Question

In: Finance

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had...

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had net fixed assets of $356,190, and other assets of $4,176. The firm has current liabilities of $94,792, long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current assets did this firm have?

Solutions

Expert Solution

Balance Sheet has two side-one Assets Side and other is Liabilities and Equity.
Total of both side is always equal.
Total Assets = Total Liabilities + Total Equity
Step-1:Calculation of total liabilities and Total Equity
Current Liabilities $           94,792
Long term debt $           76,445
Total Liabilities $       1,71,237
Common Stock $       2,00,000
Retained Earning $       1,34,461
Total Equity $       3,34,461
Total Liabilities and Equity $       5,05,698
Step-2:Calculation of Current Assets
Total Liabilities and Equity $       5,05,698
Net Fixed Assets $       3,56,190
Other assets $             4,176
Total assets other than current assets $       3,60,366
Current Assets $       1,45,332

Related Solutions

Kingbird Company, a manufacturer of small tools, provided the following information from its accounting records for...
Kingbird Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Kingbird’s plant, at cost, on December 31, 2020) $1,419,220 Accounts payable at December 31, 2020 1,295,400 Net sales (sales less sales returns) 8,926,300 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Sunland Company, a manufacturer of small tools, provided the following information from its accounting records for...
Sunland Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Sunland’s plant, at cost, on December 31, 2020) $1,467,950 Accounts payable at December 31, 2020 1,182,000 Net sales (sales less sales returns) 7,990,400 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Culver Company, a manufacturer of small tools, provided the following information from its accounting records for...
Culver Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on physical count of goods in Culver’s plant, at cost, on December 31, 2017) $1,594,780 Accounts payable at December 31, 2017 1,165,100 Net sales (sales less sales returns) 8,629,100 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Darwin Company, a manufacturer, has provided the following information pertaining to its assets and liabilities: 12/31/2018...
Darwin Company, a manufacturer, has provided the following information pertaining to its assets and liabilities: 12/31/2018 12/31/2019 Account receivable $10,000 $4,000 Inventory $11,000 $12,000 Prepaid insurance $4,000 $7,000 Wage payable $3,000 $4,000 Unearned revenue $4,000 $2,000 In addition, Darwin also reported that its net income in 2019 was $10,000 and the depreciation expense in 2019 was $5,000. (1) How much was Darwin’s cash flow from operating activities in 2019? (8 points) Suppose Darwin Company has also provided the following information...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on a physical count of goods on December 31, 2017) $ 1,700,000 Accounts payable at December 31, 2017 1,150,000 Net sales (sales less returns and allowances) Additional information is as follows: A- Work-in-process inventory costing $30,000 was sent to an outside processor for hand-tooling on December 30, 2017, and was therefore...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records for the year ended December 31, 20X1. Inventory at December 31, 20X1 (based on a physical count of goods on December 31, 20X1) $ 1,700,000 Accounts payable at December 31, 20X1 1,150,000 Net sales (sales less returns and allowances) 9,500,000 Additional information is as follows: a. Work-in-process inventory costing $30,000 was sent to an outside processor for hand-tooling on December 30, 20X1, and was...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records...
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on a physical count of goods on December 31, 2017) $ 1,700,000 Accounts payable at December 31, 2017 1,150,000 Net sales (sales less returns and allowances) 9,500,000 Additional information is as follows: Work-in-process inventory costing $30,000 was sent to an outside processor for hand-tooling on December 30, 2017, and was therefore...
The Blackbeard Company Ltd provided the following information in regard to its operations for the year...
The Blackbeard Company Ltd provided the following information in regard to its operations for the year ended 30 June 2014: Cash Book Summary Opening balance $20,000 Accounts Payable $40,000 Accounts receivable 100,000 Bills Payable (suppliers) 20,000 Bills Receivable (suppliers) 20,000 Interest paid 60,000 Debenture Issue 400,000 Operating expenses 180,000 Dividends received 20,000 Salaries & wages 200,000 Interest received 40,000 Current tax payable 80,000 Motor vehicles 60,000 Plant & machinery 100,000 Share capital 200,000 Dividend paid 120,000 Balance c/d 60,000 860,000...
Winter Company, a manufacturer of leather bags had the following budgeted information for October 2019: October...
Winter Company, a manufacturer of leather bags had the following budgeted information for October 2019: October 1 cash balance R3 500 Expected sales 2 500 units at R25 each (half in cash, remainder on credit due in November) 3. Inventory purchases 3 000 units at R14 each (all in cash)       4. Rent R1 450       5. Payroll R1 000       6. Utilities and other costs R4 500       7. Required Accounts receivable balance Oct. 1, R35000 (includes R700 bad...
Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment...
Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT