1 answer

2. The adjusted trial balance of Melanie O'Mallie Dance Studio Company follows: (Click the icon to...

Question:

2. The adjusted trial balance of Melanie OMallie Dance Studio Company follows: (Click the icon to view the adjusted trial baStockholders Equity Print (19) (20) 1121) (22) Requirement 2. Compute OMallies current ratio at August 31, 2018. One yearPrint Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense 1,100 400 500 1,100 Utilities Expense $ 7(6) Print O Current Assets: Current Liabilities: Property, plant, and Equipment: O Long-Term Liabilities: Total Assets TotalPrint (14) O Accounts Payable Accumulated Depreciation-Equipment O Cash Common Stock Depreciation Expense Dividends Equipment(21) O O Current Assets: Current Liabilities: Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Curre

2. The adjusted trial balance of Melanie O'Mallie Dance Studio Company follows: (Click the icon to view the adjusted trial balance.) Print Read the requirements? Requirement 1. Prepare the classified balance sheet of Melanie O'Mallle Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. Melanie O'Mallie Dance Studio Company Balance Sheet August 31, 2018 Assets (6) Less: (8) (9) |(10) Liabilities (11) (12) (13) (14) (15) (16) (17) (18)
Stockholders' Equity Print (19) (20) 1121) (22) Requirement 2. Compute O'Mallie's current ratio at August 31, 2018. One year ago, the current ratio was 1.76. Indicate whether O'Mallie's ability to pay current debts has improved, deteriorated, or remained the same. Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) (23) (24) = Current ratio Since the current ratio was 1.76 one year ago, the company's ability to pay its current debts has (25) 1: Data Table Melanie O'Mallie Dance Studio Company Trial Balance August 31, 2018 Balance Account Title Debit Credit Cash $ 16,000 Office Supplies 1,800 Prepaid Rent 1,500 Equipment 49,000 Accumulated Depreciation-Equipment 5,700 Accounts Payable 4.800 Salaries Payable 100 Unearned Revenue 5,000 Notes Payable long-term) 5,400 Common Stock 18.000 Retained Earnings 19.000 Dividends 1.100 Service Revenue 18,100
Print Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense 1,100 400 500 1,100 Utilities Expense $ 76,100 $ 76,100 Total 2: Requirements 1. Prepare the classified balance sheet of Melanie O'Mallie Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. 2. Compute O'Mallie's current ratio at August 31, 2018. One year ago, the current ratio was 1.76. Indicate whether O'Mallie's ability to pay current debts has improved, deteriorated, or remained the same. (1) O Current Assets: Current Liabilities: O Property, Plant, and Equipment: Long-Term Liabilities: O Total Assets Total Current Assets 0 Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (2) O Accounts Payable O Accumulated Depreciation O Cash Common Stock Depreciation Expense Dividends O Equipment Notes Payable (long-term) Office Supplies O Prepaid Rent O Rent Expense O Retained Earnings O Salaries Expense O Salaries Payable O Service Revenue Supplies Expense Unearned Revenue Utilities Expense Equipment (3) O Accounts Payable Accumulated Depreciation Equipment O Cash O Common Stock Depreciation Expense Dividends O Equipment O Notes Payable (long-term) O Office Supplies O Prepaid Rent O Rent Expense O Retained Earnings Salaries Expense O Salaries Payable O Service Revenue Supplies Expense Unearned Revenue O Utilities Expense 0000 0000 (4) O Accounts Payable Accumulated Depreciation-Equipment O Cash O Common Stock Depreciation Expense Dividends O Equipment Notes Payable (long-term) O Office Supplies O Prepaid Rent O Rent Expense O Retained Earnings Salaries Expense Salaries Payable O Service Revenue Supplies Expense Unearned Revenue Utilities Expense (5) O O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: Long-Term Liabilities: O Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity
