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Please see the attachment and help me choose the correct answer. #10 Mesquite, Inc. engaged in the following transactions during October: Performed services for cash
Please see the attachment and help me choose the correct answer.
#10 Mesquite, Inc. engaged in the following transactions during October: Performed services for cash $1,840 Performed services on credit 2,100 Purchased office supplies on account 800 Paid salaries in cash 900 Collected on account 600 Paid on account 400 What is the amount of cash still to be received? a. $400 b. $1,500 c. $2,300 d. $1,900 Use this information to answer the following question. The trial balance for Nowwick Company appears as follows: Nowwick Company Trial Balance December 31, 20x5 Cash Accounts Receivable $ 240 1,000 Prepaid Insurance 100 Supplies 300 Office Equipment 800 Accumulated Depreciation-Office Equipment $ 400 Accounts Payable 600 Common Stock 1,200 Service Revenue 1,000 Salaries Expense 200 Rent Expense 400 ________ $3,200 $3,200 If the estimated depreciation for office equipment were $350, the adjusting entry would contain a a. debit to Accumulated Depreciation-Office Equipment for $350. b. credit to Accumulated Depreciation-Office Equipment for $350. c. credit to Office Equipment for $350. d. credit to Depreciation Expense-Office Equipment for $350. Use this balance sheet and income statement to answer the following question. Use ending balances whenever average balances are required for computing ratios. National Textile Balance Sheet December 31, 20x5 Assets Current assets Investments Liabilities $12,000 2,000 Property, plant, and equipment 16,000 Intangible assets 10,000 Current liabilities Long-term liabilities Total liabilities $ 8,000 2,000 $ 10,000 Stockholders' Equity Common stock 30,000 Total liabilities and Total assets $40,000 stockholders' equity National Textile Income Statement For the Year Ended December 31, 20x5 Net sales Cost of goods sold Gross margin Operating expenses Net income $48,000 16,000 $32,000 22,400 $ 9,600 $40,000 The asset turnover for National Textile is a. 0.83 times. b. 1.00 times. c. 1.33 times. d. 1.20 timesStep by Step Solution
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