Prob Set Chapters 1&2

Read the following information to answer questions 2.1 - 2.2. LA Fashion has credit sales of $6,400,000 for the financial year ending June 30, 2021, and estimates at the end of the financial year that five per cent of accounts receivable will not be received. Accounts receivable total $3,100,000. The corporation uses the allowance method to account for bad debts, based on the percentage of receivables approach.

Problem 4-35 (LO. 2) Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If an amount is zero, enter "0". Gross Income Gross Income 2021 2022 On the morning of December 31, 2021, the taxpayer received a $1,500 a. check from a customer. The taxpayer did not cash the check until January 3, 2022. b. On the morning of December 31, 2021, the taxpayer received a $1,500 $4 $4 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2022, after the customer's salary check could be deposited. C. On December 31, 2021, the taxpayer received a $1,500 check from a $4 customer. The check was not received until after the bank had closed on December 31, 2021. The taxpayer did not cash the check until January 3, 2022.

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15.6A The following information relates to A. Trader's business: Assets and liabilities at 1 January 2019 31 December 2019 £ Fixtures 18,000 4,800 24,000 8,000 16,200 5,800 28,000 11,000 Accounts receivable Inventory Accounts payable Cash 760 240 Balance at bank Loan from B. Burton 15,600 6,000 4,600 2,000 16,000 Motor vehicle During the year, Trader had sold some of his personal investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use.

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Date May 17 May 21 Date May 17 Transaction amount REFLECTING What could Esmé have done to avoid this additional cost? May 21 $187.50 $104.19 Transaction emount $187.50 $104.19 REFLECTING Do all financial institutions charge the same interest rates for loans? Explain. 3. Esmé had three overdraft transactions in May. Each transaction cost $3, plus interest at 19%/yr, compounded daily. Her paycheque was deposited electronically on May 31. It covered all the overdrafts. a) Complete the chart to determine what Esmé paid. Time 15 d - d Time 15 d Total amount A=P(1 + d b) Suppose Esmé had a personal line of credit with interest at 9.5%/yr, compounded daily. Complete the chart. How much interest would she have paid? 1 = $ = $ Total amount A=P(1+1) Interest 1=A-P 1 = $ = $ - $187.50 Interest 1=A-P - $187.50 c) Should Esmé get a personal line of credit? Explain.

194 Chap ii. iii. "new" assets and liabilities transactions during 20x1 (you may use a compound enty po b. Prepare the statement of realization and liquidation. c. Compute for the ending balance of cash, d. Compute for the ending balance of the estate deficit sc I make a reconciliation for the computed cash balance. PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL Use the following information for the next two questions: Pitch Co. is undergoing liquidation. Information on Pitch G assets and liabilities is shown below: ASSETS Book value Assets pledged to fully secured creditors Realizable Free assets Assets pledged to partially secured creditors 1,000,000 1,300 500,000 3000 1,600,000 1,2800 LIABILITIES 3.100.000 2,880 Fully secured creditors Unsecured liabilities with priority 400,000 480 Partially secured creditors 1,000,000 1,050 650,000 650 1,400,000 3,450,000 1,400.0 3,58000 Unsecured creditors without priority L. What is the estimated recovery percentage of uns creditors without…

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CPPREP4005 Prepare to work with real estate trust accounts - ACT Fill in each blank space with the missing answer Your agency, Entry Real Estate, sold Guiseppe Butler's property at 143 Violet Place, Jacksonville for $800,000 to Sue Smith on the 1st November 2022. There was the usual, initial cash deposit of 0.25% on exchange of contracts. Four days later Sue paid the remaining balance of the 10% via bank transfer. Settlement funds were disbursed on the 8th December 2022 along with the agents 2% commission. Complete the following ledger with the correct information (ensure monetary values are written as follows: $0,000.00) BUTLER to SMITH Property: Date 01/11/2022 05/11/2022 Balance G Butler- Entry 04 Jacksonville Description % deposit % Receipt # Chq/Eft 101 107 funds 332 333 Method Cash Transfer EFT EFT $ Amount CPPREP4004-L....pdf Update: ? Show all X

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Bank Statement Responsible Bank 210 2nd Street 3. If Andre deposits $100 in this account after $ Checking Account Statement Page: 1 of 1 Anytown, MH 06930 buying the music player, will he still be in debt? How do Andre Person 1729 Euclid Ave Anytown, MH 06930 Statement Pernd 2017-10-01 to 2017-11.01 Accourt No. 1120635978 you know? Date Description Withdrawals Deposits Balance Your answer here 2017-10-03 Previous Balance 2017-10-05 Check Number 256 2017-10-06 ATM Deposit- Cash 2017-10-10 Wire Transfer 2017.10.17 Point of Sale Grocery Store 2017-10-25 Funds Transfer from Savings 2017.10-28 Check Number 257 2017-10-29 Online Payment Phone Services 39.87 11.37 56.37 18.46 203 52 03 10.03 6247 28.50 45.00 37.91 16.43 50.00 42 00 7250 %24

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Part 1. 1. If HHC has \$1,450 cash$500 of government Treasury bills purchased four months ago, $840 of cash set aside for its workers compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Part 2: 2. I established the fund by cashing a check from HHC for $265 made payable me. Record the transaction 3. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him. Record the transaction. 4. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid $59 cash to her. Record the transaction. 5. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $89. Record the transaction. 6. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $227, placing the cash into a locked cash…