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
serious [3.7K]
3 years ago
11

Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020.

Business
1 answer:
Roman55 [17]3 years ago
4 0

Answer:

Tamarisk, Inc.

Classified Balance Sheet

As of December 31, 2020:

ASSETS:

Current Assets:

Cash                                     $362,340

Equity investments (trading)  123,330

Notes receivable                    448,040

Income taxes receivable         99,960

Inventory                                 242,140

Prepaid expenses                   90,260

Total current assets                                  $1,366,070

Equipment         1,472,340

Accumulated

Depreciation    (292,490)   1,179,850  

Buildings           1,642,330

Accumulated

Depreciation     (270,446 )  1,371,884

Land                                      482,340

Goodwill                                  27,340

Total long-term assets                             $3,061,414

Total assets                                             $4,427,484

LIABILITIES

Current Liabilities

Accounts payable               492,340

Payroll Taxes Payable          179,931

Income taxes payable         100,702

Rent payable (short-term)     47,340

Discount on bonds  payable  15,490

Notes payable (to  banks)   267,340

Total current liabilities                             $1,103,143

Bonds payable                       302,340

Rent payable (long-term)      482,340

Notes payable  (long-term) 1,602,330

Total long-term liabilities                      $2,387,010

Total Liabilities                                      $3,490,153

EQUITY

Common stock, 400,000 shares authorized

Issued, 202,340 shares at

$1 par value                      202,340

Preferred stock, 200,000 shares authorized

Issued, 15,234 shares at

$10 par value                    152,340

Retained earnings            582,651

Total Equity                                                $937,331

Total liabilities & Stockholders' equity $4,427,484

Explanation:

a) Data:

Account Title                            Debit        Credit

Cash                                     $362,340

Equity investments (trading)  123,330

Notes receivable                    448,040

Income taxes receivable         99,960

Inventory                                 242,140

Prepaid expenses                   90,260

Equipment                           1,472,340

Accumulated Depreciation-Equipment    $292,490  

Buildings                             1,642,330

Accumulated Depreciation-Buildings         270,446

Land                                      482,340

Goodwill                                  27,340

Accounts payable                                       492,340

Payroll Taxes Payable                                  179,931

Income taxes payable                                 100,702

Rent payable (short-term)                            47,340

Discount on bonds  payable                         15,490

Notes payable (to  banks)                          267,340

Bonds payable                                          302,340

Rent payable (long-term)                         482,340

Notes payable  (long-term)                    1,602,330

Common stock, $1 par value                  202,340

Preferred stock, $10 par value                152,340

Retained earnings                                   582,651

Total                             $4,990,420  $4,990,420

You might be interested in
Consider consecutive processes A-B-C, where process A has a capacity of 20 units per hour, process B has a capacity of 25 units
g100num [7]

Answer:

The operation manager would want the inventory in front of process A based on the lean system.

Explanation:

To fully understand the basis on which we chose the answer, we need to define what a lean system is.

A Lean system refers to a business process plan. More a of business model canvass that meticulously deal with business process plan and development for the purpose of achieving maximum value in production, client and customer satisfaction while still at a reduced cost of running business.  It should also be noted that the lean system is mostly a continuum of existing process and subsequent process progress are mostly determined by the level of integrity attained by the primary design stage.

With the understanding gotten from the definition above, it then obvious from the narrative of the question that the process is consecutive. As such, follows a pattern of A to B to C and thus the level of integrity of process design achieved at A will be passed down to B and C.

This is the more reason why the operation manager will prefer to to want an inventory at A which is the primary point of start.

7 0
3 years ago
Read 2 more answers
Ellen has entered all of her monthly expenses. She needs to create a formula that will deduct her monthly expenses from her mont
Naily [24]

Answer:

absolute reference

Explanation:

Based on the information provided within the question it can be said that in this scenario  she uses an absolute reference to identify the cell containing the income value. This refers to an actual fixed location within an excel sheet, and it is usually locked so that the rows and columns associated with it won't change when it is copied.

