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In: Accounting

Professional Windows reported the following balances on December 31, 2019. Calculate current liabilities on Professional Windows'...

Professional Windows reported the following balances on December 31, 2019. Calculate current liabilities on Professional Windows' balance sheet.

Account Name	Balance
Accounts payable	14,500
Accounts receivable	28,200
Accumulated depreciation	125,500
Allowance for doubtful accounts	2,100
Cash	67,890
Inventory	36,100
Notes payable (due in 18 months)	27,600
Notes receivable (due in 9 months)	8,200
Prepaid rent	3,600
Prepaid insurance	5,700
Property, plant & equipment	370,000
Salaries payable	6,800
Supplies	2,200
Taxes payable	4,800
Unearned revenue	1,500
Utilities payable	790

Evan Enterprise incurred the following costs related to its new factory equipment:

Purchase price $100,000

Sales taxes $7,200

Delivery and installation $2,100

Interest incurred on note payable used to purchase the equipment $4,600

Repairs and maintenace incurred on the equipment throughout the first year $900

What should Evan Enterprise record to the Equipment account for the purchase?

Ahmed Company purchased a delivery vehicle for $26,000 on June 1, 2019. The company plans to use the vehicle for 10 years, when they believe they can sell it for $6,000. Using straight-line depreciation, how much depreciation expense would appear in the December 31, 2019 income statement?

Within a company’s statement of cash flows, in which section is it important to have strong, positive cash flows?

operating, financing or investing?

ABC Company reported negative cash flows from investing activities on its statement of cash flows. What could cause negative investing cash flows?

Multiple Choice

ABC Company paid cash for a building.
ABC Company paid a dividend to its shareholders.
ABC Company borrowed money from a bank.
ABC Company purchased treasury stock.

Expert Solution

ekkarill92 answered 1 year ago

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