1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
melisa1 [442]
2 years ago
14

Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable $ 6,800 Retained earnings $ 58,000 Bu

ildings 67,800 Notes payable (due in 9 years) 46,000 Prepaid rent 7,800 Office supplies 3,600 Merchandise inventory 15,600 Land 38,000 Accounts payable 18,000 Accumulated depreciation-Building 6,600 Prepaid insurance 4,600 Mortgages payable (due in 5 years) 28,000 Accounts receivable 12,000 Cash 32,000 Common stock 18,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Business
1 answer:
krek1111 [17]2 years ago
4 0

Answer:

                                     Adams Co.

                        Balance Sheet as of December 31.

Assets

<u>Current Assets</u>

Cash                               $32,000  

Accounts Receivable $12,000  

Merchandise Inventory $15,600  

Office Supplies              $3,600  

Prepaid Rent                  $7,800

Prepaid Insurance          $4,600  

Total Current Assets                                         $ 75,600

<u>Property, Plant and Equipment</u>

Land                                                                    $38,000

Building                                 $67,800

Accumulated Depreciation $(6,600)                <u>$61,200</u>

(Buildings)  

Total Assets                                                        <u>$ 174,800</u>

<u></u>

Liabilities

<u>Current Liabilities</u>

Accounts Payables                $18,000

Salaries Payable                    <u>$6,800 </u>

Total Current Liabilities                               $24,800

<u>Long term Liabilities </u>

Notes Payable                                                      $46,000

Mortgage Payable                                               $28,000

Total Long term Liabilities                                  $74,000

Total Liabilities                                                     $98,800

<u>Stockholder's Equity</u>  

Common Stock                       $18,000

Retained Earnings                  $58,000

Total Stockholder's Equity                                 <u>$76,000</u>

Total Liabilities & Stockholder's Equity           <u>$174,800</u>

You might be interested in
Advantages of mixed economy
tangare [24]
1.It promotes good economy, and creates a good means of d provision of economic goodz.... 2.It ensures daht both private and public sectors take part in d production and distribution of goods and services..
7 0
3 years ago
Suppose market forces outside of the control of the Chinese government are causing the price of Chinese yuan in terms of Japanes
pochemuha

Answer:

A. file a pegging application with one of the three international currency-management agencies.

8 0
3 years ago
Which of the
Over [174]

Answer:

B...................................

7 0
1 year ago
Read 2 more answers
"Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil
Alekssandra [29.7K]

Answer:

The margin for Alyeska Services Company: 29.48

The turnover for Alyeska Services Company: 49.01

The return on investment for Alyeska Services Company: 14.45

Explanation:

Please find the below for detailed explanation and calculations:

We have the formula for calculating the ratios as require in the question: Margin = Net operating income/ Sales ; Turnover = Sales/Average operating assets; Return on investment = Net operating income/ Average operating assets.

Thus, we have:

The margin for Alyeska Services Company is calculated as Net operating income/ Sales or 5,100,000/17,300,000 = 29.48%;

The turnover for Alyeska Services Company is calculated as Sales/Average operating assets or 17,300,000/35,300,000 = 49.01%;

The return on investment for Alyeska Services Company is calculated as Net operating income/ Average operating assets: 5,100,000/35,300,000 = 14.45%.

Hope this is helpful to you.

6 0
3 years ago
Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $540,000, and factory payro
vovangra [49]

Answer:

See below

Explanation:

Marcelino Co's total cost of each production incurred in April

From March

Job306 Job307 job308

Direct materials $28,000 $39,000

Direct labor $23,000 $17,000

Applied overhead $11,500 $8,500

(50% of direct labor)

Beginning goods in process $52,500 $64,500 ---

For April:

Direct materials $139,000 $220,000 $110,000

Direct labor $103,000 $153,000 $104,000

Applied overhead $51,500 $76,500 $52,000

(50% of direct labor)

Total cost added in April $293,500 $449,500 $266,000

Total costs(April 30) $346,000

$514,000 $266,000

3 0
2 years ago
Other questions:
  • Think of a real or made up but realistic example of a pure risk that
    11·1 answer
  • After arriving at the airport, Sharon picked up her compact rental car with an odometer reading of 39,987 miles. When she brough
    6·1 answer
  • What is the term that is concerned with a population's size, age structure, geographic distribution, ethnic mix, and income dist
    5·2 answers
  • List at least four ways someone can prepare to
    9·1 answer
  • A Bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the the rate of 18% per year. If the interest r
    8·1 answer
  • Suppose that the price of a pizza is $10 and the price of a video game is $30. Currently, Aaron is consuming such that the ratio
    7·1 answer
  • Give an example of a strong manager and an organization that you worked with in the past or presently.
    6·1 answer
  • A new business is likely to need what bank service(s)? *
    7·1 answer
  • Principal Printing produces custom labels and stationery for companies. In conducting CVP analysis of its Personalized Package,
    6·1 answer
  • Q2. The office manager of ABC company has the authority to the whole financial operations. He authorizes activities, controls th
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!