Reference no: EM133056089
Question - The following items are taken from the financial statements of the Bishop Service Inc for the year ending December 31, 2015
Accounts payable $19.000
Accounts receivable 11.000
Accumulated depreciation equipment - 28.000
Advertising expense 21.000
Cash 11,000
Owner's capital (1/1/15) 105.000
Owner's drawings 14.000
Depreciation expense 12.000
Equipment 190.000
Insurance expense 3.000
Note payable, due 6/30/16 70.000
Parents 20.000
Prepaid insurance (12 month policy) - 6.000
Rent expense 17.000
Salaries and wages expense 32.000
Service revenue 125.000
Supplies 4.000
Supplies expense 6.000
Required - Answer the below questions:
(1) What is total liabilities and owner's equity at December 31, 2015?
(2) What are total long term liabilities at December 31, 2015?
(3) What are total current liabilities at December 31, 2015?
(4) What is the book value of the equipment at December 31, 2015?
(5) What are total current assets at December 31, 2015?
(6) What is the company's net income for the year ending December 31, 2015?
(7) What is the balance that would be reported for owner's equity at December 31, 2015?
(8) What is the order in which assets are generally listed on a classified balance sheet?
(9) The current assets should be listed on Bishop Service Inc.'s balance sheet in which order?
(10) What is the company's total expense for the year ended December 31, 2015??
|
What were the December credit sales
: Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000. What were the December credit sales
|
|
Explain the relation with foreign exchange risk
: Platinum bank, an Australian bank, has made a huge volume of loans to Indonesian firms. Currently, 35 percent of Platinum's balance-sheet loans to Indonesian fi
|
|
Acquire the firm using leverage buyout
: A private firm operates in NZ and its main business is in agriculture. As an investor are interested in acquiring the private equity firm. The current revenue i
|
|
Discuss the potential impact of decentralized finance
: Discuss the potential impact of Decentralized Finance (DeFi) applications on commercial banks. Relate your answer to the reason why banks exist.
|
|
What are total long term liabilities at December
: Accumulated depreciation equipment - 28.000 and Note payable, due 6/30/16 70.000. What are total long term liabilities at December 31, 2015
|
|
What is the current share price
: A young start-up company and therefore is not paying any dividends on the stock over the next 5 years. At the end of year 5, the company will pay a $3 dividend.
|
|
Compute the value of the subscription right
: Raptor Ltd has currently 250 million ordinary shares outstanding, each with a face value of S$1 and currently trading at S$6.25.
|
|
What was number of units of product in beginning inventory
: The company has 65,000 units in its ending inventory. What was the number of units of product in beginning inventory
|
|
How an increase in the risk-free interest rate affects
: Explain how an increase in the risk-free interest rate affects share prices, the equity premium, and the rate of return on internal investments.
|