Adobe PDFSignaturesFilescontParagraphStylesAdobe AcrobatVoiceSensitivityReuse Filesoblems1. Danka Corporation collected a $200,000 accounts receivable. What impact will this transactionhave on working capital? (Hint: Think of the horizontal equation entry for the collection ofaccounts receivable and what accounts that will impact)O Focus203%1:19 AMsearch50°F10/28/2021

Current assets: Current assets are all those assets that are expected to be sold or used as a result…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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EB1. LO 16.1 Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
5) Use the following information to calculate the company's accounting net income for the year. Sales on credit Sales (cash) Administrative Expenses Selling and marketing Expenses Interest Expenses Accounts Receivable (Beg. of Year) Accounts Receivable (End of Year) Accounts Payable (Beg. of Year) Accounts Payable (End of Year) Corporate Tax Rate $900,000 $900,000 $100,000 $800,000 $100,000 $50,000 $80,000 $50,000 $100,000 21%
19 )
If a company received $20,000 as a payment on accounts receivable and used the money to pay $20,000 on accounts payable, then: CIRCLE ONE: ૧. both assets and shareholders' equity would decrease by $20,000 b. both assets and liabilities would decrease by $20,000 C. assets would increase by $20,000 while liabilities would decrease by $20,000 d. liabilities would decrease by $20,000 while shareholders' equity would increase by $20,000
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)

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1. Danka Corporation collected a $200,000 accounts receivable. What impact will this transaction have on working capital? (Hint: Think of the horizontal equation entry for the collection of accounts receivable and what accounts that will impact)