Compute for the total current assets, non-current assets, current liabilities, non-current liabilities, and total owner's equity GLOBEO 1L** lll 68% O 10:49 AM...Enrichment Activity 1: HERE WE GO A-COUNTING!The following items are taken from the records of XYZ Company. Classify whetherthey are belong to the Assets, Liabilities, Owner's Equity of the business. Useseparatesheetforyouranswers.Items:Amount:Items:Amount:1. Merchandise Inventory P 50,00013. Owner's Equity2. Accounts Receivable30,00014. Furniture and Fixtures6,0003. Worthless Receivable50015. Accum. Dep'n - Store Bldg. 5,0004. Prepaid Rent8.00016. Sales (8ON cash)200,0005. Obsolete Merchandise1,00017. Accum. Dep'a - Fand F6006. Rent Expense4,00018. Depreciation Expense3,3007. Notes Receivable10,00019. Cash25,0008. Accrued Interest Reccivable9. Unused Supplies10. Used Supplies20020. Accounts Payable20,1001,20021. Notes Payable60,00080022. Interest Income20011. Land100,00023. Mortgage Payable1,20012. Store Building50,00024. Owner's drawings5,000

Assets, Liabilities and Equity are three important elements of the balance sheet of the business

Answered: Compute for the total current assets,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ v.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inp Return on Total Assets A company reports the following income statement and balance sheet information for the current ye Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. 6.5 X % Feedback Y Check My Work Divide the sum of net income and interest expense by average total assets. Check My Work All work saved. Email Instr
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PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice Ne
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ch Resultein education.com/ext/map/index.html?_con3con&external browser=0&laundchUrl%=https%253A%252F%252FIms.mheducat ork: Assignment 2 i panes Otis Company's income statement information folloWS: Year 3 Year 2 Net sales 000ʻ08$ 000'oZT 000'18 000'6 000'008 000'ozeS 000'86 000ʻZL 000'8 000'06Z 000'00z Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (Year l: $200,000) Common stock, December 31 240,000 The average number of shares outstanding was 9,600 for Year 3 and 8,000 for Year 2. Required Compute the following ratios for Otis for Year 3 and Year 2. a. Number of times interest was earned. (Round your answers to 2 decimal places.) b. Earnings per share based on the average number of shares outstanding. (Round your answers c. Price-earnings ratio (market prices: Year 3, $64 per share; Year 2, $78 per share). (Round interm answers to 2 decimal places.) d. Return on average equity. (Round your answers to 2 decimal places. (i.e.,…

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