Its monday night, bet ya cant get these accounting questions..?

[maddox]

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Koonce Office Supplies
Balance Sheet
December 31, 2010

Cash $ 65,000 Accounts Payable $ 70,000
Prepaid Insurance 30,000 Salaries Payable 10,000
Accounts Receivable 50,000 Mortgage Payable
80,000

Inventory 70,000 Total Liabilities $160,000
Land held for Investment 75,000
Land 90,000
Building $100,000 Common Stock $120,000
Less Accumulated Retained Earnings
250,000

Depreciation
(20,000)

80,000 Total Stockholders' Equity
$370,000

Trademark
70,000

Total Liabilities and
Total Assets
$530,000

Stockholders' Equity
$530,000




$145,000.



$180,000.



$290,000.



$215,000.

Use the following data to determine the total amount of working capital.

Koonce Office Supplies
Balance Sheet
December 31, 2010

Cash $ 65,000 Accounts Payable $ 70,000
Prepaid Insurance 30,000 Salaries Payable 10,000
Accounts Receivable 50,000 Mortgage Payable
80,000

Inventory 70,000 Total Liabilities $160,000
Land held for Investment 75,000
Land 90,000
Building $100,000 Common Stock $120,000
Less Accumulated Retained Earnings
250,000

Depreciation
(20,000)

80,000 Total Stockholders' Equity
$370,000

Trademark
70,000

Total Liabilities and
Total Assets
$530,000

Stockholders' Equity
$530,000




$75,000.



$135,000.



$295,000.



$60,000.


Use the following data to determine the total dollar amount of assets to be classified as current assets.

Carne Auto Supplies
Balance Sheet
December 31, 2010

Cash $ 60,000 Accounts Payable $ 65,000
Prepaid Insurance 40,000 Salaries Payable 10,000
Accounts Receivable 50,000 Mortgage Payable
90,000

Inventory 70,000 Total Liabilities $165,000
Land held for Investment 80,000
Land 95,000
Building $100,000 Common Stock $120,000
Less Accumulated Retained Earnings
250,000

Depreciation
(30,000)

70,000 Total Stockholders' Equity
$370,000

Trademark
70,000

Total Liabilities and
Total Assets
$535,000

Stockholders' Equity
$535,000




$220,000.



$150,000.



$300,000.



$180,000.

N3 Corporation has assets of $2.7 million, common stock of $702,000, and retained earnings of $428,000. What are the creditors' claims on their assets?



$1,570,000



$2,974,000



$2,426,000



$1,130,000

Wilton Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. What was their net income for the year?



$91,000



$69,000



$116,000



$22,000

Kingery Corporation has current assets of $1,250,000 and current liabilities of $750,000. If they issue $100,000 of new stock what will their new current ratio be? (rounded)



1.6:1



1.7:1



1.8:1



1.5:1

[hwistlere31]

Betcha I don't want to. Already have my degree and passed the CPA exam.

You will not learn if we do your work for you.

btw: do not insult someone if you cannot even type their name correctly.

Cathi gives good answers on here.

[montgomery69]

Try the homework section. We dont do homework here. Show your answers and we will critique them for you.