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
Tamarisk, Inc. has 12000 shares of 5%, $100 par value, non-cumulative preferred stock and 48000 shares of $1 par value common st
hjlf

Answer:

$84,000

Explanation:

preference share dividend is at 5% on $100 par value. The  number of preference shares is 12,000 shares ( non cumulative)

The year 2017 preference share dividend pay out is 5% of 100 multiplied by 12,000 = $60,000

Deduct $ 60,000 from $144,000 dividend declared in 2017 , the balance is common stockholders dividend.

144,000 minus 60,000 = $84,000

Non cumulative preference shares dividend are paid first for the year the company declares dividend. The dividend is not cumulative ( prior years dividend for which company did not declare dividend are forfeited).

The common stockholders are paid dividend after preference shares dividend are paid. The common stockholders bears the full risk of the business as seen above. In event of liquidation, they are the last to be settled from realised asset of the bankrupt company.

7 0
3 years ago
1. Determine whether a $100,000, 3-month T-Bill selling at $97,645 or a 10%, semi-annual coupon bond selling at par has the grea
stiv31 [10]

The 10% semi-annual coupon bond selling at par has the greater effective annual return than the $100,000, 3-month T-Bill selling at $97,645.

<h3>Data and Calculations:</h3>

T-Bill:

Face value of T-Bill = $100,000

Present value of the T-Bill = $97,645

Effective yield rate = 9.65% ($2,355/$97,645 x 100 x 12/3)

Bond:

Face value of bond =$100,000

Interest = 10% semi-annual

Present value of the bond = $104,761.90

Effective yield rate = 9.80%

Thus, the 10% semi-annual coupon bond selling at par has the greater effective annual return than the $100,000, 3-month T-Bill selling at $97,645.

Learn more about Bonds and T-Bills at brainly.com/question/15394251

4 0
2 years ago
Trevor restores antique cars and sells them for profit. This is an example of _____ income.
anyanavicka [17]
Trevor restores antique cars and sells them for profit. This is an example of CAPITAL GAINS income.

Capital Gain is a profit earned from the sale of a property or an investment. It is not only limited to vehicles. It is also applicable to real estate sales. Every Capital Gain has its corresponding taxes to be paid to the government.
5 0
2 years ago
Read 2 more answers
Select the two terms that are incorrectly formatted per the USGBC trademark policy:
Vedmedyk [2.9K]

Answer:

b. US Green Building Council

c. LEED GA

Explanation:

U.S Green building council is a non profit organization that are formed to promote sustainability within the built environment and has been releasing versions of the LEED rating systems since 2000.  USGBC trademark policy are created to help our brand assets more consistently and correctly. Here, brand assets include trademark and logos. They look into every details of logo and trademark, like placement of mark, which text, intention of use, etc.

4 0
3 years ago
On January 1, 2013, the stockholders of Phillips and Solina agreed to a consolidation. Because FASBrequires that one party be re
Galina-37 [17]

Answer:

if you pay for money in have discussed about payment for your government and your country in 2012

6 0
3 years ago
Other questions:
  • Elise is the marketing manager in a travel company. She is planning to place an advertisement in local newspapers to promote her
    14·1 answer
  • What factors are not important in determining exchange rate fluctuations in the long​ run?
    11·1 answer
  • Vextra Corporation is considering the purchase of new equipment costing $43,500. The projected annual cash inflow is $12,700, to
    7·1 answer
  • Terry’s Frame &amp; Art Shoppe produces and sells picture frames to clients at $8.00 per picture frame. The variable cost to pro
    11·1 answer
  • Which financial statement would best display a company's plant, property, and equipmnt used everyday
    5·1 answer
  • After teaching a class on game theory, your instructor announces that if every student skips the last question on the next exam,
    10·1 answer
  • Irene wants to start a business selling t-shirts. irene's top priority is that she alone has complete control over management de
    15·1 answer
  • A builder from State A sued a homeowner from State B for breach of contract in federal court, alleging that the homeowner failed
    14·1 answer
  • What could explain why South​ Korea's gross domestic product​ (GDP) per capita increased so much faster since the 1970s than Nor
    12·1 answer
  • Personal budget
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!