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Sampson Company has $500 in its checking account. A customer owes Sampson $1,000. The company




Question;Sampson Company has $500 in its checking account. A customer owes Sampson $1,000. Thecompany has store equipment that cost $1,500 and a truck that cost $5,000. Sampson Companyowes the bank $3,500 on the truck loan of which one payment of $700 is due in one week, andowes $4,000 to creditors for its monthly operating expenses, including rent, all of which is due inthe next 30 days.A.B.2.List Sampson Company?s assets and the dollar amount of each.List Sampson Company?s liabilities and the dollar amount of each.The following are account balances of Marcia Company on 12/31/10.Accounts payableAccounts receivableBuildings and equipmentContributed capitalBonds payableCashRetained earningsAccumulated depreciationInventoryPatents$ 1,0006,00054,00020,00015,0008,50017,00024,0005,5003,000Prepare a classified balance sheet for Marcia Company on December 31, 2010.3.Retained earnings on January 1 was $27,000. During the current year net income is$160,000. Cash payments for dividends declared totals $145,000. What is the retained earningsbalance on December 31?4. Madison Company has current assets, current liabilities, and long-term liabilities of $8,000, $4,000,and $6,000, respectively. Within these amounts, inventory was $2,000, receivables were $2,000, cash was$4,000, and payables were $1,000. Calculate Madison?s quick ratio. What information does this provide?


Paper#43264 | Written in 18-Jul-2015

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