ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable TOTAL Р Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Fumiture Transportation Equipment Acc. Dep. – Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 4,002,200 Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2,600 1,300 2,600,000 4,002,200

ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable TOTAL Р Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Fumiture Transportation Equipment Acc. Dep. – Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 4,002,200 Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2,600 1,300 2,600,000 4,002,200

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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Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Credit balances of P1,500,000 Inventory Bond sinking fund Total current assets 21,050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2,000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
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…
Prepare adjusting journal entries to reconcile the book and bank balances
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C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <
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Is this correct in preparing for a proof of cash?
ASSIMILATION · ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. - Furniture Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 4,002,200 P Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 4,002,200