Question
In: Economics
Use the following data to determine the total dollar amount of assets to be classified as...
Use the following data to determine the total dollar amount of assets to be classified as current assets.
| Sunland Company | |||||
| Balance Sheet | |||||
| December 31, 2022 | |||||
| Cash | $187000 | Accounts payable | $201000 | ||
| Accounts receivable | 140000 | Salaries and wages payable | 27000 | ||
| Inventory | 170000 | Mortgage payable | 246500 | ||
| Prepaid insurance | 90700 | Total liabilities | $474500 | ||
| Stock investments (long-term) | 261000 | ||||
| Land | 281000 | ||||
| Buildings | $303000 | Common stock | $371200 | ||
| Less: Accumulated depreciation | (63500) | 239500 | Retained earnings | 748500 | |
| Goodwill | 225000 | Total stockholders' equity | $1119700 | ||
| Total assets | $1594200 | Total liabilities and stockholders' equity | $1594200 | ||
|
$587700 |
|
$497000 |
|
$417700 |
|
$848700 |
Solutions
Expert Solution
a) $587700
Current assets are highly liquid assets that are expected to be converted to cash within a year.
Here the current assets are Cash ($187000) + Accounts receivable ($140000) + Inventory ($170000) + Prepaid Insurance ($90700) = $587700
Rahul Sunny answered 3 years agoRelated Solutions
Use the following data to determine the total amount of working capital. Alpha Co. Balance Sheet...
Use the following data to determine the total amount of working
capital.
Alpha Co.
Balance Sheet
December 31, 2013
Cash
$192000
Accounts payable
$204000
Accounts receivable
142000
Salaries and wages payable
31500
Inventory
170000
Mortgage payable
244500
Prepaid insurance
90600
Total liabilities
$480000
Stock investments
255000
Land
298000
Buildings
$323000
Common stock
$396100
Less: Accumulated depreciation
(65000)
258000
Retained earnings
743500
Trademarks
214000
Total stockholders'
equity
$1139600
Total assets
$1619600
Total
liabilities and
stockholders'
equity
$1619600
Use the following items to determine the total assets, total liabilities, net worth, total cash inflows,...
Use the following items to determine the total assets, total
liabilities, net worth, total cash inflows, and total cash
outflows.
Rent for the month
$
1,450
Monthly take-home salary
$
2,985
Spending for food
$
745
Cash in checking account
$
610
Savings account balance
$
2,050
Balance of educational loan
$
3,120
Current value of automobile
$
9,500
Telephone bill paid for month
$
145
Credit card balance
$
315
Loan payment
$
240
Auto insurance
$
390
Household...
-Use the following information on Na to determine the total amount of heat required to convert...
-Use the following information on Na to determine the total
amount of heat required to convert 150.0 g of solid Na at 48.0°C
into gaseous Na at 883°C. Melting Point = 98.0°C Boiling Point =
883°C Molar Heat Capacities: Csolid = 23.7 J/mol °CCliquid =37.5
J/mol °C ?Hfusion = 2.64 kJ/mol?Hvaporization = 97.9 kJ/mol
Required: 1. Determine the dollar amount of cost of goods sold, dollar amount of ending inventory,...
Required:
1. Determine the dollar amount of cost of goods sold, dollar
amount of ending inventory, and dollar amount of gross margin using
the FIFO, LIFO and specific identification inventory costing
methods for the month of October.
2. Complete journal entries for October 3rd and
8th using the specific identification method assuming
all purchases and sales were on account.
Beginning Inventory Units 1 – 5 at $24 each
120
October 3 Purchased Units 6 – 15 at $25 each
250...
Use the Leontief closed model to solve the linear system and determine the dollar amount each...
Use the Leontief closed model to solve the linear system and
determine the dollar amount each organization pays for a credit.
Use a scale factor of s = 100.
For each organization, calculate the ratio of the number of
credits required and cost per credit. What does this information
provide?
Provide your solution and recommendations.
NVCC
RM
PFCH
KFF
NVCC
25
55
41
86
RM
56
23
102
65
PFCH
110
87
20
25
KFF
12
38
40
27
Please use the data to answer the following question: Compute the total loan amount, monthly payment,...
Please use the data to answer the following question:
Compute the total loan amount, monthly payment, and total
interest payment for different down payment amount. Plot payment
and total interest, and discuss how they change with respect to
down payment amount.
Auto Loan Payment Calculator
Inputs
Auto Loan Amount
$20,000
Annual Interest Rate
8.50%
Term of Loan in Years
3
First Payment Date
2/1/18
Last Payment Date
1/1/21
Frequency of Payment
Monthly
Summary
Number of Payments
36
Rate (per period)...
Using the ABC data, determine the total amount of overhead cost assigned to each product.
Sultan Company uses an activity-based costing system.
At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools:
Activity Cost Pool
Activity Measure
ExpectedOverhead Cost
Expected Activity
Labor-related
Direct labor-hours
$
311,500
44,500
DLHs
Purchase orders
Number of orders
$
8,840
221
orders
Parts management
Number of part types
$
71,280
99
part types
Board etching
Number of boards
$
63,700
1,820...
Using the ABC data, determine the total amount of overhead cost assigned to each product.
Rusties Company recently implemented an activity-based costing system. At the beginning of the year, management made the following estimates of cost and activity in the company’s five activity cost pools:
Activity Cost Pool
Activity Measure
ExpectedOverhead Cost
ExpectedActivity
Labor-related
Direct labor-hours
$
30,115
1,585
DLHs
Purchase orders
Number of orders
$
2,320
580
orders
Product testing
Number of tests
$
6,930
330
tests
Template etching
Number of templates
$
870
30
templates
General factory
Machine-hours
$
65,100
9,300
MHs
...
The classified balance sheet for a company reported current assets of $1,299,200, total liabilities of $805,540,...
The classified balance sheet for a company reported current
assets of $1,299,200, total liabilities of $805,540, Common Stock
of $1,060,000, and Retained Earnings of $136,260. The current ratio
was 2.
What is the total amount of noncurrent assets?
a) $702,600
b)$649,600
c)$493,660
d)$102,940
Print the total amount, the average dollar value of service visits (parts and labour costs) and...
Print the total amount, the average dollar value of service
visits (parts and labour costs) and the number of those visits for
Acura, Mercedes and Jaguar car makes that are sold
between September 2015 and December 2018 inclusive
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Write a Java Program using the following instruction: Create the following 3 methods that calculate and...
- How would the S/D curves shift if a $3 tax was imposed on suppliers for each...
- Why should a time-based authentication system invalidate the current password on a successful authentication?
- Explain the difference between a market penetration strategy and a market development strategy.
- QUESTION 4 Discuss the sanctity of life versus the quality of life debate as presented by...
- 0.560 g He, 20.482 g F2, and 13.960 g Ar are placed in a 18.4-L container...
- Let X ∼ Pois(4), Y ∼ Pois(12), U ∼ Pois(3) be independent random variables. a) What...
ADVERTISEMENT