Question

1 The balances of select accounts of​ Sandra, Inc. as of December​ 31, 2018 are given​...

1 The balances of select accounts of​ Sandra, Inc. as of December​ 31, 2018 are given​ below: Debit Credit Building $ 100 comma 000 $100,000 Cash 8 comma 000 8,000 Office Supplies 900 900 Furniture 6 comma 000 6,000 Prepaid Insurance 450 450 Accumulated Depreciation long dash —Furniture $ 2 comma 000 $2,000 Land 30 comma 000 30,000 Accumulated Depreciation long dash —Building 4 comma 600 4,600 Accounts Receivable 2 comma 200 2,200 The insurance has been prepaid until June​ 30, 2019. Determine the amount of total current assets reported on the balance sheet at December​ 31, 2018.  

A. $ 11 comma 550 $11,550 B. $ 8 comma 900 $8,900 C. $ 9 comma 350 $9,350 D. $ 16 comma 200 $16,200

2

Which of the following is true of the statement of cash​ flows?

A.

It covers a span of time and is dated the same as the income statement.

B.

It indicates when​ long-term debt will mature.

C.

It reports on the qualitative behavior of the​ company's performance.

D.

It shows how the profits or losses of the company were generated.

3

Reliable Moving Company reported the following amounts on its balance sheet as of December​ 31, 2019 and December​ 31, 2018:

2019

2018

Cash and Receivables

​$75,000

​$135,000

Merchandise Inventory

​155,000

​220,000

​Property, Plant and​ Equipment, net

​770,000

​770,000

Total Assets

​$1,000,000

​$1,125,000

Total Liabilities

​$465,000

​$435,000

For the vertical​ analysis, what is the percentage of total liabilities for December​ 31, 2018? ​ (Round your answer to two decimal​ places.)

A.

​38.67%

B.

​100.00%

C.

​31.03%

D.

​46.50%

Business   Accounting   
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Homework Answers

Answer #1

1.

Current assets = Cash + Office supplies + Prepaid insurance + Accounts receivable

= 8,000 + 900 + 450 + 2,200

= $11,550

Correct option is (A)

2.

Following is true of the statement of cash​flows

It covers a span of time and is dated the same as the income statement.

Correct option is (A)

3.

Percentage of total liabilities for December​ 31, 2018 = Total liabilities/Total of balance sheet or total assets

= 435,000/1,125,000

= 38.67%

Correct option is (A)

Kindly ask if you have any query related to the question. Thank you.

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