2. The T-account of cash of Flax Company shows the following transactions:Account Name: CASHAccount No.: 1000DEBITCREDITJanuary 1, 2019P120,000payment to suppliersutility billssalaries of employeesacquisition of computersrent paymentspayment to suppliersloan paymentinterest paymentowner's drawing1/15sales1,00030,0002/23/164/156/17/18/312/3112/3112/3122,0002/18collection of receivables3/285/206/177/177,89035,00066,00030,000salescollection of receivables1,85035,0005,980salescontribution from owner9/110/1511/21proceed from bank borrowingcollection of receivables80,000200,00015,00015,75018,7807,500collection of receivables19,0005,000207,920total debits507,830total creditsDecember 31, 2019P299,910Determine the following:a. cash flow from operating activitiesb. cash flow from investing activitiesC. cash flow from financing activities

Calculation of total cash sales : Date Amount 15 January P1,000 28 March P1,850 17 June…

Answered: 2. The T-account of cash of Flax…

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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Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 days
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: QI $ 210 Sales 02 $ 270 Beginning receivables Sales Cash collections Ending receivables Q3 $ 330 a. Accounts receivable at the beginning of the year are $480. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 210 Q1 04 $480 210 Q2 Q2 270 b. Accounts receivable at the beginning of the year are $480. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. 270 Q3 Q3 330 330 Drair Q4 Q4 480 480 21.10 H
The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5 $101,477 Receipts from credit customers $93,457 Credit sales $57,133 Cash sales $14,086 Dishonoured cheques from credit customers $570 Contra with the trade payables ledger $9,040 Cash settlement discounts taken by customers $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730
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The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill - 60 days 6,000,000 BPI time deposit - 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 and postal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000 and an employee check for P6,000 dated January 31,2021. A check for P400,000 was drawn against Security Bank account, dated January 15,2021, delivered to the payee and recorded December 31,2020. The BPI time deposit is set aside for acquisition of land to be used as a factory site. 4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?
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nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
Cash and Cash Equivalent & Receivables The following transactions occurred between January to September 2021 for Westwood Corp.: 1. Certificate of deposits received $1,400,000 2. Cash advances made to Eastwood Corporation (a subsidiary of Westwood) $980,000 3. Advance deposit paid to Light and Power Corp. for electricity $600 4. Overdraft in special chequing account at same bank as regular chequing account $17,000 5. Petty cash fund $300 6. Coins and currency on hand $1,350 7. Postdated cheque from Mr. Blanc Chek (customer) $11,000 8. Certified cheque Tenor Inc. (customer) $9,800 9. Postage stamps on hand $620 10. Money market balance at mutual fund (fund has chequing privileges) $48,000 11. NSF cheque received from Mr. Black List (customer) $800 12. Cash advance received from Mr. Paul Prompt (customer) and not included in cash balance $900 13. Cash advance to two company executives payable on demand $7,000 14. Refundable deposit paid to a supplier of specialized drones to guarantee…
On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit 2,200,000 Undeposited collection 300,000 Time deposit-30 days 500,000 NSF check of customer 20,000 300,000 35-day money market placement due 1/28/2022 45-day commercial papers due 2/4/2022 80,000 Savings deposit in closed bank 50,000 IOU from an employee 150,000 Preferred redemption fund 400,000 Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) creditors on…

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