Refer to the information provided for IPOD Corporation. What amount should IPOD
ID: 2487868 • Letter: R
Question
Refer to the information provided for IPOD Corporation. What amount should IPOD report on in balance sheet for total assets? a. $2,000,000 b. $2,550,000 c. $2,100,000 d. $1,900,000 23. Refer to the information provided for IPOD Corporation. What is IPOD's retained earnings balance at the end of the current year? a. $ 500.000 b. $1,100,000 c. $ 400,000 d. $1, 200,000 24. Paradise Company reports the following information at December 31, 2012: What is Natural Company's Gross Profit? a. $ 6,100,000 b. $ 6,500.000 c. $ 5.500,000 d. $12,000,000 25. Which one of the following is a source of equity? a. Notes payable b. Accounts payable c. land d. Contributed capital 26. Which of the following accounts are normally reported as current liabilities on a classified balance sheet? a. Accounts payable and Prepaid insurance b. Interest payable and Interest receivable c. Income taxes payable and Salaries payable d. Capital stock and Accounts payableExplanation / Answer
Total assests = Total Liabilities Assets Cash $250,000.00 Property, Plant and equipment $900,000.00 Accounts receivable $500,000.00 Inventory $450,000.00 Total of assets $2,100,000.00 Liabilities and Shareholders equity Liabilities Long term debt $300,000.00 Accounts payable $100,000.00 Shareholders equity Capital stock $1,200,000.00 Retained earnings ($2100000-300000-100000-1200000) $500,000.00 Total Liabilities and Shareholders equity $2,100,000.00 22 Total assets =$2,100,000 Option c.$2,100,000 is correct 23 Retained earnings ($2100000-300000-100000-1200000) $500,000.00 Option a.$500,000 is correct 24 Gross profit = Sales-Cost of sales Gross profit = $18,000,000-$12,500,000 5500000 Gross profit = $5,500,000 Option c.$5,500,000 is correct 25 Contributed capital Option d. contributed capital is correct 26 Income taxes payable and salries payable Option c. Income taxes payable and salries payable is correct