Bundle: College Accounting: A Career Approach, Loose-leaf Version, 13th + Quickbooks Online + Working Papers With Study Guide
13th Edition
ISBN: 9781337800594
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 2E
Determine the following amounts:
- a. The amount of the liabilities of a business that has $60,800 in assets and in which the owner has $34,500 equity.
- b. The equity of the owner of a tour bus that cost $57,000 and on which is owed $21,800 on an installment loan payable to the bank.
- c. The amount of the assets of a business that has $11,780 in liabilities and in which the owner has $28,500 equity.
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Using 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
Use the information below for Harding Company to answer the question that follow.
Harding Company
Accounts payable
$31,229
Accounts receivable
69,846
Accrued liabilities
6,621
Cash
24,043
Intangible assets
41,585
Inventory
80,918
Long-term investments
113,099
Long-term liabilities
70,392
Marketable securities
36,458
Notes payable (short-term)
29,239
Property, plant, and equipment
682,295
Prepaid expenses
1,350
Based on the data for Harding Company, what is the amount of working capital?
a.$145,526
b.$680,945
c.$1,049,594
d.$212,615
Use the information below for Harding Company to answer the question that follow.
Harding Company
Accounts payable
$37,895
Accounts receivable
69,212
Accrued liabilities
6,543
Cash
17,127
Intangible assets
36,451
Inventory
78,770
Long-term investments
99,442
Long-term liabilities
72,027
Marketable securities
39,229
Notes payable (short-term)
24,334
Property, plant, and equipment
693,814
Prepaid expenses
1,182
Based on the data for Harding Company, what is the quick ratio, rounded to one decimal point?
a.3
b.15.1
c.0.8
d.1.8
Chapter 1 Solutions
Bundle: College Accounting: A Career Approach, Loose-leaf Version, 13th + Quickbooks Online + Working Papers With Study Guide
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - In July of this year, M. Wallace established a...Ch. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - P. Schwartz, Attorney at Law, opened his office on...Ch. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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- The net income /loss= $7,425 1) prepared a classified statement of financial position. Assume that $18,360 of the bank loan payable will be payed in 2019.( list property, plant and equipment in order of land, building and equipment. List current assets in order of liquidity.)arrow_forwardBelow 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.arrow_forwardUse the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,251 Accounts receivable 69,478 Accrued liabilities 6,529 Cash 23,300 Intangible assets 36,101 Inventory 89,377 Long-term investments 104,908 Long-term liabilities 70,482 Notes payable (short-term) 21,433 Property, plant, and equipment 695,698 Prepaid expenses 1,772 Temporary investments 39,777 Based on the data for Harding Company, what is the amount of working capital? a. $223,704 b. $1,060,411 c. $693,926 d. $161,491arrow_forward
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