4 0
3 years ago
Selected data (in thousands) derived from the income statement and balance sheet of National Beverage Co. for a recent year are
ss7ja [257]

Answer and Explanation:

The preparation of the cash flow statement is presented below:        

Cash flow from operating activities

Net income $49,311

Less: Gain on disposal of property -$1,188

Add: Depreciation expense $11,580

Add:  Other items involving non-cash expenses $1,383

Less: Increase in accounts receivable -$1,746

Add: Decrease in inventory $990

Less: Increase in prepaid expenses -$605

Less: Decrease in accounts payable -$710

Less:  Decrease in accrued and other current liabilities -995

Cash flow provided by operating activities $58,020

b.

Amortization of intangible assets  : Added

Decrease in accounts payable  : Decrease

Decrease in accounts receivable  : Added

Decrease in accrued and other current liabilities    : Decrease

Decrease in inventory  : Added

Decrease in prepaid expenses  : Added

Depreciation  : Added

Gain on disposal of property    : Decrease

Increase in accounts payable  : Added

Increase in accrued and other current liabilities  : Added

Increase in accounts receivable    : Decrease

Increase in inventory    : Decrease

Increase in prepaid expenses    : Decrease

Losses on disposal of property: Added

Other items involving noncash expenses  : added

4 0
3 years ago
The Allowance for Bad Debts account had a balance of $8,500 at the beginning of the year and $7,200 at the end of the year. Duri
aliya0001 [1]

Answer:

The total amount of past-due accounts receivable that were written off as uncollectible during the year were: $17,300

Explanation:

The amount of past-due accounts receivable that were written off as uncollectible during the year are calculated by following formula:

Past-due accounts receivable that were written off as uncollectible = The Allowance for Bad Debts account had a balance at the beginning of the year + Bad debts expense was recognized - The Allowance for Bad Debts account had a balance at the end of the year = $8,500 + $16,000 - $7,200 = $17,300

3 0
3 years ago
For a business credit card, most companies that issue credit, including Visa and Mastercard, specifically state their liability
lora16 [44]

Answer: Cover up to $500 of liability

Explanation:

When one suspect that there has been unauthorized transactions in ones accounts which could be due to fraud, such business or person can make a complaint as soon as possible.

As soon as the report is made, the person is no longer in charge of the unauthorized use of such card. In a case whereby the loss is reported within two days, the liability is limited to $50 but when the report is made within 60 days after ones statement has been sent to the person or business, this may lead to a liability of $500.

Cover upto liability of $500. If the report is made within 60 days of receiving statement that shows fradulent transactions. If it is not reported within 60 days then the liability is unlimited.

3 0
3 years ago
Other questions:
  • As a graphic artist, nate has just finished producing a new calendar. his calendar cost him $1.00 for the shiny paper, $2.00 for
    14·1 answer
  • A company will buy 1000 units of a certain commodity in one year. It decides to hedge 80% of its exposure using futures contract
    9·1 answer
  • Tobin Supplies Company expects sales next year to be $500,000. Inventory and accounts receivable will "increase $80,000" to acco
    11·1 answer
  • A closed economy has income of $1,200 billion, government spending of $220 billion, taxes of $170 billion, and investment spendi
    15·1 answer
  • How can these retailers improve productivity?
    14·1 answer
  • Your nonprofit organization is preparing to host its first annual 5K run/walk in City Park. You worked on a similar project for
    7·1 answer
  • An automobile dealer sells service contracts. The contracts stipulate that the dealer will perform specific repairs on covered v
    5·1 answer
  • Perdue Company purchased equipment on April 1 for $38,880. The equipment was expected to have a useful life of three years, or 5
    14·1 answer
  • Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7
    8·1 answer
  • Ortiz Co. produces 5,000 units of part A12E. The following costs were incurred for that level of production: Direct materials $
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!