Business, 06.03.2020 15:36 crodriguez87

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017.

December 31 2016 2017

Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640

Accounts receivable . . . . . . . . . . . 26,240 19,100

Office supplies . . . . . . . . . . . . . . . . 3,160 1,960

Office equipment . . . . . . . . . . . . . . 44,000 44,000

Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000

Building . . . . . . . . . . . . . . . . . . . . . 0 80,000

Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000

Accounts payable . . . . . . . . . . . . . 3,500 33,500

Note payable . . . . . . . . . . . . . . . . . 0 40,000

1. Prepare balance sheets for the business as of December 31, 2016 and 2017. (Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities.) 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the following information: During 2017, the owner invested $35,000 additional cash in the business and withdrew $19,000 cash for personal use. 3. Compute the 2017 year-end debt ratio (in percent and rounded to one decimal).

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 07:00

Imagine you own an established startup with growing profits. you are looking for funding to greatly expand company operations. what method of financing would be best for you?

Answers: 2

Answer

Business, 22.06.2019 08:10

Bakery has bought 250 pounds of muffin dough. they want to make waffles or muffins in half-dozen packs out of it. half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. it take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. how many of each should they make to maximize profit, if they have just 20 hours to do everything?

Answers: 3

Answer

Business, 22.06.2019 22:10

Atoy store has a new game in stock, but customers aren't buying it. which of the following types of inventory increases when customers aren't buying this game? a. work-in-process b. raw materials c. finished goods d. in-transit

Answers: 3

Answer

Business, 23.06.2019 13:50

Anthony wants to start making periodic investments in aretirement account. he will make a yearly contribution of$3,000 at the beginning of each year. the account will pay7.2% interest, compounded monthly. how much will hisaccount be worth after 35 years? $369,600$10,560$112,560$490,928.71

Answers: 2

Answer

You know the right answer?

The accounting records of Nettle Distribution show the following assets and liabilities as of Decemb...

Questions