Listed below are selected account balances for HemmingwayCompany for June 30. Ac
ID: 2444376 • Letter: L
Question
Listed below are selected account balances for HemmingwayCompany for June 30.
Accountspayable $95,300 Merchandiseinventory $390,000
Accounts receivable 78,100 Notes payable, currentportion 50,000
Accumulateddepreciation 318,000 Notes payable longterm 571,300
Buildings 750,000 Prepaidinsurance 38,000
Cash 34,500 Retainedearnings 279,000
Contributedcapital 700,000 Supplies onhand 52,000
Cost of goodssold 840,000 Trademarks 45,000
Equipment 450,000 Wagesexpense 375,000
Interestpayable 38,000 Wagespayable 36,000
Land 250,000
Determine each of the following amounts. (Hint: Not all itemswill be used.)
a. Current assets
b. Current liabilities
c. Property, plant, andequipment
d. Total assets
e. Long term liabilities
Explanation / Answer
a
b
c
d
e
a
CurrentAssets Cash 34,500.00 Accounts Receivable 78,100.00 Merchandise Inventory 390,000.00 Prepaid Insurance 38,000.00 Supplies on hand 52,000.00 Current Assets 592,600.00b
Current Liabilities Accounts Payable 95,300.00 Interest Payable 38,000.00 Notes Payable , Current Portion 50,000.00 Wages Payable 36,000.00 Current Liabilities 219,300.00c
Property, Plant andEquipment Buildings 750,000.00 Equipment 450,000.00 Land 250,000.00 Accumulated Depreciation (318,000.00) Property, Plant and Equipment 1,132,000.00d
Total Assets Current Assets 1,514,000.00 Property, Plant and Equipment 2,328,000.00 Trademarks 45,000.00 Total Assets 3,887,000.00e
Long TermLiabilities Notes Payable, Long Term 571,300.00 Long TermLiabilities 571,300.00Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.