Question
In: Accounting
Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land,...
Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land, $500,000; Bonds Payable, $1,000,000; Mortgage Payable, $400,000; Inventory, $100,000. Compute both the current and quick ratios. What conclusions can you draw from this data ?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
You have $60,000 in cash, $40,000 in accounts receivable, $100,000 in inventory, $65,000 in accounts payable,...
You
have $60,000 in cash, $40,000 in accounts receivable, $100,000 in
inventory, $65,000 in accounts payable, $25,000 in accrued expenses
on 12/31/2017. What was your net working capital balance on this
date?
Accounts Payable Accounts Receivable Building Cash Equipment Fees Earned Land Owner—Drawing Owner—Equity Rent Revenue Supplies Utilities...
Accounts Payable
Accounts Receivable
Building
Cash
Equipment
Fees Earned
Land
Owner—Drawing
Owner—Equity
Rent Revenue
Supplies
Utilities Expense
Wages Expense
If the total of each ACCOUNT is $5,000 what will be the NET
INCOME ?
Journalize the business transactions using these accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter, Capital;...
Journalize the business transactions using these accounts: Cash;
Accounts Receivable; Supplies; Accounts Payable; Clay Potter,
Capital; Clay Potter, Drawing; Professional Fees; and Operating
Expenses.
(a)
Journalize following transactions of Potter Pool Services for
June, identifying each entry by number: Put them into T-accounts
for easier creation of a trial balance
(1)
Potter invested $12,500 cash in the business.
(2)
Purchased supplies on account, $6,250.
(3)
Paid operating expenses, $5,500.
(4)
Billed clients for fees, $7,440.
(5)
Received cash from...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Concrete Consulting Co. has the following accounts in its
ledger: Cash; Accounts Receivable; Supplies; Office Equipment;
Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense;
Miscellaneous Expense.
Transactions
Oct.
1
Paid rent for the month, $2,200.
3
Paid advertising expense, $550.
5
Paid cash for supplies, $1,200.
6
Purchased office equipment on account, $9,300.
10
Received cash from customers on account, $16,950.
15
Paid creditors on account, $3,000.
27
Paid cash for miscellaneous...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Concrete Consulting Co. has the following accounts in its
ledger: Cash; Accounts Receivable; Supplies; Office Equipment;
Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense;
Miscellaneous Expense.
Transactions
Oct.
1
Paid rent for the month, $2,100.
3
Paid advertising expense, $650.
5
Paid cash for supplies, $1,350.
6
Purchased office equipment on account, $9,300.
10
Received cash from customers on account, $15,600.
15
Paid creditors on account, $3,360.
27
Paid cash for miscellaneous...
Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Zenith Consulting Co. has the following accounts in its ledger:
Cash; Accounts Receivable; Supplies; Office Equipment; Accounts
Payable; Common Stock; Retained Earnings; Dividends; Fees Earned;
Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous
Expense.
March 1.
Paid rent for the month, $3,700.
3.
Paid advertising expense, $2,360.
5.
Paid cash for supplies, $1,010.
6.
Purchased office equipment on account, $15,500.
10.
Received cash from customers on account, $5,060.
15.
Paid creditor on account, $1,480.
27.
Paid cash for miscellaneous expenses, $640....
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Concrete Consulting Co. has the following accounts in its
ledger: Cash; Accounts Receivable; Supplies; Office Equipment;
Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense;
Miscellaneous Expense.
Transactions
Oct.
1
Paid rent for the month, $2,100.
3
Paid advertising expense, $650.
5
Paid cash for supplies, $1,350.
6
Purchased office equipment on account, $9,300.
10
Received cash from customers on account, $15,600.
15
Paid creditors on account, $3,360.
27
Paid cash for miscellaneous...
enith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
enith Consulting Co. has the following accounts in its ledger:
Cash; Accounts Receivable; Supplies; Office Equipment; Accounts
Payable; Common Stock; Retained Earnings; Dividends; Fees Earned;
Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous
Expense.
Transactions
Mar.
1
Paid rent for the month, $4,000.
3
Paid advertising expense, $1,350.
5
Paid cash for supplies, $1,800.
6
Purchased office equipment on account, $11,500.
10
Received cash from customers on account, $8,600.
15
Paid creditor on account, $3,180.
27
Paid cash for miscellaneous expenses,...
Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees;...
Set up T accounts for Cash; Accounts Receivable; Supplies;
Accounts Payable; Common Stock; Dividends; Professional Fees; and
Operating Expenses. (a) In the T accounts, record the following
transactions of Potter Pool Services for June, identifying each
entry by number: (1) Stockholders invested $12,500 cash in the
business by purchasing common stock. (2) Purchased supplies on
account, $6,250. (3) Paid operating expenses, $5,500. (4) Billed
clients for fees, $7,440. (5) Received cash from cash clients,
$4,700. (6) Paid creditors on account,...
Accounts payable $ 40,000 Accounts receivable 33,000 Accumulated depreciation—buildings 25,000 Ac
Accounts payable
$ 40,000
Accounts receivable
33,000
Accumulated depreciation—buildings
25,000
Accumulated depreciation—equipment
20,000
Advertising Expense
4,500
Bonds payable, due December 31, 2024
260,000
Buildings
180,000
Capital stock, $1 par value
220,000
Cash
92,120
Commission Expense
8,400
Cost of
Goods Sold
31,480
Depreciation Office
2,970
Equipment
75,500
Income
Tax Expense
7,150
Income taxes payable
3,860
Insurance Expense Sales Auto
3,200
Interest
Expense
1,550
Interest payable...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- FOR JAVA (ZYBOOK) Write a method swapArrayEnds() that swaps the first and last elements of its...
- Problem 6-09 (Algorithmic) The Ace Manufacturing Company has orders for three similar products: Product Order (Units)...
- CLAIM LETTER ASSIGNMENT HEFTY TRASH BAGS While shopping at Walmart, you purchased 4 boxes of Hefty...
- The marketing team at Stacey Collins Inc. is conducting research to determine the reaction of consumers...
- if expected return is 14%. the dividend is to grow at the rate of 8% it...
- You are the IT director at Big Ten University. As part of a training program, you...
- Critical Thinking The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing...
ADVERTISEMENT