Question
In: Accounting
7. Comfort realty has the following account balances at December 31, 2018 Notes payable ($80,000 due...
7. Comfort realty has the following account balances at December 31, 2018 Notes payable ($80,000 due after 12/31/19) $200,000 Unearned revenue 75,000 Other long-term debt ($30,000 due in 2019) 150,000 Salaries payable 22,000 Other accrued expense 15,000 Accounts payable 100,000 In addition, Comfort realty is involved in a lawsuit. Legal counsel feels it is probably Comfort realty will pay damages of $38,000 in 2019.
a. Prepare the current liability section of comfort realty’s December 31, 2018, balance sheet
b. Comfort realty’s current assets are $504,000. Compute comfort realty’s work capital and current ratio.
Solutions
ekkarill92 answered 10 months agoRelated Solutions
The ledger of a company contained the following account balances on December 31: Accounts Payable $...
The ledger of a company contained the following account balances
on December 31:
Accounts Payable
$
15,200
Fees Income
$
190,000
Accounts Receivable
6,800
Supplies
5,200
Accumulated Depreciation
10,000
Prepaid Rent
66,000
Cash
92,000
Rent Expense
10,000
Depreciation Expense
10,000
Supplies Expense
9,200
Equipment
80,000
Teresa Davis, Capital
138,400
Teresa Davis, Drawing
58,000
Utilities Expense
16,400
All the accounts have normal balances. Prepare the December 31
closing entries.
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...
Janson Corporation Co.'s trial balance included the following
account balances at December 31, 2018:
Accounts payable
$25,600
Bond payable, due 2027
24,200
Salaries payable
17,700
Note payable, due 2019
20,100
Note payable, due 2023
41,300
What amount should be included in the current liabilities section
of Janson's December 31, 2018, balance sheet?
Janson Corporation Co.'s trial balance included the following
account balances at December 31, 2018:
Accounts payable
$25,600
Bond payable, due 2027
24,200
Salaries payable
17,700
Note payable, due...
Adjusting entries – deferrals: The ledger of Comfort realty on March 31, 2018 includes following selected...
Adjusting entries – deferrals: The ledger of
Comfort realty on March 31, 2018 includes following selected
accounts before the adjusting entries.
Debit
Credit
Prepaid Insurance
3,600
Office supplies
2,800
Office equipment
25,000
Accumulated Depreciation – office
equipment
5,000
Unearned revenue
9,200
An analysis of the account shows the
following:
Insurance expires at rate of $100 per month
Supplies on hand total $800
The office equipment depreciates $200 per month
One-half of the unearned revenue was earned in March
Prepare the...
Perfect Pizza had the following account balances at December 31, 2015: Cash $ 33,000 Vehicles 80,000...
Perfect Pizza had the following account balances at December 31,
2015:
Cash
$ 33,000
Vehicles
80,000
Accounts Receivable
15,000
Accumulated Depreciation, Vehicles
36,000
Inventory
10,000
Accounts Payable
7,000
Prepaid Expenses(include prepaid rent)
3,000
Wages Payable
2,000
Equipment
60,000
Common Shares
110,000
Accumulated Depreciation, Equipment
30,000
Retained Earnings
16,000
During 2016, the following transactions occurred:
1.Purchases of ingredients and supplies
(inventory) were $230,000, all on account.
2.Sales of pizzas for cash were $510,000, and
sales of pizzas on account were $40,000....
On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of...
On December 31, 2019, the Notes Payable account at
Northwood Manufacturing Company had a balance of $16,000. This
balance represented a three-month, 7.5 percent note issued on
November 1.
On January 2, 2019, Hitech Computer Consultants purchased flash
drives, paper, and other supplies for $5,230 in cash. On December
31, 2019, an inventory of supplies showed that items costing $1,590
were on hand. The Supplies account has a balance of
$5,230.
On September 1, 2019, North Dakota Manufacturing paid a...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(795,000
)
$
(700,000
)
Cost of goods
sold
283,250
175,000
Depreciation
expense
184,000
302,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(732,000
)
(268,000
)
Current
assets
510,000
668,000
Copyrights
1,072,000
558,500
Royalty
agreements
722,000
1,116,000
Investment in
Stanza
Not given
0
Liabilities
(562,000
)
(1,631,500
)
Common
stock
(600,000
)
($20 par)
(200,000...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(795,000
)
$
(700,000
)
Cost of goods
sold
283,250
175,000
Depreciation
expense
184,000
302,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(732,000
)
(268,000
)
Current
assets
510,000
668,000
Copyrights
1,072,000
558,500
Royalty
agreements
722,000
1,116,000
Investment in
Stanza
Not given
0
Liabilities
(562,000
)
(1,631,500
)
Common
stock
(600,000
)
($20 par)
(200,000...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(702,000
)
$
(668,000
)
Cost of goods
sold
250,700
167,000
Depreciation
expense
222,000
312,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(654,000
)
(284,000
)
Current
assets
406,000
606,000
Copyrights
998,000
402,000
Royalty
agreements
654,000
1,136,000
Investment in
Stanza
Not given
0
Liabilities
(586,000
)
(1,451,000
)
Common
stock
(600,000
)
($20 par)
(200,000...
On December 31, 2020 Riverbed Company had the following account balances: Notes Receivable $269,500 Interest Receivable...
On December 31, 2020 Riverbed Company had the following account
balances:
Notes Receivable
$269,500
Interest Receivable
4,125
Detail of the Notes Receivable is as follows:
Note 1 - 6-month 9% note dated 10/31/20
55,000
Note 2 - 2-year non-interest bearing note dated 1/1/20
82,500
Note 3 - 5-month interest bearing note dated 9/30/20
132,000
What is the interest rate on Note 3 (5-month interest bearing
note)?
Interest rate on Note 3
Type your answer here %
1a) These are selected account balances on December 31, 2018. Land (location of the corporation’s...
1a) These are selected account balances on December 31,
2018.
Land (location of the corporation’s office building)
$120,000
Land (long-term investment, held for future use)
75,000
Corporate Office Building
110,000
Inventory
80,000
Trademark
70,000
Prepaid Insurance
50,000
Accumulated Depreciation
20,000
What is the total amount of property,
plant, and equipment that will appear on the balance sheet?
a. $210,000.
b.$230,000.
c.$285,000.
d.$315,000.
The income statement for...
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