1. Determine the amount of total assets, current assets, and non-current assets at the end of the...

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1. Determine the amount of total assets, current assets, and non-current assets at the end of the period, given the following data:


1. Determine the amount of total assets, current assets, and


2. Kids ‘n Caboodle, a children's clothing store, had the following cash receipts and disbursements for its first year of operations:
Receipts:
Cash sales ...........................................................................$155,000
Loan precedes ......................................................................$21,000
Total receipts ....................................................................$176,000

Disbursements
Merchandise purchases (all sold this year) ........................$84,000
Wages ...............................................................................$33,000
Rent and lease payments ...................................................$22,000
Other operating outlays .......................................................$7,900
Purchase equipment ..........................................................$10,500
Total disbursements ........................................................$157,400
Increase in Cash Balance ..................................................$18,600
The store has no accounts receivable (it accepts only cash or bank cards for payment). At year-end, an employee had earned $200, which the store had not yet paid. Also, at year-end, the store had not paid its most recent utilities bills, which totaled $150.
Prepare a cash flow statement for the year.
3. QED Electronics Company had the following transactions during April while conducting its television and stereo repair business.
A new repair truck was purchased for $19,000.
Parts with a cost of $1,600 were received and used during April.
Service revenue for the month was $33,400, but only $20,500 was cash sales.
Typically, only 95 percent of sales on account are realized.
Interest expense on loans outstanding was $880.
Wage costs for the month totaled $10,000; however, $1,400 of this had not yet been paid to the employees.
Parts inventory from the beginning of the month was depleted by $2,100.
Utility bills totaling $1,500 were paid. $700 of this amount was associated with March's operations.
Depreciation expense was $2,700.
Selling expenses were $1,900.
A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government.
Administrative and miscellaneous expenses were recorded at $4,700.

Prepare a detailed April incomestatement.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For  answer-question

Accounting Texts and Cases

ISBN: 978-1259097126

13th edition

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

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