Question
In: Finance
Balance Sheet Accounts of Roman Corporation Account Balance 12/31/20162016 Balance 12/31/20172017 Accumulated depreciation $ 2...
|
Balance Sheet Accounts of Roman Corporation |
||
|
Account |
Balance 12/31/20162016 |
Balance 12/31/20172017 |
|
Accumulated depreciation |
$ 2 comma 026$2,026 |
$ 2 comma 674$2,674 |
|
Accounts payable |
$ 1 comma 793$1,793 |
$ 2 comma 062$2,062 |
|
Accounts receivable |
$ 2 comma 478$2,478 |
$ 2 comma 688$2,688 |
|
Cash |
$ 1 comma 290$1,290 |
$ 1 comma 088$1,088 |
|
Common stock |
$ 4 comma 999$4,999 |
$ 4 comma 999$4,999 |
|
Inventory |
$ 5 comma 807$5,807 |
$ 6 comma 038$6,038 |
|
Long-term debt |
$ 7 comma 805$7,805 |
$ 8 comma 191$8,191 |
|
Plant, property, and equipment |
$ 8 comma 402$8,402 |
$ 9 comma 194$9,194 |
|
Retained earnings |
$ 1 comma 354$1,354 |
$ 1 comma 082$1,082 |
a. construct a balance sheet for
2016 and 2017.
b. list all the working capital accounts.
c. find the net working capital for the years ending
2016 and 2017.
d. calculate the change in net working capital for the year2017.
|
Roman Corporation |
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Solutions
jeff jeffy answered 7 months agoRelated Solutions
Account Balance 12/31/20162016 Balance 12/31/20172017 Accumulated depreciation $ 4 comma 242$4,242 $ 4 comma 860$4,860 Accounts...
Account
Balance
12/31/20162016
Balance
12/31/20172017
Accumulated depreciation
$ 4 comma 242$4,242
$ 4 comma 860$4,860
Accounts payable
$ 2 comma 904$2,904
$ 3 comma 207$3,207
Accounts receivable
$ 3 comma 152$3,152
$ 3 comma 649$3,649
Cash
$ 1 comma 200$1,200
$ 1 comma 499$1,499
Common stock
$ 4 comma 781$4,781
$ 7 comma 281$7,281
Inventory
$ 4 comma 359$4,359
$ 5 comma 171$5,171
Long-term debt
$ 3 comma 601$3,601
$ 2 comma 432$2,432
Plant, property, and equipment
$ 8 comma...
Account Balance 12/31/2013 Balance 12/31/2014 Accumulated depreciation $2,021 $2,678 Accounts payable $1,806 $2,053 Accounts receivable...
Account Balance 12/31/2013 Balance 12/31/2014
Accumulated depreciation $2,021 $2,678
Accounts payable $1,806 $2,053
Accounts receivable $2,490 $2,682
Cash $1,303 $1,145
Common stock $4,981 $4,981
Inventory $5,796 $6,022
Long-term debt $7,803 $8,195
Plant, property, and equipt. $8,393 $9,205
Retained earnings $1,371 $1,147
a. construct a balance sheet for 2013 and
2014.
b. list all the working capital accounts.
c. find the net working capital for the years
ending 2013 and 2014.
d. calculate the change in net working capital
for...
The balance in the account Accumulated Depreciation, Equipment will a.) Be reported on the Balance Sheet...
The balance in the account Accumulated
Depreciation, Equipment will
a.) Be reported on the Balance Sheet
b.) Not appear on any financial statement
c.) Be reported on the income statement
d.) Be reported on the statement of owners equity
Account Balance Accounts Payable* $62,000 Accounts Receivable* $41,000 Accumulated Depreciation – PPE* $116,000 Accumulated Other Comprehensive...
Account
Balance
Accounts Payable*
$62,000
Accounts Receivable*
$41,000
Accumulated Depreciation – PPE*
$116,000
Accumulated Other Comprehensive Income
$17,000
Additional Paid in Capital
$159,000
Amortization Expense
$5,000
Cash and Cash Equivalents *
$79,000
Common Stock
$6,000
Cost of Goods Sold
$1,650,000
Depreciation Expense
$20,000
Dividends
$8,000
Gain on Sale of Discontinued Operations
$60,000
Gain on Sale of Held-To-Maturity Securities
$1,000
Goodwill*
$26,000
Impairment of Intangible Assets
$40,000
Interest Expense
$10,000
Interest Revenue
$2,000
Inventory*
$88,000
Long-Term Debt
$115,000
Long-Term Investments*
$18,000...