(6) Print O Current Assets: Current Liabilities: Property, plant, and Equipment: O Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity O Accounts Payable Accumulated Depreciation-Equipment Cash Common Stock O Depreciation Expense Dividends O Equipment O Notes Payable long-term) O Office Supplies O Prepaid Rent O Rent Expense O Retained Eamings O Salaries Expense Salaries Payable Service Revenue Supplies Expense Unearned Revenue Utilities Expense (8) O Accounts Payable Accumulated Depreciation O Cash Common Stock Depreciation Expense Dividends O Equipment O Notes Payable long-term) O Retained Eamings Office Supplies O Salaries Expense O Prepaid Rent Salaries Payable O Rent Expense Service Revenue Supplies Expense Unearned Revenue Utilities Expense Equipment (9) O O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: Oo O Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (10) O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (11) O O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: O Long-Term Liabilities: Total Assets Total Current Assets 0 Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (12) O O Accounts Payable Accumulated Depreciation O Cash Common Stock Depreciation Expense Dividends O Equipment Notes Payable (long-term) O Office Supplies O Prepaid Rent O Rent Expense Retained Earnings O Salaries Expense O Salaries Payable Service Revenue Supplies Expense Unearned Revenue Utilities Expense Equipment (13) O Accounts Payable Accumulated Depreciation-Equipment Common Stock Depreciation Expense Dividends O Notes Payable (long-term) Office Supplies Prepaid Rent Retained Earnings O Salaries Expense Salaries Payable Supplies Expense Unearned Revenue Utilities Expense Gaumont Santino POLODU
Print (14) O Accounts Payable Accumulated Depreciation-Equipment O Cash Common Stock Depreciation Expense Dividends Equipment Notes Payable (long-term) Office Supplies O Prepaid Rent Rent Expense O Retained Earnings O Salaries Expense Salaries Payable O Service Revenue Supplies Expense Unearned Revenue Utilities Expense (15) O O Current Assets: O Current Labilities: O Property, Plant, and Equipment: O Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (16) O O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (17) O O Accounts Payable O Accumulated Depreciation-Equipment Cash Common Stock O Depreciation Expense Dividends O Equipment Notes Payable (long-term) Office Supplies O Prepaid Rent O Rent Expense Retained Earnings Salaries Expense O Salaries Payable O Service Revenue Supplies Expense Unearned Revenue Utilities Expense (18) O O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: O Long-Term Llabilities: Total Assets Total Current Assets 0 Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (19) O O Accounts Payable Accumulated Depreciation O Cash Common Stock Depreciation Expense Dividends Equipment O Notes Payable (long-term) Office Supplies O Prepaid Rent O Rent Expense O Retained Earnings O Salaries Expense Salaries Payable O Service Revenue O Supplies Expense Unearned Revenue Utilities Expense Equipment (20) O O Accounts Payable Accumulated Depreciation-Equipment O Cash Common Stock Depreciation Expense Dividends Equipment O Notes Payable (long-term) O Office Supplies O Prepaid Rent O Rent Expense Retained Earnings Salaries Expense O Salaries Payable O Service Revenue Supplies Expense Unearned Revenue Utilities Expense (21) O Current Assets: O Current Liabilities: O Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity
(21) O O Current Assets: Current Liabilities: Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities O Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity (23) O (22) O O Current Assets: Current Liabilities: Property, Plant, and Equipment: Long-Term Liabilities: Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Stockholders' Equity Total Property, Plant, and Equipment Total Stockholders' Equity Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total stockholders' equity (24) O O Total assets Total current assets O Total current liabilities Total liabilities Total liabilities and stockholders' equity Total stockholders' equity (25) O O deteriorated. improved O remained the same.

