Question
In: Accounting
On December 31, 2016, Krug Company reported total assets of $320,000 prior to the following adjusting...
On December 31, 2016, Krug Company reported total assets of $320,000 prior to the following adjusting entries:
Depreciation expense was $34,000;
Accrued sales revenue totaled $32,000;
Accrued expenses totaled $14,000;
Used insurance: $6,000; the insurance was initially recorded as prepaid.
Rent revenue earned: $4,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue.
How much are Krug's total assets after the adjusting entries?
A)$316,000.
B)$312,000.
C)$280,000.
D)$310,000.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On December 31, Starstruck Corporation reported, on its balance sheet, the following (in millions): Total assets...
On December 31, Starstruck Corporation reported, on its balance
sheet, the following (in millions):
Total assets
$14,329.5
Total stockholders’ equity
$5,890.7
Total current liabilities
$4,546.9
What did Starstruck report as total liabilities on December
31?
Select one:
a. None of the these are correct.
b. $15,673.3 million
c. $9,782.6 million
d. $8,439.8 million
e. $3,891.9 million
At December 31, 2017, Grand Company reported the following as plant assets. Land
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
4,000,000
Building
28,500,000
Less: Accumulated depreciation –
buildings
12,100,000
16,400,000
Equipment
48,000,000
Less: Accumulated depreciation –
equipment
5,000,000
43,000,000
Total plant
assets
63,400,000
During 2018, the following selected cash transactions
occurred.
April 1 Purchased land for $2,130,000
May 1 Sold equipment that cost $75,000 when
purchased on January 1, 2014. The equipment was sold
for $450,000.
June 1 Sold land purchased on June 1,...
Diablo Company reported the following information for 2016 and 2017: Prepaid insurance, 31 December 2016 $15...
Diablo Company reported the following information for 2016 and
2017:
Prepaid insurance, 31 December 2016 $15 000
Prepaid insurance, 31 December 2017 10 500
Insurance expense—2017 $31 000
How much cash was paid for insurance during 2017?
$32 600
$26 500
$23 700
$36 700
At December 31, 2016, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of...
At December 31, 2016, Stacy McGill Corporation reported current
assets of $370,000 and current liabilities of $200,000. The
following items may have been recorded incorrectly.
1. Goods purchased costing $22,000 were shipped f.o.b. shipping
point by a supplier on December 28. McGill received and recorded
the invoice on December 29, 2016, but the goods were not included
in McGill’s physical count of inventory because they were not
received until January 4, 2017.
2. Goods purchased costing $15,000 were shipped f.o.b....
Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Headland Company reported the following amounts in the
stockholders’ equity section of its December 31, 2016, balance
sheet. Preferred stock, 9%, $100 par (10,000 shares authorized,
1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares
authorized, 20,300 shares issued) 101,500 Additional paid-in
capital 130,000 Retained earnings 486,000 Total $897,500 During
2017, Headland took part in the following transactions concerning
stockholders’ equity. 1. Paid the annual 2016 $9 per share dividend
on preferred stock and a $2 per share dividend...
Teal Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Teal Company reported the following amounts in the stockholders’
equity section of its December 31, 2016, balance sheet.
Preferred stock, 9%, $100 par (10,000 shares authorized, 2,100
shares issued) $210,000
Common stock, $5 par (99,000 shares authorized, 19,800 shares
issued) 99,000
Additional paid-in capital 137,000
Retained earnings 410,000
Total $856,000
During 2017, Teal took part in the following transactions
concerning stockholders’ equity.
1. Paid the annual 2016 $9 per share dividend on preferred stock
and a $2 per share dividend...
Monty Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Monty Company reported the following amounts in the
stockholders’ equity section of its December 31, 2016, balance
sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800
shares issued) $180,000
Common stock, $5 par (94,000 shares authorized, 18,800 shares
issued) 94,000
Additional paid-in capital 131,000 Retained earnings 478,000
Total $883,000
During 2017, Monty took part in the following transactions
concerning stockholders’ equity.
1. Paid the annual 2016 $10 per share dividend on preferred
stock and a $2 per share dividend...
Woods Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Woods Company reported the following amounts in the
stockholders’ equity section of its December 31, 2016, balance
sheet.
Preferred stock, 10%, $50 par value
(10,000 shares authorized, 4,000 shares
issued)
$ 200,000
Common stock, $5 par value
(100,000 shares authorized, 20,000 shares
issued)
100,000
Paid-in Capital in Excess of Par – Preferred Stock
20,000
Paid-in Capital in Excess of Par – Common Stock
360,000
Total paid-in
capital
680,000
Retained
earnings
450,000
Total stockholders'
equity
$1,130,000
During 2017,...
Monty Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Monty Company reported the following amounts in the
stockholders’ equity section of its December 31, 2016, balance
sheet.
Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800
shares issued)
$180,000
Common stock, $5 par (101,500 shares authorized, 20,300 shares
issued)
101,500
Additional paid-in capital
130,000
Retained earnings
486,000
Total
$897,500
During 2017, Monty took part in the following transactions
concerning stockholders’ equity.
1.
Paid the annual 2016 $9 per share dividend on preferred stock
and a $2 per share dividend...
Nabors Company reported the following current assets and liabilities for December 31 for two recent years:
Nabors Company reported the following current assets and
liabilities for December 31 for two recent years:Dec. 31, Current YearDec. 31, Previous YearCash$1,850$2,490Temporary investments4,0305,580Accounts receivable7,5603,810Inventory3,0202,970Accounts payable8,4006,600Required:a. Compute the quick ratio on December 31 of
both years. If required, round your answers to one decimal
place.Quick RatioDecember 31, current yearDecember 31, previous yearb. Is the quick ratio improving or
declining?A business issued a 45-day, 4% note for $240,000 to a creditor
on account.Journalize the entries to record (a) the issuance of the...
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