UNK Corporation uses the following trial balance to prepare its annual financial statements.                               UNK Corporation                          Adjusted Trial Balance                           December 31, 2023   Drs Crs Accounts Payable   $45,000 Accounts Receivable $20,000   Accumulated Depreciation – Equipment   50,000 Allowance for Doubtful Accounts   1,000 Cash 64,500   Cash dividends 14,000   Common stock   150,000 Cost of goods sold 82,000   Depreciation expense 7,000   Equipment 250,000   Gain on sale of equipment   2,500 Merchandise inventory 24,000   Notes payable (due 9/30/30)   41,000 Prepaid rent 3,000   Retained earnings   32,000 Salaries and Wages expense 23,000   Sales returns & allowances 10,000   Sales revenue   184,000 Supplies 2,000   Unearned sales revenue   4,000 Utilities expense 10,000         TOTALS $509,500 $509,500 According to the table above, Total stockholders’ equity for the UNK Company at December 31, 2023 is:

The balance in the Accumulated Depreciation account represents

Selected comparative statement items for Willow Products Company are presented  below. All balance sheet items are as of December 31. Willow uses 365 days for a year when calculating financial ratios Current Year Previous Year Net credit sales 800,000 720,000 Cost of goods sold 480,000 440,000 Interest  expense 7,000 5,000 Net income 60,000 42,000 Accounts receivable 120,000 100,000 Inventory 85,000 75,000 Total assets 600,000 500,000 Total common stockholders’ equity 430,000 320,000 Willow Product Company’s return on common stockholders’ equity is:

Partridge Bookstore had 500 units on hand at January 1, costing $18 each. Purchases during the month of January were as follows:Date                               Purchases                                                                                                                  Jan 17                             250 @ $2025                                    250 @ $22                                                                                      Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.The cost of the inventory at January 31, under the FIFO method is:

Each of the following accounts is closed to Income Summary except

Selected comparative statement items for Willow Products Company are presented  below. All balance sheet items are as of December 31. Willow uses 365 days for a year when calculating financial ratios Current Year Previous Year Net credit sales 800,000 720,000 Cost of goods sold 480,000 440,000 Interest  expense 7,000 5,000 Net income 60,000 42,000 Accounts receivable 120,000 100,000 Inventory 85,000 75,000 Total assets 600,000 500,000 Total common stockholders’ equity 430,000 320,000 The average collection period for Willow Products Company for the Current Year is:

Selected comparative statement items for Willow Products Company are presented  below. All balance sheet items are as of December 31. Willow uses 365 days for a year when calculating financial ratios   Current Year Previous Year Net credit sales 800,000 720,000 Cost of goods sold 480,000 440,000 Interest  expense 7,000 5,000 Net income 60,000 42,000 Accounts receivable 120,000 100,000 Inventory 85,000 75,000 Total assets 600,000 500,000 Total common stockholders’ equity 430,000 320,000 The inventory turnover ratio for Willow Products Company for the Current Year is:

The maturity value of a $60,000, 8%, 3-month note receivable is

On August 3, Mountain Goats Tree service received cash from customers who were billed in July. The entry to record this transaction would include a

Hardy Company has current assets of $100,000, current liabilities of $90,000, long-term assets of $180,000 and long-term liabilities of $80,000. Hardy Company’s working capital and its current ratio are: