An analysis of the Marketable Securities control account of Melville Markets, Inc., shows the following entries during the year. Balance, Jan. 1 Debit entries $ 260,000 280,000 (160,000) $ 380,000 Credit entries Balance, Dec. 31 In addition, the company's income statement includes a $35,000 loss on sales of marketable securities. None of the company's marketable securities is considered a cash equivalent. Compute the amounts that should appear in the statement of cash flows as: a Purchases of marketable securities. b. Proceeds from sales of marketable securities.
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ACCT 102
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- SolidCo’s balance sheet for the most recent year end is below. Current Assets Cash: 3,000Marketable securities: 600Accounts receivable: 6,000Less allowance for bad debt: –300Inventory: 1,200Total Current Assets: 10,500 Current Liabilities Accounts payable: 4,000Current portion of notes payable: 1,300Other current accrued expenses: 2,000Total Current Liabilities: 7,300 The quick ratio for this company is closest to:An analysis of R Corporation's Investment in Marketable Securities account during 20x6 disclosed the following: Debit Entries P175,000 Credit Entries P245,000 The company's come statement included a P35,000 gain on sale of marketable securities and P20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. 1. Cash Paid for the purchase of marketable securities 2. Cash proceeds recerved for the sale of marketable securities 3. Cash flow from operating activities 4. Cash flow from investing activities. Usc negative sign if your answer is net cash used.ABC Company provided the following account balance on December 31, 2020:Accounts payable and accruals 700,000Bonds payable 3,500,000Stock dividends payable, issuance in 2021 250,000Provisions 700,000Further analysis of ABC Company’s accounts revealed the following: Accounts payable and accruals included the following: Bank overdraft – BPI account, ₱40,000; ABC Company does not have any other account in BPI. Accrued expenses for utilities, ₱90,000. Bonds payable included the following: 6% term – bonds, maturity date January 1, 2021. 8% serial bonds, ₱2,000,000 of which 250,000 matures every December 31. 10%, term – bonds, maturity date January 1, 2026, recorded at face amount of ₱1,000,000; the bondswere issued on December 31, 2020 at a discount of ₱120,000 giving it a yield rate of 12% and wasrecorded as expense. PRELIM – ACT17 | M. MANAYAO,CPA 3 Provisions included the following: ₱500,000 representing the estimated cost to clean up a small lake due to contamination caused by…
- At the end of the reporting period, Michael Scott Company reports the following selected accounts and balances: Cash, $50,000 · Accounts Receivable, $42,000 Inventory, $28,000 Allowance for Doubtful Accounts, $12,000 Equipment (net of A/D), $100,000 Accounts Payable, $20,000 • Common Stock, $55,000 Premium on Bonds Payable, $16,000 Using the above information, answer the following questions: A) What is the company's current ratio? (Select] B) What is the company's quick (acid-test) ratio [Select)Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…
- The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 3,000,000 Cash Sale Sales on account Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? а. 2,700,000 b. 2,200,000 с. 3,500,000 d. 3,320,000
- San Antonio Corporation’s current assets and current liabilities section of the statement of financial position as of December 31, 20x1 appear as follows: Current assets Cash Accounts receivable P5,340,000 P2,400,000 Less: Allowance for doubtful accounts 420,000 4,920,000 Inventories 10,260,000 Prepaid expenses 540,000 Total current assets P18,120,000 Current liabilities Accounts payable P3,660,000 Notes payable 4,020,000 Total current liabilities P7,680,000 The following errors in the corporation’s accounting have been discovered: January 20x2 cash disbursements entered as of December 20x1 included payment of accounts payable amounting to P2,340,000, on which a cash discount of 2%…The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Υ3 20Υ2 20Υ1 Accounts receivable, end of year $725,000 $650,000 $600,000 Sales on account 5,637,500 4,687,500 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Υ3 20Υ2 1. Accounts receivable turnover 2. Number of days' sales in receivables days daysThe following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $725,000 $650,000 $600,000 Sales on account 5,637,500 4,687,500 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.