What is the TOTAL LIABILITIES?
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Computation of assets, liabilities, and equity after a series of transactions
The December 31, 2019, balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and equity of $550,000. The following transactions occurred in January of 2020:
(1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance.
(2) The business collected accounts receivable totaling $45,000.
(3) The business sold one-fifth of the land (which had cost $50,000) land costing $50,000 for $60,000 cash.
(4) The business paid off $50,000 of the note payable.
What is the TOTAL LIABILITIES?
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- You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…Current Assets Listed here are certain accounts of Jenkins Company at the end of 2019; Debit (Credit) $12,000 1,530 1,200 4,300 5,400 (1,100) 3,380 (8,700) 15,500 970 27,200 19,000 Account Land Prepaid Insurance Cash on Hand Notes Receivable (due 2021) Cash in Bank Allowance for Doubtful Accounts Marketable Securities (Short-Term) Accumulated Depreciation Accounts Receivable Office Supplies Buildings InventoryPrepare journal entries for the following transactions that took place during the year, 2021: a. Borrowed $50,000 cash on July 1, 2020, signing a two-year, 10% note payable. b. Purchased Land for $54,000 cash on July 1, 2020. c. Earned $50,000 in revenue, including $23,000 in cash and the rest on credit. d. Collected accounts receivable, $15,000. e. Paid wages to employees, $22,000. f. Purchased supplies of $4,500 on account. g. Paid accounts payable, $4,500. h. Recorded depreciation of $2,300 for the year. i. Recorded estimated bad debt expense of $500. j. Determined that only $1,500 of the supplies purchased in f. were on hand at the end of the year.
- Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable Accounts Receivable Capital Cash Inventories 100,000 Long-term Debt Notes Payable Notes Receivable Property and Equipment Supplics and other payments 140,000 1,840,000 1,000,000 450,000 300,000 100,000 100,000 550,000 100,000 Compute and answer the following questions. 1. How much is the total current asset of the entity? 2. How much is the total non-current assets of the entity? 3. How much is the total current liability of the entity? 4. How much is the total non-current liability of the entity? 5. How much is the total assets of the entity? 2.Indigo Company has been operating for several years, and on December 31, 2025, presented the following balance sheet. Cash Receivables Inventory Plant assets (net) (a) Current ratio (b) (c) (d) INDIGO COMPANY Balance Sheet December 31, 2025 $40,800 Accounts payable 74,700 Mortgage payable The net income for 2025 was $24,828. Assume that total assets are the same in 2024 and 2025. Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) Acid-test ratio 88,900 209,400 $413,800 Debt to assets ratio Common stock ($1 par) Retained earnings Return on assets % $70,000 126,555 164,500 52,745 % $413,800
- Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Account Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND…The following are selected 2019 transactions of Kelly Company a. October 1: Purchased inventory from Sid Corporation on account $100,000. Kelly records purchases gross and uses a periodic system. b. November 1: Issued a $60,000 6-month 10% note to Sid in payment of account. c. November 1: Borrowed $80,000 from FB Bank by signing a 15 month, zero interest bearing $110,000 note. Required: 1. Prepare the journal entries for the transactions above. 2. Prepare the adjusting entries as at December 2019Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…
- An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common stock, $7,000; and retained earnings, $3,800.Required:Prepare a balance sheet for Cavernous Homes Inc. at December 31, 2019.On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank on December 31, 2021 of P500,000 Stock dividend payable Credit balances in customers account Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR tax assessment-possible obligation Unearned rent income 1,250,000 1,500,000 400,000 200,000 5,000,000 150,000 300,000 100,000 Required: Compute the total current liabilities on December 31, 2019.Gojo Company had the following transactions involving current assets and current liabilities during February 2021. Feb 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $23,000 cash. 14 Paid accounts payable of S12,000. 18 Declared cash dividends, $4,000. The dividend will be paid next month. Additional information: As of 1* February 2020, current assets were $120,000 and current liabilities were $40,000. Required: 1) Compute the current ratio as of the beginning of the month. 2) Compute the current ratio after evaluating the effect of each transaction (Consider the effect of each transaction continuously). Did Gojo Company's current ratio improve, deteriorate, or hold steady after each transaction? Show detailed workings to support your answer.