12/31/17 Balance Sheet Cash $17,000 Account
12/31/17 Balance Sheet
Cash $17,000
Accounts
Receivable
$12,000
Prepaid
Insurance
$5,000
Inventory
$15,000
Total $49,000
Equipment
$100,000
Accumulated
Depreciation
$(20,000)
Total $80,000
Total
Assets
$129,000
Accounts
Payable
$9,000
Income Taxes Payable $3,000
Total
Liabilities
$12,000
Common
Stock
$100,000
Retained
Earnings
$17,000
Total
Equity
$117,000
Total Liabilities &
Equity
$129,000
Additional Information:
Sales for 2018 are expected to be $200,000.
Accounts Receivable turnover is expected to be 12...
The balance in the Accumulated Depreciation account represents the: Amount to be charged to expense in...
The balance in the Accumulated Depreciation account represents
the:
Amount to be charged to expense in the current accounting
period
Cash fund which is used to replace the fixed asset
None of the answers are correct
Amount that has been charged to depreciation expense since the
acquisition of the fixed asset
Amount to be deducted from the fixed asset's purchase cost in
order to determine its fair market value
The Accumulated Depreciation – Equipment account of a clothing company had a balance of $110,000 on...
The Accumulated Depreciation – Equipment account of a clothing
company had a balance of $110,000 on January 1, 2019. After
adjusting entries were posted, the account showed a balance of
$132,000 (at the end of 2019). During 2019, the company sold a
piece of equipment that cost $45,000 for $22,000. This caused a
loss of $1,000. What was the depreciation expense for 2019 if you
assume the company did not dispose of other assets in 2019? Please
show all steps.
Prepare an adjusted Trial balance Accounts Payable- 88,851 Accounts receivable- 442,120 Accumulated depreciation: building- 1,265 Accumulated...
Prepare an adjusted Trial balance
Accounts Payable- 88,851
Accounts receivable- 442,120
Accumulated depreciation: building- 1,265
Accumulated depreciation: equipment- 9,900
Advertising Expense- 9,240
Allowance for doubtful accounts- 75,000
Allowance to Reduce Inventory to NRV- 16,000
Bad Debt Expense- 75,000
Bonds Payable- 700,000
Building- 37,500
Cash- 834,544
Common stock- 135,000
Depreciation Expense- 11,165
Dividends- 28,000
Equipment- 21,600
Impairment Loss Expense- 5,000
Income Taxes Expense- 99,000
Income taxes payable- 99,000
Insurance Expense- 22,500
Interest Expense- 31,171
Interest Payable- 35,000
Inventory- 70,000
Land- 88,000...
Balance sheet accounts for Thin Man Securities on 12/31/2017 are as follows: Cash  
Balance sheet accounts for Thin Man Securities on 12/31/2017 are
as follows:
Cash $106,000
Marketable
Securities 374,000
Accounts Receivable,
Net 240,000
Inventory 260,000
Prepaid
Expenses 42,000
Total Current
Assets $1,022,000
Accounts
Payable 290,000
Other Accrued
Liabilities 75,000
Short Term
Debt 130,000
Total
Current
Liabilities $
495,000
A. Calculate the working capital, current ratio and acid test
ratio for Thin Man Securities
B. In a separate set of calculations, show the “Total effect” of
all the transactions below in a new balance sheet. Then,
recalculate the ratios calculated in A.
1. Credit sales...
5. Explain what the account Accumulated Depreciation is, the normal balance, and how it is presented...
5. Explain what the account Accumulated Depreciation is, the
normal balance, and how it is presented on the Balance Sheet.
6. Why would the bank balance be different than the ledger
balance? Explain at least four reasons.
7. What taxes do employees pay on payroll? (List all)
8. What types of deductions are made out of employee’s checks?
(List at least four)
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