Singleako Company has the following data for the Month of December.November 30December 31Cash in bank Account Statement2,032,0003,160,000Bank Statement1,890,0002,900,000Bank Debits1,080,000Bank Credits?Book Debits?Book Credits1,440,000Outstanding ChecksDeposit in TransitCheck erroneously charged by the bank againstEntity's account (corrected in subsequent month)Bank service chargeNote recorded as cash receipt by the entity whenPlaced with bank for collection180,000592,00080,000498,00040,00050,0002,0004,000(Note is actually collected by the bank in subsequentMonth and credited by bank to entity's account in sameMonth)200,000300,000Required:Prepare four-column reconciliation showing the adjusted balances.Prepare adjusting entry/ies.

. Outstanding Checks have been added because the entity has already credited Bank a/c in books but…

Answered: 2,032,000 1,890,000 1,440,000 180,000…

Business

Accounting

2,032,000 1,890,000 1,440,000 180,000 80,000

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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25. R&R Construction Limited supplies for April 2024 was: • Construction services $500,000 (exempt VAT activity) • Electrical services $2,000,000 • Surveying services $300,000 • Export services$700,000 The VAT rate is 15% Material for construction work - $15,000 Material for electrical services - $52,500 Material for surveying services - $ 22,500 Purchase of staff uniform $4,950 The Net VAT Payable a. 250,050 b. 270,000 c. 325,050 d. 430,050
Over But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $113,900 + 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000 $18,333,333 _______ 35% $0 Refer to the table above: A firm has $12,000,000 in taxable income. What is the firm’s average tax rate?
10. Al the end of the year, Cosby Universit's held assets of $15.000,000 and 59,000,000 of tiabilites (including deferred revenues of $300,000). What Is Cramer's net assets balance? $5,700,000 B. $6,000,000 C. $6,300,000 D. $15,000,000
Multiple Choice $280,200 $305,200 $315,200 $214,000
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Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started during the month Units completed and transferred out during the month Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion How many units were started into production during the month? 6,000 60% 20% $ 78,200 $ 3,600 ? 70,000 $ 286,600 $ 216,000 8,000 75% 25%
The Draper Corporation is considering dropping its Doombug toy due to continuing losses. Data on the toy for the past year follow: Sales of 15,000 units Variable expenses Contribution margin $ 150,000 120,000 30,000 40,000 $ (10,000) Fixed expenses Net operating loss If the toy were discontinued, Draper could avoid $8,000 per year in fixed costs. The remainder of the fixed costs are not avoidable. Assuming all other conditions stay the same, at what level of annual sales of Doombugs (in units) should Draper be indifferent between discontinuing Doombugs or continuing the production and sale of Doombugs?
Exhibit 9-2The following data are projected for a possible investment project: 1 2 3 4 Revenues $130,000 $150,000 $170,000 $190,000 Cost of Goods Sold $ 32,000 $ 38,000 $ 44,000 $ 50,000 Depreciation $ 70,000 $ 50,000 $ 30,000 $ 10,000 EBIT $ 28,000 $ 62,000 $ 96,000 $130,000 Refer to Exhibit 9-2. The project requires an initial investment of $340,000. Working capital is anticipated to be variable at 13% of revenues; the working capital investment must be made at the beginning of each period, and will be recaptured in full at the end of year 4. The tax rate is 38%.What is the net cash flow to the firm in year 1? Group of answer choices $62,400 $86,760 $5,400 $84,760 $300
FIll in the blanks 1. _____ = 27,000 + 39,000 - 33,000 + 32,000 - 3,000 2. 51,000 = ____ + 28,000 - 6,000 + 7,000 - 12,000 3. 79,000 = 36,000 + ____ - 5,000 + 18,000 - 11,000
Part 1: Net Present Value (NPV) First, we need to calculate the annual cash flow. The net income is given, and since depreciation is a non-cash expense, we add it back to net income to find the cash flow: Annual Cash Flow = Net Income + Depreciation Annual Cash Flow = $200,000+ $200,000 Annual Cash Flow = $400,000 The project lasts for 8 years with an initial investment of $2,000,000. The NPV formula is: CE NPV - Initial Investment = t=1 where CF, is the annual cash flow, is the discount rate, and 12 is the number of years. NPV= 400,000 - 2,000,000 t=1 (1+0.10) Calculating each term: Year 1: Year 2: Year 3: 400,000 (1+0.10)1 400,000 (1+0.10)² 400,000 (1+0.10) 400,000 1.10 400,000 363, 636.36 330, 578.51 1.21 400,000 = 300, 525.98 1.331