AMonth in the Life of a Faculty from cash vs. accrual accounting perspectiveThe Faculty provides web design services to a number of clients and has been using the cash basis of accounting. It useda spread-sheet to keep up with thebusiness's cash receipts and payments. Total cash on hand increased by $15732.70 (from $7911.12 to $23643.82) during the month.Cash balance Revenue Payroll RentServer Admin7911.127211.12700.006655-99555-1315655-999000.0014448.101207.8913031.881416.2216577.113545-2315533.121043-9927321.5711788.4526621.577028121.571500.0027821.57300.027322.58498.992364:3678.7625833.68 5978.76300.00 1915.212807.01The following additional information is gathered in the process of preparing the accrual-based income statement: Time left 0:18:23- The $9o00 deposit on April 7 was an advance payment for work to be performed equally during April, May, and June.The $11788.45 deposit on April 20 was collection of an account for which the work was performed during January and February.During April, services valued at $2000 were performed and billed, but not yet collected.Expenses:Payroll -- The $70o payment on April 3 related S650 to the prior month. An additional $350 is accrued by the end of April, but not paid.- Rent -- The amount paid corresponded to the amount used.Server -- The $1416.22 payment on April 15 related $500 to prior month's usage.Administrative -- An additional $600 is accrued by the end of April, but not paid.Fill in the boxes to prepare the cash-basis and accrual-basis income statement (IS), by using the information from the spread-sheet and the additionalinformation provided.NOTE! All numbers should be fill in using z decimals (ex. 300.00)Cash-basis ISAccrual-basis ISRevenues - Total25833.682000Services to customers11788.452000Expenses - Total12150.98950Payroll6628.76350Rent300Server2415.21Administrative2807.01бооResult

Income statement: The income statement is the most important part of the financial statement. this…

A Month in the Life of a Faculty from cash vs. accrual accounting perspective The Faculty provides web design services to a number of clients and has been using the cash basis of accounting. It used a spread-sheet to keep up with the business's cash receipts and payments. Total cash on hand increased by $15732.70 (from $7911.12 to $23643.82) during the month. Cash balance Revenue Payroll Rent Server Admin 7911.12 7211.12 6655.99 15655.99 9000.00 14448.10 13031.88 16577.11 3545-23 15533.12 27221.57 11788.45 700.00 1416.22 555-13 1207.89 1043.99

A Month in the Life of a Faculty from cash vs. accrual accounting perspective The Faculty provides web design services to a number of clients and has been using the cash basis of accounting. It used a spread-sheet to keep up with the business's cash receipts and payments. Total cash on hand increased by $15732.70 (from $7911.12 to $23643.82) during the month. Cash balance Revenue Payroll Rent Server Admin 7911.12 7211.12 6655.99 15655.99 9000.00 14448.10 13031.88 16577.11 3545-23 15533.12 27221.57 11788.45 700.00 1416.22 555-13 1207.89 1043.99

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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Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $100,600 April 92,600 May 84,300 Depreciation, insurance, and property taxes represent $21,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 60% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March 100,600 X Paid in April April expenses: Paid in April Sign out V O 11:07
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As an assistant financial manager for Taring Jitu Sdn Bhd, you are required to measure the firm's cash conversion cycle, operating cycle, production cycle, collection cycle, and payment cycle on one of your manufacturing products. The Board of Director will rely on your result to help them to make a decision. Below is the necessary information for the most recent fiscal year prepared by your accountant and puts together into table: Cash sales RM 650,000 Credit sales RM 970,000 Total sales RM 1, 620,000 Cost of goods soldRM 1,010,000 Ending Balance Beginning Balance Accounts receivable RM 52,000 RM 48,000 Inventory RM22, 500 RM 18, 800 Accounts payable RM21,000 RM 17,100 By using above data, measure the cash conversion cycle.
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Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice $545,000. $651,000. $589,000. $620,000.
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