Question
In: Accounting
The following accounts, among others, appeared on ZZ Company's balance sheet at January 1, 2020 and...
The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:
January 1, 2020 December 31, 2020
Accounts receivable 48,000 63,000
Utilities payable 20,000 26,000
Notes payable 71,000 80,000
Common stock 30,000 90,000
Retained earnings 22,000 78,000
The following information was taken from ZZ Company's 2020 income
statement:
Sales revenue $500,000
Cost of goods sold 280,000
Other expenses 120,000
Net income $100,000
Calculate the amount of cash collected from customers during 2020.Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following accounts, among others, appeared on ZZ Company's balance sheet at January 1, 2020 and...
The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:
January 1, 2020 December 31, 2020
Accounts receivable 48,000 63,000
Utilities payable 20,000 26,000
Notes payable 71,000 80,000
Common stock 30,000 90,000
Retained earnings 22,000 78,000
The following information was taken from ZZ Company's 2020 income
statement:
Sales revenue $500,000
Cost of goods sold 280,000
Other expenses 120,000
Net income $100,000
Calculate the amount of cash collected from customers during 2020.
The following accounts, among others, appeared on ZZ Company's balance sheet at January 1, 2020 and...
The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:
January 1, 2020 December 31, 2020
Accounts receivable 48,000 63,000
Utilities payable 20,000 26,000
Notes payable 71,000 80,000
Common stock 30,000 90,000
Retained earnings 22,000 78,000
The following information was taken from ZZ Company's 2020 income
statement:
Sales revenue $500,000
Cost of goods sold 280,000
Other expenses 120,000
Net income $100,000
Calculate the net cash flow from financing activities for 2020....
On January 1, 2020, the balance in Tim Company's "Accounts Payable" account was $22,000. At the...
On January 1, 2020, the balance in Tim Company's "Accounts
Payable" account was $22,000. At the December 31 year end, the
balance was $30,000. In Tim's Cash Flow Statement for the year
ended 12/31/2020, the $8,000 net increase will be
A Subtracted from Net Income in determining net cash provided by
operating activities
B Reported as a cash outflow from financing activities
C Reported as a cash inflow from investing activities
D Added to Net Income in determining net cash...
Company was started on January 1, 2017. The following accounts are on the Balance Sheet Accounts:...
Company was started on January 1, 2017. The following accounts
are on the Balance Sheet Accounts: Cash, Accounts Receivable,
Equipment, Accumulated Depreciation, Prepaid Expenses, Supplies,
Accounts Payable, Notes Payable, Interest Payable, Wages Payable,
Unearned Revenue, Common Stock, Additional Paid in Capital, and
Retained Earnings.
The company report results as of the fiscal year ending December
31, 2017.
Following are fiscal 2017 transactions:
a. January 1: The company sold 12,000 shares of $0.50 par common
stock for $6 per share.
b....
The following accounts appeared on the trial balance of Ewana Company at December 31, 2020. Notes...
The following accounts appeared on the trial balance of Ewana
Company at December 31, 2020.
Notes Payable (short-term)
$192,000
Accounts Receivable
$518,400
Accumulated Depreciation - Bldg.
783,000
Prepaid Insurance
56,250
Supplies
37,800
Salaries and Wages Payable
34,200
Common Stock
1,125,000
Debt Investments (long-term)
281,400
Unappropriated Retained Earnings
318,000
Cash
170,250
Inventory
1,580,250
Bonds Payable Due 1/1/2025
1,200,000
Land
465,000
Allowance for Doubtful Accts.
7,800
Trading Securities
73,200
Copyrights
192,900
Interest Payable
5,700
Notes Receivable (due in 6 months)
138,000
Buildings...
The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December...
The amounts below appeared in the
Income Statement and Balance Sheet columns of a company's December
31 work sheet. In the space provided give without explanation the
closing entries on December 31.
Trial Balance
Debit
Credit
Assets other than
merchandise
7500
Accounts
receivable
4500
Liabilities
3000
Common
Stock
7500
Dividends
1500
Sales
19,500
Salaries
expense
11,250
Other operating
expenses
5,250
_____
Total
30000
30,000
The balance sheet accounts listed below are the only items on the company's balance sheet for...
The balance sheet accounts listed below are the only items on
the company's balance sheet for each year and the income statement
accounts are the only items on the company's income statement for
each year.
Item
2017
2018
Accounts payable
550
230
Accounts receivable
510
?
Accruals
1,000
1,100
Cash
300
550
Common Stock
2,000
2,250
Cost of goods sold
4,000
4,600
Depreciation expense
200
350
Interest expense
170
190
Inventory
3,000
3,250
Long term debt
1,500
1,650
Net fixed...
Current Liabilities and Ratios Several accounts that appeared on Atunlu's 2017 balance sheet are as follows:...
Current Liabilities and Ratios
Several accounts that appeared on Atunlu's 2017 balance sheet
are as follows:
Accounts Payable
$81,000
Equipment
$950,000
Marketable Securities
40,000
Taxes Payable
15,000
Accounts Receivable
115,400
Retained Earnings
250,000
Notes Payable, 12%, due in 60 days
20,000
Inventory
165,000
Capital Stock
1,150,000
Allowance for Doubtful Accounts
20,000
Salaries Payable
10,000
Land
600,000
Cash
65,000
Required:
1. Prepare the Current Liabilities section of
Atunlu's 2017 balance sheet.
Atunlu
Partial Balance Sheet
As Of December 31, 2017
Current...
Current Liabilities and Ratios Several accounts that appeared on Spring's 2017 balance sheet are as follows:...
Current Liabilities and Ratios
Several accounts that appeared on Spring's 2017 balance sheet
are as follows:
Accounts Payable
$74,000
Equipment
$950,000
Marketable Securities
40,000
Taxes Payable
15,000
Accounts Receivable
35,600
Retained Earnings
250,000
Notes Payable, 12%, due in 60 days
20,000
Inventory
165,000
Capital Stock
1,150,000
Allowance for Doubtful Accounts
20,000
Salaries Payable
10,000
Land
600,000
Cash
65,000
Required:
1. Prepare the Current Liabilities section of
Spring's 2017 balance sheet.
Spring
Partial Balance Sheet
As Of December 31, 2017
Current...
Treasury Stock The Stockholders' Equity section of Zavala Industries' balance sheet on January 1, 2017, appeared...
Treasury Stock
The Stockholders' Equity section of Zavala Industries' balance
sheet on January 1, 2017, appeared as follows:
Common stock, $10 par, 10,000 shares issued and
outstanding
$100,000
Additional paid-in capital
50,000
Retained earnings
80,000
Total stockholders’ equity
$230,000
Required:
1. Identify and analyze the effect of each
transaction.
The following transactions occurred during 2017:
a. Reacquired 1,800 shares of common stock at $20
per share on July 1.
Activity
Financing
Accounts
Cash Decrease, Treasury Stock Increase
Statement(s)
Balance Sheet...
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