Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current assets q, long-term assets q, $350,000

Current assets q, Long-term assets q, $350,000 Current liabilities...

60.1K

Verified Solution

Question

Accounting

Current assets q,
Long-term assets q,
$350,000
Current liabilities q,
800,000
Long-term liabilities q,
240,000
270,000
Additional information:
(a) Cash of $38,000 has been placed in a fund for the retirement of long-term debt.
The cash and long-term debt have been offset and are not reflected in the financial statements.
(b) Long-term assets include $50,000 in treasury stock.
(c) Cash of $14,000 has been set aside to pay taxes due. The cash and taxes
payable have been offset and do not appear in the financial statements.
(d) Advances on salespersons' commissions in the amount of $21,000 have been made. Also, sales commissions payable total $24,000. The net liability of $3,000 is included in Current Liabilities.
After making any necessary changes, what are the totals for Streamer's current assets and current liabilities
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

1 1 point What is the mean of this data set 38 52 54 48...

Finance
1.2K views

A project has cash flows of -$1,000. -$2,000, +$3,000, and +$4,000 in consecutive years. Your cost...

Biology
1.2K views

1. What effect does the forest canopy have on temperatures at or near the ground /water’s...

Psychology
1.2K views

Describe the study Pozzulo and Dempsey (2006) conducted on lineup instructions and the conclusions that can...

General Management
1.2K views

LEVERAGING A BRAND ASSET Dove In 1955, Unilever (then Lever Brothers) introduced Dove, which contained a patented, mild...

Biology
1.2K views

3 In 2018 a scientist in China who has since been fired announced that he...

Calculus
1.2K views

Question Determine the end behavior of the polynomial functions below 1 f x 3x7 4x6...

Algebra
1.2K views

6 5 4 3 2 1 6 y 54 3 2 H 2 1 2...

Accounting
1.2K views

Problem 2.28 Cost Assignment Methods Brody Company makes...

Accounting
1.2K views

da potom 135.000 ended December 31, 2021 Dance in cond conspi9.00 and 26.000 leur blanc...

Accounting
1.2K views

Zooms, a national manufacturer of lawn-mowing and snow-blowing equipment, segments its business according to customer...

Accounting
1.2K views

Home Page Layout Formulas Data Review View Calibri - 14 Custom Autosum Paste Wrap Text...