ch04.xlsx - Chapter 4 Question 1 Santos Charcuterie and Bakery Account Account Balance($ Accounts Receivable House Accounts 6,200 Allowance for Doubtful

ch04.xlsx - Chapter 4 Question 1 Santos Charcuterie and...

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Chapter 4, Question 1Santos Charcuterie and BakeryAccountAccounts Receivable: House Accounts6,200 Account Balance ($)Allowance for Doubtful House Accountsa. Why must Sean address the issue of allowances for doubtful house accounts if he is to accurately calculate his total current assets? Answer: b. What are two examples of prepaid expenses Sean may have incurred and thus must address if he is to accurately calculate his total current assets?
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Chapter 4, Question 2NEPTUNE SEAFOOD HOUSE DECEMBER 31, BALANCE SHEETTOTAL ASSETS$ 400,500 LIABILITIES AND OWNERS' EQUITYCurrent LiabilitiesAccounts Payable$ 26,100 Payroll Taxes Payable9,100 Sales Taxes Payable15,100 Gift Cards Payable2,400 Accrued Expenses9,100 Current Portion, Long-Term Debt13,600 Total Current LiabilitiesLong Term Debt, net of Current PortionTotal Liabilities$ 225,650 Owners' EquityOriginal Investment $ 30,000 Retained EarningsTotal Equity$ 174,850 TOTAL LIABILITIES AND OWNERS' EQUITY$ 400,500 a. What is the amount of the operation’s Long Term Debt; net of Current Portion? Answer: b. What is the amount of the operation’s Retained Earnings? Answer:
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Chapter 4, Question 3Balance Sheet Accounts: The Restaurant Kwan ManagesInvestments$373,256 Paid in CapitalOther Current Liabilities73,954 Accumulated DepreciationBuilding627,998 Food InventoryAccounts Payable213,659 Common StockLong-Term Debt395,315 Prepaid ExpensesCash85,986 Retained EarningsFurnishings and Equipment 308,334 LandBeverage Inventory15,125 Supplies InventoryNotes Payable47,858 Allowance for Doubtful AccountsMarketable Securities196,154 Accounts ReceivableTotal Current AssetsCurrent Asset Accounts (In Order of Liquidity)a. What is the amount of the operation's total current assets? Answer: b. What is the first current asset account listed and why is it listed first? Answer: c. What is the last current asset account listed and why is it listed last?
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$486,486 203,144 31,818 133,421 15,000 477,500 309,080 3,850 4,000 23,721
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Chapter 4, Question 4 Balance Sheet Accounts Investments $1,275,000 Paid in Capital $3,000,000 Other Current Liabilities 1,590,000 Accumulated Depreciation 1,185,000 Building 3,250,000 Inventories 380,000 Accounts Payable 1,460,000 Common Stock 750,000 Long-Term Debt 1,800,000 Retained Earnings 2,865,000 Cash 587,500 Land 1,957,500 Furnishings and Equipment 1,850,000 Net Receivables 2,675,000 Notes Payable 335,000 Other Assets 170,000 Marketable Securities 840,000 ASSETS Current Assets Current Liabilities Total Current Liabilities Total Current Assets Long-Term Liabilities Total Liabilities Property and Equipment Owners’ Equity Net Property and Equipment Total Owners’ Equity TOTAL ASSETS Aidan's Lodge Balance Sheet December 31 This Year LIABILITIES AND OWNERS’ EQUITY TOTAL LIABILITIES AND OWNERS’ EQUITY
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