trademark		142000	Total Liabilities and
Total Assets		$1067000	Stockholders’ Equity		$1067000

The total dollar amount of assets to be classified as current assets is

$502000.

$138000.

$222000.

$360000.

Expert Solution

Description		Amount	Remarks
Cash		$39,000	Current asset
Prepaid Insurance		80000	Current asset
Accounts Receivable		99000	Current asset
Inventory		142000	Current asset
Land Held for Investment		182000	Investment
Land		251000	Property, Plant & Equipment
Buildings	$197,000
Less Accumulated Depreciation	-65000	$132,000	Property, Plant & Equipment
Trademark		142000	Intangibles
Total Assets		$1,067,000




Description		Amount	Remarks
Cash		39,000	Current asset
Prepaid Insurance		80,000	Current asset
Accounts Receivable		99,000	Current asset
Inventory		142,000	Current asset
Total current assets		360,000

So the last option is correct

ekkarill92 answered 1 year ago

The following information is available for the Goodman Company: Goodman Company Balance Sheet December 31, 2018...

The following information is available for the Goodman Company: Goodman Company Balance Sheet December 31, 2018 ASSETS Current Year Prior Year Cash $125,000 $100,000 Accounts Receivable 515,000 500,000 Allowance for Doubtful Accounts (70,150) (60,000) Inventory 660,000 500,000 Prepaid Expenses 80,000 72,000 Equipment 892,000 900,000 Less: Accumulated Depreciation (460,000) (452,500) LIABILITIES Accounts Payable 430,000 370,000 Accrued Expenses 250,000 230,000 Income Tax Payable 58,000 50,000 Goodman Company Income Statement For Year Ending December...

Sunland Company reported the following information for 2019. Sunland Company Comparative Balance Sheets December 31 Assets...

Sunland Company reported the following information for 2019. Sunland Company Comparative Balance Sheets December 31 Assets 2019 2018 Change Increase/Decrease Cash $68,040 $36,250 $31,790 Increase Accounts receivable 61,900 21,810 40,090 Increase Inventory 44,110 –0– 44,110 Increase Prepaid expenses 6,030 4,010 2,020 Increase Land 54,890 69,300 14,410 Decrease Buildings 200,420 200,420 –0– Accumulated depreciation—buildings (20,805 ) (13,870 ) 6,935 Increase Equipment 181,270 67,510 113,760 Increase Accumulated depreciation—equipment (28,695 ) (10,030 ) 18,665 Increase Totals $567,160 $375,400 Liabilities and Stockholders’ Equity Accounts...

Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the...

Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. Account Title Debits Credits Cash 105,000 Investments 274,000 Accounts receivable 161,000 Inventories 234,000 Loans to employees 59,000 Prepaid expenses (for 2019) 35,000 Rent expense 84,000 Land 299,000 Building 1,740,000 Machinery and equipment 656,000 Trademark 171,000 Copyright 59,000 Bad debt expense 6,200 Depreciation expense 98,750 Dividends 40,000 Note receivable 345,000 Interest receivable 31,000 Cost of goods sold 242,000 Accumulated depreciation—building 639,000 Accumulated depreciation—equipment...

The following data were taken from the balance sheet accounts of Sunland Corporation on December 31,...

The following data were taken from the balance sheet accounts of Sunland Corporation on December 31, 2016. Current assets $530,000 Debt investments 651,000 Common stock (par value $10) 502,000 Paid-in capital in excess of par 152,000 Retained earnings 826,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the...

. At December 31, 2018, Garvey Company reported this information on its balance sheet. Accounts...

. At December 31, 2018, Garvey Company reported this information on its balance sheet. Accounts Receivable $ 960,000 Less: Allowance for Doubtful Accounts 78,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account $3,600,000 2. Sales returns and allowances 50,000 3. Collection of account receivables 3,100,000 4. Write-offs of account receivable deemed uncollectible 92,000 5. Recovery of bad debts previously written off as uncollectible 28,000 Instructions: (a) Prepare the journal entries to record each of these five transactions. Assume that...

Crane Company's balance sheet accounts as of December 31, 2018 and 2017 and information relating to...

Crane Company's balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below. December 31, 2018 2017 Assets Cash $ 438000 $ 198000 Short-term investments 598000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1180000 Long-term investments 398000 598000 Plant assets 3380000 1980000 Accumulated depreciation (898000) (898000) Patent 178000 198000 Total assets $6454000 $4256000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1640000...

27. Use the following data to calculate the current ratio. Eddy Auto Supplies Balance Sheet December...

27. Use the following data to calculate the current ratio. Eddy Auto Supplies Balance Sheet December 31, 2017 Cash $ 126,000 Accounts payable $ 165,000 Accounts receivable 120,000 Salaries and wages payable 30,000 Inventory 210,000 Prepaid insurance 90,000 Mortgage payable 270,000 Stock investments 255,000 Total liabilities $465,000 Land 285,000 Buildings $339,000 Common stock $360,000 Less: Accumulated Depreciation (60,000) 279,000 Retained earnings 750,000 Trademarks 210,000 Total stockholders’ equity $1,110,000 Total assets $1,575,000 Total liabilities and and stockholders’ equity $1,575,000...

Riyadh Star, Balance Sheet Statement December 31, 2018 & December 31, 2019 2018 2019 Cash $ ...

Riyadh Star, Balance Sheet Statement December 31, 2018 & December 31, 2019 2018 2019 Cash $ 104,000 $ 123,250 Accounts Receivable 183,350 100,000 Inventory 250,000 210,000 Prepaid Expenses 80,000 120,000 Equipment (Net) 584,650 800,000 Total Assets $ 1,202,000 $ 1,353,250 Accounts Payable $ 220,000 $ 180,000 Salary Payable 94,000 56,250 Interest Payable 20,000 37,000 Bonds Payable 320,000 300,000 Common Shares 370,000 580,000 Retained Earnings...

The following information is provided for Sunland’s Chocolate Company: SUNLAND CHOCOLATE COMPANY Balance Sheet May 31...

The following information is provided for Sunland’s Chocolate Company: SUNLAND CHOCOLATE COMPANY Balance Sheet May 31 Assets 2021 2020 Cash $29,425 $46,500 Accounts receivable 88,300 78,500 Inventory 183,000 159,500 Prepaid expenses 5,800 7,300 Land 134,500 79,000 Equipment 318,000 198,000 Accumulated depreciation—equipment (76,200 ) (39,500 ) Total assets $682,825 $529,300 Liabilities and Shareholders’ Equity Accounts payable $42,700 $39,500 Dividends payable 7,300 5,800 Income taxes payable 3,000 6,800 Mortgage payable 130,000 79,500 Common shares 218,000 165,500 Retained earnings 281,825 232,200 Total liabilities...

Instructions: Prepare a classified balance sheet for Baxter Incorporated, at December 31, 2018. The balance sheet...

Instructions: Prepare a classified balance sheet for Baxter Incorporated, at December 31, 2018. The balance sheet should be prepared in good form in excel. Be sure to use proper spacing, references, and formulas. Baxter Incorporated was started by John Ross early in 2018. Initial capital was acquired by issuing shares of commons stock to various investors and by obtaining a bank loan. The company operates a retail store that sells records, tapes, and compact discs. Business was so good during...

Question