ACC 100 Study Guide - Midterm Guide: Financial Statement, Accounts Payable, No Entry

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peachwallaby455

22 Oct 2012

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Select the only one correct answer for each of the following 12 questions. 50,000 0. 5 long term notes payable, due december 21, 2014. 0. 5 capital stock, 10,000 shares issues and outstanding. Retained earnings: opening retained earnings add: net income ending retained earnings. Walters inc. completed the following transactions during january 2012. Record the impact of each of the transactions on the accounting equation. Be sure to include the account names, the dollar amounts and indicate a +" or a - . If no entry is required not no entry required . On january 1, 2012, walters had an opening inventory balance of ,000. (1 mark) On january 3, purchase inventory on account from a supplier for ,000, terms 1/10, n/45, On january 7, sold merchandise for ,000, terms 2/10, net 30. The original cost of the merchandise was ,000. (4 marks) For sign, for account x4 = 4 marks.

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Current assets				Current liabilities

	Cash	$72,000				Accounts payable	$12,000
	Accounts receivable	18,000				Interest payable	12,000
	Interest receivable	1,000
	Inventory	60,000
Total current assets		$151,000		Total current liabilities			$24,000

Long-term assets				Long-term liabilities

	Equipment (net of depreciation)	$128,000				Note payable	100,000

Total long-term assets		$128,000		Total long-term liabilities			$100,000

				Equity
						Common stock	10,000
						Paid-in capital	50,000
						Retained earnings	95,000

					Total equity			$155,000

Total assets			279,000		Total liabilities and equity			$279,000

Yes the difference between account payable and accountsreceivable is required.

Is accounts payable larger or smaller than accounts receivable?What is the difference? What do the numbers indicate? Explain.

What does "equipment net of depreciation" mean?

Are payables short-term or long-term?

Determine total liabilities.

Determine net short-term assets or liabilities.

Determine the total amount owed by VWV at the end of theyear.

How do we know that the above is a corporate (not a soleproprietor) balance sheet?

The following information is to be used for answering questions24 to 30 inclusive

Cash 20,000

Accounts Receivable 40,000

Inventories 40,000

Current Assets 100,000

Accounts Payable 30,000

Accruals 10,000

Notes Payable 40,000

Current Liabilities 80,000

Sales 250,000

Cost of Goods Sold 170,000

The current ratio is 1.25

DSO is 58.4 days

DIH is 85.9 days

OC is 144.4 days

4. The company's days payable outstanding (DPO) is__?

6. The company's cash conversion cycle (CCCC) is__?

7. The company's working capital requirement is__?

orchidwasp82

LuxeLuxeâ, âInc., includes the following selected accounts inits general ledger at Decemberâ 31, 2016â:

Bonds payable (excluding current portion) . . . . . .$250,000

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 117,000

Current portion of bonds payable . . . . . . . . . . . . .51,000

Notes payable, long-term . . . . . . . . . . . . . . . . . . . .325,000

Interest payable (due March 1, 2017) . . . . . . . . . .1,000

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . .. . 38,000

Discount on bonds payable (all long-term) . . . . . . 7,500

Accounts receivable . . . . . . . . . . . . . . . . . . . . . .. . 28,000

Prepare the liabilities section of LuxeLuxeâ, âInc.'s, balancesheet at Decemberâ 31, 2016â, to show how the company would reportthese items. Report total current liabilities and totalliabilities. â(If a box is not used in the table leave the boxâempty; do not select a label or enter aâ zero.)

pinkporpoise634

ACC 100 Study Guide - Midterm Guide: Financial Statement, Accounts Payable, No Entry

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