The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2018: Accounts payable $9,200 Accounts receivable 12,000 Cash 5,500 Common Stock 25,000 Dividends 10,000 Equipment 5,000 Interest expense 3,000 Note payable, due 8/31/20 60,000 Retained Earnings 15,000 Supplies 1,000 Service revenue 39,000 What are total current assets? Total current assets $ 17500 LINK TO TEXT What are total current liabilities? Total current liabilities $

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

You have just been hired as a financial analyst for barrington industries. unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. so, your first job will be to recreate the firm's cash flow statement for the year just ended. the firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. it earned $5 million in net income during the year but paid $800,000 in dividends to common shareholders. throughout the year, the firm purchased $5.5 million of machinery that was needed for a new project. you have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 6% interest rate. what was the firm's end- of-year cash balance? recreate the firm's cash flow statement to arrive at your answer

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning econ