Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Debits...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Debits 37,000 209,000 43,000 155,000 9,000 Account Title Credits Cash and cash equivalents Accounts receivable Raw materials inventory Notes receivable Interest receivable Interest payable Investments Land Buildings Accumulated depreciation-buildings Work in process inventory Finished goods inventory Equipment Accumulated depreciation-equipment Franchise (net of amortization) Prepaid insurance (for the next year) Deferred revenue Accounts payable Notes payable Salaries payable Allowance for uncollectible accounts Sales revenue Cost of goods sold Salaries expense 14,000 46,000 135,000 1,570,000 775,000 45,000 96,000 435,000 265,000 1,340,000 67,000 57,000 310,000 570,000 5,000 31,000 8,520, 000 535,000 55,000 Additional information: 1. The notes receivable, along with any accrued interest, are due on November 1, 2022. 2. The notes payable are due in 2026. Interest is payable annually. 3. The investments consist of equity securities of other corporations. Management does not intend to sell any of the securities in the next year. 4. Deferred revenue will be recognized equally over the next 18 months. Required: Determine the company's working capital at December 31, 2021. (Do not round your intermediate calculations.) Working capital Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Debits 37,000 209,000 43,000 155,000 9,000 Account Title Credits Cash and cash equivalents Accounts receivable Raw materials inventory Notes receivable Interest receivable Interest payable Investments Land Buildings Accumulated depreciation-buildings Work in process inventory Finished goods inventory Equipment Accumulated depreciation-equipment Franchise (net of amortization) Prepaid insurance (for the next year) Deferred revenue Accounts payable Notes payable Salaries payable Allowance for uncollectible accounts Sales revenue Cost of goods sold Salaries expense 14,000 46,000 135,000 1,570,000 775,000 45,000 96,000 435,000 265,000 1,340,000 67,000 57,000 310,000 570,000 5,000 31,000 8,520, 000 535,000 55,000 Additional information: 1. The notes receivable, along with any accrued interest, are due on November 1, 2022. 2. The notes payable are due in 2026. Interest is payable annually. 3. The investments consist of equity securities of other corporations. Management does not intend to sell any of the securities in the next year. 4. Deferred revenue will be recognized equally over the next 18 months. Required: Determine the company's working capital at December 31, 2021. (Do not round your intermediate calculations.) Working capital
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Requirement Determine the companys working capital at December 31 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Presented below is a partial trial balance for the Kansas Instruments Corporation at December 31, 2011. Additional information: 1. The note receivable, along with any accrued interest, is due on...
-
The following is a partial trial balance for the Green Star Corporation as of December 31, 2011: 100,000 shares of common stock were outstanding throughout 2011. Required: 1. Prepare a single-step...
-
The following is a partial trial balance for the Green Star Corporation as of December 31, 2018: 100,000 shares of common stock were outstanding throughout 2018. Required: 1. Prepare a single-step...
-
Sung Corporation, a clothing retailer, engaged in the transactions listed in the first column of the table below. Opposite each transaction is a ratio and space to mark the effect of each transaction...
-
Discuss the role of media specialist companies. Why are marketers likely to use a media specialist company to handle their media buying and planning versus the media department of an agency?
-
Let \(X=\left(X_{t} ight)_{t \geqslant 0}\) be the process from Example 21.2. Show that \(X\) is a Gaussian process with independent increments and find \(C(s, t)=\mathbb{E} X_{s} X_{t}, s, t...
-
A basketball coach has to choose 5 players from a list of 12 players. In how many ways can the coach choose the 5 players? Use combinations and permutations.
-
Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.50 per mile driven. Joyce has determined that if she drives 3,300 miles in a month, her total operating cost is $875....
-
3. Does your district have a person located at the school to lead the coordination of school and community partnerships? If so, what is the title of that person and what other jobs/duties is he or...
-
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 11 Beginning inventory. January 10 Sales March 14 March 151 July 30 October 5...
-
C. Areful is a CPA and owner of Careful Accounting Services. If Mr. Areful prepares the annual financial statements of Careful Accounting Services then such statements are of the same quality and...
-
1. Draw a process flow diagram showing the major process steps, inventories, and flows.Indicate the capacity at each of the process steps. You should assume: a. 16,000 barrels per day is the average...
-
: The system of forces shown in figure is in equilibrium Calculate the unknown force 'P' and angle '0'. P 60 N 45 100 N 60 40 N 80 N
-
The following forces are acting at at a point. Find magnitude and direction of the resultant force. (i) 20 N force acting at 30 North of East. (ii) 25 N force towards North. (iii) 30 N force towards...
-
In a wheel of a bike, there are six spokes. If tensile forces in consecutive four spokes are 10N, 14N, 12N, and 5N respectively. Calculate the tensile forces in remaining two spokes. The wheel is in...
-
Jackson and Dal both start working as "attendees" at the new full-service carwash, each starting at the same pay rate. Jackson gives the customer exactly what they request and is a friendly employee....
-
1A. If the researcher is concerned about the number of variables, the nature of the analysis, and completion rates, then, he/she is at which stage of the sampling design process (Figure 11.1 in the...
-
Explain the similarities in and differences among depreciation, depletion, and amortization.
-
Construction Forms Corporation buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily to hold debt securities to...
-
Wynn Sheet Metal reported an operating loss of $100,000 for financial reporting and tax purposes in 2011. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first...
-
Describe briefly the 'stocksheet system' which may be used for a client's stocktaking.
-
List eight environmental quality control elements audit firms should implement to help ensure that high quality audits are performed by the firm.
-
The level of pollution because of vehicular emissions in a city is not regulated. Measurements by the local government of the change in flow of vehicles and the change in the level of air pollution...
Study smarter with the SolutionInn App