The following December 31, 2018, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalent
Property, plant, and equipment (net)
The only assets not listed is inventory. The only liabilities not listed are $40,000 note payable due in two years and related accrued interest of $2,000 due in four months. The current ratio at year-end is 2.5:1. Which of the following is the amount of retained earnings?
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2019:
Note receivable, due 2021
Investments consist of treasury bills that were purchased in November, 2019 and mature in January, 2020. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson's December 31, 2019, balance sheet?
The adjusted trial balance for China Tea Company at December 31, 2019, is presented below:
Notes payable—due in three months
Costs of goods sold
Which of the following is correct closing entry?
1st EditionGlencoe McGraw-Hill
9th EditionFrank Hodge, Patricia A. Libby, Robert Libby
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15th EditionRay H Garrison