Assume that the accounts receivable account had a beginning
balance of $200 and an ending balance...
Assume that the accounts receivable account had a beginning
balance of $200 and an ending balance of $225 for the year. Total
Sales for the year were $1,000 and all sales were made on account
(i.e., on credit). How much cash was collected from customers
during the year? You may assume that there were no write-offs for
uncollectible accounts.
a. $1,000 b. $225 c. $200 d. $975
Account# 111 - Cash
Date
Description
Debits
Credits
Balance
Beginning Balance
$0.00 CR
9/01/2015
CR 1...
Account# 111 - Cash
Date
Description
Debits
Credits
Balance
Beginning Balance
$0.00 CR
9/01/2015
CR 1 owner's investment
$21,000.00
$21,000.00 DR
9/02/2015
Race Car Purchase
$13,500.00
$7,500.00 DR
9/03/2015
Track Rent
$4,185.00
$3,315.00 DR
9/04/2015
Newpaper Advertising
$251.19
$3,063.81 DR
9/06/2015
Cash Collected
$1,200.00
$4,263.81 DR
9/07/2015
Payment on Sep. 6
$450.00
$3,813.81 DR
9/07/2015
Service Provided
$2,000.00
$5,813.81 DR
9/09/2015
Sept. Advertising
$325.68
$5,488.13 DR
9/11/2015
Payment on Sep. 3
$1,100.00
$4,388.13 DR
9/11/2015
(AR Collection)
$400.00
$4,788.13 DR...
The following is a December 31, 2021, post-closing trial balance
for Culver City Lighting, Inc.
Account...
The following is a December 31, 2021, post-closing trial balance
for Culver City Lighting, Inc.
Account Title
Debits
Credits
Cash
$
75,000
Accounts receivable
59,000
Inventory
65,000
Prepaid insurance
35,000
Equipment
160,000
Accumulated depreciation
$
54,000
Patent (net)
60,000
Accounts payable
22,000
Interest payable
12,000
Notes payable (due in 10 years)
210,000
Common stock
90,000
Retained earnings
66,000
Totals
$
454,000
$
454,000
Prepare a classified balance sheet for Culver City Lighting, Inc.
(Amounts to be deducted should be indicated...
Castile Inc. had a beginning balance of $2,900 in its Accounts
Receivable account. The ending balance...
Castile Inc. had a beginning balance of $2,900 in its Accounts
Receivable account. The ending balance of Accounts Receivable was
$3,400. During the period, Castile recognized $57,000 of revenue on
account. Castile’s Salaries Payable account has a beginning balance
of $2,050 and an ending balance of $1,200. During the period, the
company recognized $49,000 of accrued salary expense. Based on the
information provided, determine the amount of net cash flow from
operating activities?
If cash is $7,228, accounts receivable is $14,047,notes payable
is $6,388, common stock is $1,290 how...
If cash is $7,228, accounts receivable is $14,047,notes payable
is $6,388, common stock is $1,290 how much is retained
earnings?_____________
Vanguard Company had the following adjusted trial balance at
December 31, 2011.
...
Vanguard Company had the following adjusted trial balance at
December 31, 2011.
VARGUARD COMPANY
Adjusted Trial Balance
For the year ended December 31, 2011
Account titles Debits Credits
Cash $14,800
Accounts Receivable 8,800
Equipment 15,900
Accounts Payable $4,400
...
The following is a December 31, 2021, post-closing trial balance
for Culver City Lighting, Inc. Account...
The following is a December 31, 2021, post-closing trial balance
for Culver City Lighting, Inc. Account Title Debits Credits Cash $
59,000 Accounts receivable 43,000 Inventory 49,000 Prepaid
insurance 19,000 Equipment 110,000 Accumulated depreciation $
38,000 Patent (net) 44,000 Accounts payable 14,000 Interest payable
4,000 Notes payable (due in 10 years) 140,000 Common stock 74,000
Retained earnings 54,000 Totals $ 324,000 $ 324,000
a. Calculate the current ratio.
b. Calculate the acid-test ratio.
c. Calculate the debt to equity ratio....
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc. Account...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc. Account Title Debits Credits Cash
64,000 Accounts receivable 48,000 Inventories 54,000 Prepaid
insurance 24,000 Equipment 120,000 Accumulated
depreciation—equipment 43,000 Patent, net 49,000 Accounts payable
16,500 Interest payable 6,500 Note payable (due in 10, equal annual
installments) 150,000 Common stock 79,000 Retained earnings 64,000
Totals 359,000 359,000 Prepare a classified balance sheet for
Culver City Lighting, Inc. (Amounts to be deducted should be
indicated by a...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc.
Account...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc.
Account Title
Debits
Credits
Cash
$
55,000
Accounts receivable
39,000
Inventories
45,000
Prepaid insurance
15,000
Equipment
100,000
Accumulated depreciation—equipment
$
34,000
Patent, net
40,000
Accounts payable
12,000
Interest payable
2,000
Note payable (due in 10, equal annual installments)
100,000
Common stock
70,000
Retained earnings
76,000
Totals
$
294,000
$
294,000
a. Calculate the current ratio.
b. Calculate the acid-test ratio.
c. Calculate the debt to...