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
garik1379 [7]
3 years ago
8

Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operat

ing cycle averages 6 months. At December 31, 2019, Dunn has the following assets and liabilities:
1. Prepaid rent in the amount of $8,500. Dunn's rent is $500 per month.
2. A $9,700 account payable due in 45 days.
3. Inventory in the amount of $46,230. Dunn expects to sell $38,000 of the inventory within 3 months. The remainder will be placed in storage until September 2020. The items placed in storage should be sold by November 2020.
4. An investment in marketable securities in the amount of $1,900. Dunn expects to sell $700 of the marketable securities in 6 months. The remainder are not expected to be sold until 2022.
5. Cash in the amount of $1,050.
6. An equipment loan in the amount of $60,000 due in March 2024. Interest of $4,500 is due in March 2020 ($3,750 of the interest relates to 2019, with the remainder relating to the first 3 months of 2020).
7. An account receivable from a local university in the amount of $2,850. The university has promised to pay the full amount in 3 months.
8. Store equipment at a cost of $9,200. Accumulated depreciation has been recorded on the store equipment in the amount of $1,250.

Required:
Identify Current Assets and Liabilities.
Business
1 answer:
Brilliant_brown [7]3 years ago
8 0

Answer:

Dunn Sporting Goods

Identifying Current Assets and Current Liabilities

Current Assets:

1. Prepaid Rent             $6,000

3. Inventory                $46,230

4. Marketable securities $700

5. Cash                         $1,050

7. Account receivable $2,850

Current Liabilities:

2. Accounts payable $9,700

6. Interest  Payable  $4,500

Explanation:

a) Data and Analysis:

1. Prepaid Rent (Current Assets) $6,000 Prepaid Rent (Long-term Assets) $2,500 in the amount of $8,500. Dunn's rent is $500 per month.

2. Account payable $9,700

3. Inventory (Current assets) $46,230.

4. Short-term marketable securities $700 Long-term Investments $1,200  

5. Cash (current assets) $1,050.

6. Loan Payable (long-term) $60,000 due in March 2024. Interest  Payable (current liabilities) $4,500

7. Account receivable (Current assets) $2,850

8. Store equipment $9,200. Accumulated depreciation  $1,250.

b) Current assets are short-term assets expected to be used up within 12 months while current liabilities are short-term assets expected to be settled within 12 months.

You might be interested in
Robert Company purchased $100,000 of 8 percent bonds of Evergreen Corp. on January 1, 20x1, at $92,278. The bonds mature January
Annette [7]

On January 1st, 20x1, Robert Company paid $92,278 for $100,000 of Evergreen Corp.'s 8% bonds that were available for sale. 12% is the market yield. Interest is paid on April 30 and October 31 of each year. Bush is a company with a calendar year. The right response is $4,556,500.

On December 31x1, Fox should declare $4,556,500.

Bonds are currently valued $4,580,000.

$50,000 Bonds are currently valued $4,530,000.

From July 1 to December 31, the discount is amortised over a six-month period: Bonds are currently valued $4,580,000.

$50,000 Bonds are currently valued $4,530,000.

From July 1 to December 31, the discount is amortised over a six-month period: Interest Income = $226.00 ($4,530,00% x 10% x 6/12)

In terms of interest-bearing quantities, $5,000,000 times 8% times six months is $200,000.

Interest revenue less interest due is equal to discounted interest.

Discount amortised is calculated as $226500 less $200000, or $2650.

As a result, $4,530,000 + $26,500 is the total that Fox must declare as of December 31, 2020, multiplied by one.

Thus, On December 31x1, Fox should declare $4,556,500.

Visit for more information on payment

brainly.com/question/14293241

#SPJ4

5 0
1 year ago
The daily profit p in dollars of a company making tables is described by the function upper p left parenthesis x right parenthes
Assoli18 [71]

The following equation of parabola is given:

p(x)= - 5 x^2 + 240 x - 2475

where p(x) = y

This is a standard form of the parabola. We need to convert this into vertex form of equation. The equation must be in the form:

y – k = a (x – h)^2

Where h and k are the vertex of the parabola. Therefore,

y = - 5 x^2 + 240 x - 2475

y = -5 (x^2 – 48 x + 495)

Completing the square:

y = -5 (x^2 - 48 x + 495 + _) - (-5)* _

Where the value in the blank _ is = -b/2

Since b = -48        therefore,

y = -5 (x^2 – 48 x + 495 + 81) + 405

y – 405 = -5 (x^2 – 48 x + 576)

y – 405 = -5 (x – 24)^2

Therefore the vertex is at points (24, 405).

The company should make 24 tables per day to attain maximum profit.

4 0
3 years ago
Write two sentences that explain what this evidence tells you about Manjiro’s culture.
Montano1993 [528]

Manjiro presents a sword and short knife to his friend. The way that he and his friend talk about them show that they are important in Japanese culture.

mark me brainlist plz

7 0
2 years ago
In a free market​ system, ____. A. central planning determines supply B. government forces primarily determine prices C. most ne
natka813 [3]

Answer: Option E

Explanation: In a free market system the prices of goods and services produced are determined by the market forces of demand and supply. This are also known as open market.

The intervention of govt. in regulating such markets is very minimal. Thus, the control in such markets stands in hands of private owners. Therefore, the private owners produce with the single aim of profit maximization in such economies.

Hence we can conclude that the right option is E.

4 0
3 years ago
During March, the production department of a process operations system completed and transferred to finished goods 35,000 units
kotegsom [21]

Answer:

Direct Labor Equivalent unit cost : $5,415463

Explanation:

\left[\begin{array}{ccccc}\\ &$Units to be assigned costs:&&Equivalent Units&\\&&$Whole Units&Materials&Conversion\\&$Beginning&35000&35000&17500\\&$Started and completed&71000&71000&71000\\&$transferred&106000&106000&106000\\&$ending&39000&39000&11700\\&$Total units to be assigned costs&145000&145000&117700\\\end{array}\right]

<u><em>Transferred units:</em></u>

beginning + started - ending  = transferred

35,000 + 71,000 - 39,000 = 71,000

Labor cost: 581,000 + 56,400 = 637,400

equivalent units for conversion: 117,700

(trasnferrred + percentage of completion ending WIP)

<em><u>Equivalent unit cost:</u></em>

637,400 / 117,700 = 5,415463

7 0
3 years ago
Other questions:
  • In 2014, Apple purchased Beats Electronics for billion USD. While Apple valued the product portfolio of Beats, its primary aim w
    9·1 answer
  • A computerized spreadsheet program is useful for
    6·2 answers
  • Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory syste
    15·1 answer
  • When either prices go down or income goes up, there is an increase in which
    10·2 answers
  • "karla is taking two classes for a total of six credit hours. therefore she should be spending a minimum of ________ hours for r
    7·1 answer
  • A pizza company produces frozen pizzas in three departments: assembly, freezing, and packaging. In assembly, crust ingredient ar
    12·1 answer
  • Shawn approaches most aspects of life with the expectation that he will be successful. He expects a great deal of himself and se
    10·1 answer
  • Where is the main Federal Reserve Bank located?​
    7·2 answers
  • Describe the auto industry in terms of the five market characteristics
    7·1 answer
  • Sylvia is a budget analyst for the state of Kentucky. her job is to look over the state government's spending and suggest and su
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!