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
svet-max [94.6K]
3 years ago
5

Listed below are current asset items for Lester Company at December 31, 2019. Finished goods inventory $35,000 Cash 22,000 Prepa

id expenses 2,000 Accounts receivable 4,000 Short-term investments 25,000 Raw materials inventory 17,000 Work in process inventory 23,000 Supplies 500 Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
Business
1 answer:
ioda3 years ago
7 0

Answer:

Current Assets :

Work in process inventory          23,000

Raw materials inventory              17,000

Finished goods inventory           35,000

Supplies                                            500

Accounts receivable                     4,000

Prepaid expenses                         2,000

Short-term investments              25,000

Cash                                            22,000

Total                                           128,500

Explanation:

Current Assets are always shows in the order of their liquidity in the Balance Sheet. That is the order in which they are quickly be converted into cash within a period of less than 12 months. Start with the Inventories to cash and cash equivalents as shown above.

You might be interested in
Nippon Technology
poizon [28]

Answer:

Nippon Technology

Value of Cash between January 1 and March 31, 2018:

= $1,737,000

Explanation:

a) Calculations:

Beginning Cash Balance     $37,000

Net Income                       2,400,000

Increase in other assets ($300,000)

Decrease in Liabilities    ($200,000)

Dividends paid                ($200,000)

Ending Cash balance     $1,737,000

b) Nippon Technology's cash balance at the end of March 31, 2018 is the net effect of cash transactions that took place between January 1, 2018 and March 31, 2018.  It shows what Nippon Technology received in the form of cash receipts from customers and what it spent in operational, investing, and financing activities during the period of 3 months.

8 0
3 years ago
Presented below is information related to Lexington Real Estate Agency.
Ber [7]

Answer:

Oct 1

DR Cash............................................................................$20,000

CR Common Stock.........................................................................$20,000

Oct 2. No entry required

Oct 3

DR Office Furniture .....................................................$2,300

CR Accounts Payable................................................................$2,300

Oct 6

DR Accounts Receivable.............................................$3,600

CR Service Revenue - Realty services...................................$3,600

Oct 27

DR Accounts Payable ..................................................$850

CR Cash .......................................................................................$850

Oct 30

DR Salaries Expense ....................................................$2,500

CR Cash ..........................................................................................$2,500

3 0
3 years ago
The following details relate to the main process of W Limited, a chemical manufacturer: Opening work in progress ............200
larisa [96]

Answer:

domain is very talk to fulfill their very great fun nice occasionally maintenance method question complaint as to concession the number of incidents when I was limited to age 18 19 events

3 0
3 years ago
During 2020, Kate Holmes Co.'s first year of operations, the company reports pretax financial income at $250,000. Holmes's enact
ozzi

Answer:

Compute Taxable Income for 2020 224,000

Explanation:

the schedule below to compute deferred taxes at December 31, 2020 2020 2021 2022

Income Before Tax 250,000. (Financial Income) Differences Installment Sales deffered tax liability (96,000) 32,000 32,000 Depreciation deferred tax liability(30,000) 6,000 6,000 Unearned Rent deferred tax asset 100,000 (50,000) (50,000)Taxable Income Total of above224,000 Tax Rate 45% 40% 40%Income Tax Payable (Tax Income X Tax Rate)100,800 Deferred Tax Asset (unearned rent X Tax Rate) (20,000) (20,000) Deferred Tax Liability installment sales + Depreciation * tax rate 15,200 15,200

4 0
3 years ago
Mercedes graduated with a B.A. in business administration. On graduation day she learns that the job she was promised in her unc
REY [17]

Answer:

Job #1

Explanation:

Job#1

$40,050/year

Creative projects

Open space instead of offices

Coworkers are loud and often laughing

Job #1 would be a perfect fix for Mercedes as she prefers the job with at least $40,000 and she wants to work in the enviroment with little supervision. According to Mercede's requirements, Job #1 suits Mercedes as it has creative projects, open space instead of cabins or cubicles, and an environment she always wanted.

5 0
3 years ago
Other questions:
  • The act of directing home seekers toward or away from particular areas either to maintain or to change the character of the neig
    10·1 answer
  • A company has a policy of paying salaries for contract labor on the 15th of the month following the labor services received. In
    5·1 answer
  • Which of the following best describes the term customer contact points? Group of answer choices
    9·1 answer
  • What is the first thing the law requires you to do when you arrive at an intersection? Explain what you should do if there is an
    8·1 answer
  • Use the Rule of 70 to answer the questions on economic growth. Round answers to two places after the decimal. If annual real GDP
    5·1 answer
  • Advertising that is designed to generate demand for a particular company's brand is known as ____.
    13·1 answer
  • Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25%
    12·1 answer
  • Sandoval needs to determine its year-end inventory. The warehouse contains 26,000 units, of which 3,600 were damaged by flood an
    7·1 answer
  • 30) The theme dominating global financial markets today is the complexity of risks associated with financial globalization. List
    6·1 answer
  • Can I get your email and name so i can help you with work?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!