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In: Accounting

1. Mansfield Office Furniture Store reported the following selected items at December 31, 2019 (previous year...

1. Mansfield Office Furniture Store reported the following selected items at December 31, 2019 (previous year - 2018 - amounts are also given as needed):

Cash

$ 50,000

Accounts Receivable, net:

    Dec. 31, 2019

    Dec. 31, 2018

75,000

63,000

Accounts Payable

55,000

Cost of Goods Sold

375,000

Merchandise Inventory

   Dec. 31, 2019

   Dec. 31, 2018

240,000

220,000

Net Credit Sales Revenue

820,000

Long-Term Assets

320,000

Long-Term Liabilities

240,000

Other Current Assets

135,000

Other Current Liabilities

125,000

Short-term Investments

80,000

Compute Mansfield's

acid-test ratio; (b) accounts receivable turnover ratio (round to 2 decimal places); and (c) days' sales in receivables for 2019 (round to the nearest day). Show your computations

2. The following is the adjusted trial balance for Baker Services.

Accounts

Debit

Credit

Cash

$31,100

Accounts Receivable

30,000

Prepaid Insurance

3,500

Office Supplies

3,200

Land

49,000

Building

150,000

Accumulated Depreciation—Building

$14,500

Equipment

77,000

Accumulated Depreciation—Equipment

7,000

Accounts Payable

25,000

Salaries Payable

2,000

Unearned Revenue

26,000

Mortgage Payable

106,000

Baker, Capital

24,500

Baker, Withdrawals

23,000

Service Revenue

275,000

Salaries Expense

64,000

Depreciation Expense—Building and Equipment

5,600

Supplies Expense

11,000

Insurance Expense

14,600

Utilities Expense

18,000

              

Total

$480,000

$480,000

There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital? Please show your calculations:

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