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...
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?_____________
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
$
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...
On December 1, 2017, Shamrock, Inc. had the account balances
shown below.
Debits
Credits
Cash
$5,230...
On December 1, 2017, Shamrock, Inc. had the account balances
shown below.
Debits
Credits
Cash
$5,230
Accumulated Depreciation—Equipment
$1,490
Accounts Receivable
3,590
Accounts Payable
3,260
Inventory (2,900 x $0.60)
1,740
Common Stock
9,500
Equipment
20,300
Retained Earnings
16,610
$30,860
$30,860
The following transactions occurred during December.
Dec. 3
Purchased 3,900 units of inventory on account at a cost of
$0.68 per unit.
5
Sold 4,300 units of inventory on account for $0.80 per unit.
(It sold 2,900 of the $0.60...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title Debits Credits Cash $
45,000 Accounts receivable 39,000 Inventories 80,000 Prepaid rent
for the next 8 months 21,000 Marketable securities (short term)
15,000 Machinery 170,000 Accumulated depreciation—machinery $
16,000 Patent (net of amortization) 84,000 Accounts payable 10,500
Wages payable 6,500 Taxes payable 37,000 Bonds payable (due in 10
years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals
$ 454,000 $ 454,000 Required: Prepare a...
On March 1, the three classmates opened a checking account for
The Wire at a local...
On March 1, the three classmates opened a checking account for
The Wire at a local bank. They each deposited $20,000 in exchange
for shares of stock. A few of their friends also purchased stock
for $14,000 that was deposited in The Wire account.
Account: Cash
Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment
Accounts Payable Interest Payable Wages Payable Notes Payable
Paid-in Capital Retained Earnings Leave
Blank Dollar
amount:
Account: Cash
Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment
Accounts Payable Interest...