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- Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…
- Instructions: complete Pages 1 - 2 prior to class Listed below are balance sheet accounts. Identify what balance sheet section the account belongs in: Current Assets Current Liabilities Long Term Investments Property Plant and Equipment Intangibles Long-term liabilities Stockholders' Equity Account Amount Balance Sheet Section Accounts Payable 5,000 Accounts Receivable 5,000 Accum. Depreciation Bonds Payable 20,000 50,000 Cash 20,000 25,000 Common Stock Copyrights Discount on Bonds Payable 30,000 2,500 Inventory 1,000 Investments (long term) 25,000 Machinery 100,000 Marketable Securities 15,000 75,000 PIC in Excess of Par CS Prepaid Insurance Retained Earnings 3,000 23,500 Unearned Fees 1,000 Wages Payable 2,000 Calculate: Current Assets Long Term Investments Property Plant and Equipment Intangibles Total Assets Current Liabilities Long-term liabilities Total LiabilitieseBook Entries for cash dividends Instructions Chart of Accounts Journal Instructions The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are February 28, April 1, and May 15. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Journal PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF. DEBIT CREDIT LIABILITIES 1 2 3 4 DATE AKSETS W EQUITYGiven the ledger accounts of Devrij Company as of January 31, 2020: Cash $26,400 Accounts Payable $9,000 Supplies Share Capital-Ordinary 15,600 6,600 Rent Expense 16,800 Accounts Receivable 13,200 Notes Payable 7,200 Service Revenue 31,200 Required: 1. Compute the total of the debit side of the trial balance. (show your computation). 2. Compute the total of the credit side of the trial balance. (show your computation)
- using the information provided extract the necessary information and compute the quick ration current assets $50,000 current assets $25,000 Invetory $5,000 Notes payable $8,000what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP BankUsing the following balance sheet items and amounts, calculate the total liquid assets and total current liabilities. $ 68,900 $ 14,000 $ 86,500 Money market account Mortgage Retirement account. a. Assets b. Assets c. Assets d. Assets $ 68,900 $ 86,500 $ 35,880 Liabilities Liabilities Liabilities Liabilities Medical bills Checking account Credit card balance $ $ $ 14,000 Net worth Net worth Net worth Net worth 13,365 40,745 $ 25, 100 $ 35,880 $ 13,365 = $ $ 25,100 56,654
- Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Galaxy Corporation. Galaxy Corporation Balance Sheet Cash $656,250 Accounts payable $1,575,000 Accounts receivable $2,296,875 Accruals $984,375 Inventory $3,609,375 Notes payable $1,378,125 Total current assets $6,562,500 Total current liabilities $3,937,500 Long-term debt $6,562,500 Total debt $10,500,000 Common equity $2,100,000 Net plant and equipment $10,937,500 Retained earnings $4,900,000 Total equity $7,000,000 Total assets $17,500,000 Total liabilities and equity $17,500,000 During your interview for an introductory-level analyst position at Galaxy Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet. Net Working Capital $__________________________ Current Ratio…show the effect of transactions on accounting equation owner deposits 20000 in new business accountInstruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31, 2019, prepare the financial statement in good form. Income Statement Balance Sheet Trial Balance Debit 40,000 50,000 30,000 10,000 20,000 15,000 Credit Debit Credit Debit Credit Cash on Hand Cash in Bank 40,000 50,000 30,000 10,000 20,000 15,000 Accounts Receivable Note Receivable Prepaid Insurance Office Furniture Accounts Payable Notes Payable M. Capital M. Drawing Service Income Salaries Expense Supplies Expense Taxes and Licenses Rent Expense Interest Expense 20,000 10,000 77,000 20,000 10,000 77,000 5,000 5,000 150,000 150,000 36,000 8,000 5,000 24,000 2,000 3,000 36,000 8,000 5,000 24,000 2,000 3,000 Bad Debts Allowance for Bad Debts 3,000 3,000 Depreciation Expense Accumulated Depreciation - Furniture Insurance Expense Unused Supplies Interest Income 1,500 1,500 1,500 1,500 10,000 3,000 10,000 3,000 1,000 262,500 262,500 89,500 151,000 173,000 111,500 Net Income 61,500…