Answers

Melanie OMallie Dance Studio Company Balance Sheet December 31, 2018 Assets Current Assets Cash Office Supplies Prepaid RentReg 2 Total Current Assets/Total Current Liabilities = Current Ratio 19,300/ 9,900 = 1.95 Calculation =19,300/9,900 Since cur

18,100 Melanie OMallie Dance Studio Company Income Statement Year Ended August 31, 2018 Revenues Service Revenue Expenses Sa

.

Similar Solved Questions

1 answer
A triangle has corners at #(6, 3 )#, ( 8, -2)#, and #(1, -1 )#. If the triangle is reflected across the x-axis, what will its new centroid be?
A triangle has corners at #(6, 3 )#, ( 8, -2)#, and #(1, -1 )#. If the triangle is reflected across the x-axis, what will its new centroid be?...
1 answer
3. Consider a paging system with the page table in memory. A. If a memory reference takes 100 nanoseconds, how long does...
3. Consider a paging system with the page table in memory. A. If a memory reference takes 100 nanoseconds, how long does a paged memory reference take? B. If we add TLBs, and 75 percent of all page-table references are found in the TLBs, what is the effective memory reference time? (Assume that fin...
1 answer
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Cash 71,000 186,000 127,000 37,000 217,000 42,000 18,000 282,000 ,570,000 639,000 154,000 42,000 260,000 14,000 Short-term inveatmenta Accounta receivable Long-term investment Inventorien ...
1 answer
Y (1 , xy) dx = (x + ²y ²) dy =
y (1 , xy) dx = (x + ²y ²) dy =...
1 answer
A woman decides to put a lump sum of money into a certified deposit for 3...
A woman decides to put a lump sum of money into a certified deposit for 3 years earning a monthly interest rate of 0.75%. She wants to have $2,800 to go on a cruise through the Mediterranean. How much money does she need to put into the certified deposit? b) Draw the cash flow diagram. b) What is th...
1 answer
The shareholder's equity section of the statement of Financial Position of Riley Ltd at 31 August...
The shareholder's equity section of the statement of Financial Position of Riley Ltd at 31 August 2018 shows the following: Contributed Equity Land Revaluation Reserve Foreign currency translation reserve Retained Earnings 2018 160,000 40,000 60,000 160,000 The following information relates to t...
1 answer
Use electron pushing/arrow formalism that shows the formation of your proposed product in the previous problem.
Use electron pushing/arrow formalism that shows the formation of your proposed product in the previous problem....
1 answer
Case Study 2 Ms. L, a 19-year-old woman with no previous medical history, was involved in...
Case Study 2 Ms. L, a 19-year-old woman with no previous medical history, was involved in a serious automobile accident in which her best friend died. Examination by EMT personnel first on the scene revealed she had only minor scrapes and bruises and no sign of head trauma. While en route by ambulan...
1 answer
Suppose you plan to retire at age 70, and you want to be able to withdraw...
Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $95,000 per year on each birthday from age 70 to age 100 (a total of 31 withdrawals). If the account which contains your savings earns 6.8% per year simple interest, how much money needs to be in the account by th...
1 answer
Please answer these two questions A) Do these two graphs support the theory as summarized in...
please answer these two questions A) Do these two graphs support the theory as summarized in (8)? Explain what it is about the plots that let you say this?. B) Does (8) make sense? To answer this, discuss the physics of why the electrons deflect more or less for each of the two trials. That is, what...
1 answer
(a) If y1 = (2.50 cm)sin[(3.25 cm–2)x - (1.85 s-2)t] and y2 = (3.25 cm)sin((2.40 cm-?)X...
(a) If y1 = (2.50 cm)sin[(3.25 cm–2)x - (1.85 s-2)t] and y2 = (3.25 cm)sin((2.40 cm-?)X + (1.25 s=1)t] represent two waves moving toward each other on a string, find the superposition of the two waves at x = 1.45 cm and t = 2.45 s. cm (b) Now consider the same two waves on the same string. If ...
1 answer
In a sample of n = 30 selected from a normal population, X=57 and S=20, what...
in a sample of n = 30 selected from a normal population, X=57 and S=20, what is your statistical decision if the level of significance, a, is 0.10, the null hypothesis, Hois - 50, and the alternative hypothesis, Hy is 750? Click here to view page 1 of the table of the critical values of Click here t...
1 answer
E. 33 J 22. What is the change in internal energy of the system (AU)if I1...
e. 33 J 22. What is the change in internal energy of the system (AU)if I1 k of heat energy is evolved by the system and 7 kJ of work is done on the system for a certain process? 23. I g -75 kJ and w 62 kJ for a certain process, that process a. requires a catalyst. b. is endothermic c. occurs slowly ...
1 answer
Billings Company has the following information available for September 2017. Unit selling price of video game...
Billings Company has the following information available for September 2017. Unit selling price of video game consoles $440 Unit variable costs $308 Total fixed costs $59,400 Units sold 660 Compute the unit contribution margin. AND Prepare a CVP income statement that shows both tot...
1 answer
HELP PLEASE
You are investigating an elevatoraccident which happened in a tall building.An elevator inthis building is attached to a strong cablewhich runs over apulley attached to a steel support in the roof.The other endof the cable is attached to a block of metal called a counterweightwhich hangsfreely.An el...
1 answer
4.3.4. (a) In the Poincaré model using the unit circle graph the Saccheri quadrilateral de- scrib...
4.3.4 parts a,b,c 4.3.4. (a) In the Poincaré model using the unit circle graph the Saccheri quadrilateral de- scribed as follows. The base is on y 0, the two sides are on [x(5/3)] +y (4/3)2, and the summit is on x2 + [y (5/3)]?- (4/3). Explain why the sides are perpendicular to the base. W...
1 answer
The sum of three times a number and 7 more than the number is the same as the difference between -11 and twice the number
The sum of three times a number and 7 more than the number is the same as the difference between -11 and twice the number. Find the number....