Numerade

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Breanna Ollech

Numerade educator

39. During 2015, Patnode recorded sales of $17,000. How much cash did it collect from its customers? $17,000 $14,000 $3,000 Cannot be estimated

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Penny Riley

Numerade educator

A company raised $50,000 in cash by taking a one-year loan of $10,000 and a 5-year loan of $40,000. Which of the following is the correct journal entry to record this transaction? Debit short-term debt $40,000; debit retained earnings $10,000; credit cash $50,000 Debit short-term debt $50,000; credit cash $50,000 Debit cash $50,000; credit long-term debt $50,000 Debit cash $50,000; credit short-term debt $10,000; credit long-term debt $40,000

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Khushbu Rani

Numerade educator

Anderson Electronics' 2015 return on sales percentage is 20%. Its 2015 net income is $40,000. What is its 2015 sales? $400,000 $80,000 $200,000 $100,000

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Breanna Ollech

Numerade educator

7. During 2015, Sunrise Foods, Inc. records an interest expense of $5,000, and pays $2,000 of it in cash. How should this accounting transaction be recorded? Debit interest expense $5,000; credit cash $2,000; credit taxes payable $3,000 Debit interest expense $5,000; credit cash $2,000; credit interest payable $3,000 Debit various debt accounts $5,000; credit cash $2,000; credit interest payable $3,000 Debit interest expense $5,000; credit cash $2,000; credit various debt accounts $3,000

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Breanna Ollech

Numerade educator

Barnaby & Sons receives a large shipment of goods from its supplier. It pays $58,000 at the time of delivery and promises to pay the remaining $42,000 within the next two months. What is appropriate journal entry for this transaction? Debit cash $42,000; debit inventory $16,000; credit accounts payable $58,000 Debit inventory $100,000; credit cash $58,000; credit accounts payable $42,000 Debit accounts payable $58,000; credit cash $42,000; credit inventory $16,000 Debit accounts payable $58,000; debit cash $42,000; credit inventory $100,000

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Breanna Ollech

Numerade educator

1. What is Patnode's total debt to equity ratio at the end of 2014 (rounded to two decimal places)? 5.30 0.19 0.25 4.04 Note that amortization of the license asset has been shown as a separate line item only for ease of calculations.

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INSTANT ANSWER

39. Refer to Bellingham Incorporated's December 31, 2019 Balance Sheet shown below. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{\begin{tabular}{l} Bellingham Incorporated \\ Balance Sheet as of December 31, 2019 \end{tabular}} \\ \hline Assets & & Liabilities & \\ \hline Current Assets & & Current Liabilities & \\ \hline Cash & $ \$ 130,000 $ & Accounts Payable & $ \$ 90,000 $ \\ \hline Inventory & 80,000 & Notes Payable & 110,000 \\ \hline Accounts Receivables & 40,000 & Total Current Ulabilities & $ \$ 200,000 $ \\ \hline \multirow[t]{2}{*}{ Total Current Assets } & $ \$ 250,000 $ & Non-current Liabilities & \\ \hline & & Debt & 150,000 \\ \hline Non-current Assets & & Owner's Equity & \\ \hline Plant and Equipment (Net) & 350,000 & Common Stock & 220,000 \\ \hline Patents (Net) & 50,000 & Retained Earnings & 80,000 \\ \hline Total Assets & $ \$ 650,000 $ & Total Uabilities and Owner's Equity & $ \$ 650,000 $ \\ \hline \end{tabular} Bellingham began 2019 with $ \$ 240,000 $ in owner's equity. During the year they issued $ \$ 30,000 $ in new common stock and paid $ \$ 10,000 $ in dividends. If their net income for 2019 was $ \$ 40,000 $, what was their retained earnings balance on December 31, 2018? $ \$ 30,000 $ $ \$ 50,000 $ $ \$ 60,000 $ $ \$ 70,000 $

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Saharsh Talwar

Numerade educator

37. Refer to Bellingham Incorporated's December 31, 2019 Balance Sheet shown below. Bellingham Incorporated Balance Sheet as of December 31, 2019 | Assets | | Liabilities | | | :--- | :--- | :--- | :--- | | Current Assets | | Current Liabilities | | | Cash | $ 130,000 | Accounts Payable | $ 90,000 | | Inventory | 80,000 | Notes Payable | 110,000 | | Accounts Receivables | 40,000 | Total Current Liabilities | $ 200,000 | | Total Current Assets | $ 250,000 | Non-current Liabilities | | | | | Debt | 150,000 | | Non-current Assets | | Owner's Equity | | | Plant and Equipment (Net) | 350,000 | Common Stock | 220,000 | | Patents (Net) | 50,000 | Retained Earnings | 80,000 | | Total Assets | $ 650,000 | Total Liabilities and Owner's Equity | $ 650,000 | Bellingham began 2019 with the following non-current asset balances: Plant and Equipment (net) $ 360,000; Patents (net) $ 55,000. No long-term assets were purchased or sold during the year. What is the depreciation and amortization expense for 2019? $ 5,000 $ 10,000 $ 15,000 $ 20,000

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Saharsh Talwar

Numerade educator

35. Refer to Bellingham Incorporated's December 31, 2019 Balance Sheet shown below. Bellingham Incorporated Balance Sheet as of December 31, 2019 Assets Current Assets Cash: $130,000 Inventory: 80,000 Accounts Receivables: 40,000 Total Current Assets: $250,000 Non-current Assets Plant and Equipment (Net): 350,000 Patents (Net): 50,000 Total Assets: $650,000 Liabilities Current Liabilities Accounts Payable: $90,000 Notes Payable: 110,000 Total Current Liabilities: $200,000 Non-current Liabilities Debt: 150,000 Owner's Equity Common Stock: 220,000 Retained Earnings: 80,000 Total Liabilities and Owner's Equity: $650,000 What is Bellingham's current ratio on December 31, 2019? 0.60 0.85 1.25 2.27

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Jenny Wu

Numerade educator

On December 31, 2018, Blais Industries had long-term debt totaling $120,000 on their balance sheet. During 2019, they paid $10,000 in interest on that debt and $50,000 in principal. During the year they also issued new long-term debt totaling $20,000. What is the balance in their long-term debt account at the end of 2019? $80,000 $90,000 $100,000 $140,000

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Oliver P.