At September 1, 2010, Kern Enterprises reported a cash balance of $45,000. During the month, Kern collected cash of $15,000 and made disbursements of $25,000. At September 31, 2010, what is the cash balance? A. $25,000 credit B. $35,000 credit C. $60,000 debit D. $35,000 debit
Q: general accounting question
A: Step 1: Calculate the cost basis per share of the original 200 sharesStep 2: Determine the basis of…
Q: ??
A: (i): Maximize inventory levelsThis choice implies that a company uses the EOQ to optimize the…
Q: Using the weighted average method, calculate the equivalent units for January.
A: Concept: Weighted Average MethodThe weighted average method calculates equivalent units by…
Q: Compute the overhead cost
A: Detailed explanation:1. Predetermined Overhead Rate as a percent of direct labor :Predetermined…
Q: accounting SOLUTION WANT
A: The correct equation is:C. Ending inventory = Beginning inventory + Purchases - Cost of goods sold…
Q: Subject :- General Account
A: To calculate the net asset value (equity) of Middy Garden Services, we use the accounting equation:…
Q: hello tutor give me a answer general accounting
A: Step 1:First calculate the change in working capital: Change in working capital = Working capital,…
Q: The total cost that would be recorded on the job cost sheet for Job 593 would be:
A: To calculate the total cost for Job 593, we need to account for direct materials, direct labor, and…
Q: Use the following information to calculate cash paid for income taxes... Please answer the general…
A: Approach to solving the question: debitcredit58,00014,80012,500 70,50014,80055,700 or Income tax…
Q: I want to correct answer accounting questions
A: Step 1: Definitions of Current Ratio: A measure of liquidity that evaluates a company's ability to…
Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: A firm has inventory of $12,600, accounts payable of $11,900, cash of $990, net fixed assets of…
A: Explanation of Common-Size Percentage:The common-size percentage is a financial metric that shows a…
Q: Correct answer
A: Explanation of Direct Materials:Direct materials are the raw materials that can be directly traced…
Q: Need help with this general accounting question
A: Step 1: Define Cash Coverage RatioThe cash coverage ratio refers to the financial ratio that shows…
Q: Please provide solution for this general accounting
A: Step 1: Define Accounting EquationThe accounting equation is the foundation of the balance sheet and…
Q: West Company completes Job 107 which has a standard of 600 labor hours at a standard rate of $19.10…
A: Explanation of Labor Rate Variance:The Labor Rate Variance measures the difference between the…
Q: How many pounds of raw materials should be purchased in February on these general accounting…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: The full disclosure principle requires (a) Only material information to be disclosed (b) All…
A: Concept of Full Disclosure Principle:The full disclosure principle requires that financial…
Q: Answer this general accounting problem
A: Explanation of Gross Sales:Gross sales refer to the total revenue generated from the sale of goods…
Q: Expert need your help
A: Here's the breakdown of the options:Is created by law - This refers to legal obligations, not…
Q: Residual claims stark, inc. is obligated to pay its creditors 14300 very soon
A: The market value of shareholders' equity is calculated as the difference between the market value of…
Q: None
A: Step 1: Definition of Return on Assets (ROA) and Return on Equity (ROE)Return on Assets (ROA): This…
Q: The following information relates to the manufacturing operations of the Abbra Publishing Company…
A: Step 1: Understand the FormulaTo calculate the amount of raw materials purchased, we use the…
Q: Please given correct answer general accounting
A: Step 1: Definition of Contribution MarginContribution margin is the amount remaining from sales…
Q: i need this question answer general accounting
A: Step 1: Define Total asset turnoverIt represents the value of the sales concerning the company's…
Q: Hello tutor please provide correct answer general Accounting
A: Step 1: Define Return on EquityIn the domain of finance, the return on equity financial ratio gives…
Q: Manufacturing overhead costs of ?
A: Step 1: Define Manufacturing Overhead CostTo calculate manufacturing overhead costs, all the…
Q: Answer this general accounting problem
A: Step 1: Calculation of Book ValueBook Value = Cost - Accumulated DepreciationBook Value = $12,700 -…
Q: Answer? ? Financial accounting question
A: Step 1: Define Net IncomeNet profit is the ultimate result of the income statement of the company.…
Q: Assemblers at Schweitzer Engineering are categorized as: a. Product and direct material costs. b.…
A: Product Costs: These are expenses that are either directly or indirectly related to the production…
Q: The budget for the month ended .
A: Step 1: Marginal income per unit Marginal income per unit = Selling price per unit - Variable…
Q: Dung Corporation uses the FIFO method in its process costing system. The following data concern the…
A: Data GivenCost per Equivalent Unit:Materials: $18.55Conversion: $33.25Equivalent Units for Ending…
Q: Financial Accounting
A: Step 1: Identify Key Bond Components• Face value• Stated interest rate• Market yield• Issue price…
Q: want answer
A: Concept of Outstanding Checks:Outstanding checks are checks issued by a company or individual that…
Q: - Effects Manufacturing produces a pesticide chemical and uses process costing. There are three…
A: We are tasked with calculating the total number of equivalent units of production for conversion…
Q: Sub: accounting
A: Explanation of Stockholders' Equity:Stockholders' equity represents the residual interest that the…
Q: Financial Account
A: Here's a detailed explanation of how the equivalent units of production were calculated for the…
Q: Kindly help me with accounting questions
A: Step 1: Define Economic Order QuantityThe economic order quantity helps the traders to understand…
Q: General accounting
A: Step 1: Define SalesSales is an activity performed by the company which generates the highest level…
Q: asap answer no ai please. # general Account
A: Product Costs: These are expenses that are either directly or indirectly related to the production…
Q: do fast answer this general accounting question
A: Step 1:First calculate the change in working capital: Change in working capital = Increase in…
Q: Return on assets in 2023 ?
A: To calculate the Return on Assets (ROA), the formula is: ROA = Profit Margin on Sales × Asset…
Q: Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150…
A: Concept of FIFO (First-In, First-Out):FIFO is an inventory valuation method where the goods…
Q: Comfy Furniture has work in process inventory valued at $30,000 (60% complete) on March 1. During…
A: Concept of Work in Process Inventory: Work in process (WIP) inventory refers to partially completed…
Q: General Accounting
A: Step 1: Define Net SalesNet Sales refers to the company's total sales revenue after deducting…
Q: Tech Zone Store offers volume discounts: 0-100 units at $50 each, 101-200 units at $45 each, over…
A: To calculate the total purchase cost, consider the tiered pricing:First 100 units: $50 each →…
Q: General accounting
A: Question 1: Contribution Margin Ratio• Step 1: Calculate the Total Contribution Margin• Step 2:…
Q: Find the cost of goods manufactured
A: Explanation: In the given case, we are required to calculate the cost of goods manufactured from the…
Q: provide answer general accounting question
A: Step 1: Define Operating Cash Flow (OCF)Operating Cash Flow (OCF) refers to the cash generated by a…
Q: General Accounting 4.2
A: Definitions Related to the QuestionConcept of Financial StatementsFinancial statements are reports…
What is the cash balance
Step by step
Solved in 2 steps
- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?On May 31, 2017, Reber Company had a cash balance per books of $7,051.50. The bank statement from New York State Bank on that date showed a balance of $6,674.60. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $50.00 for the printing of additional company checks. 2. Cash sales of $632.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $682.00. The bank credited Reber Company for the correct amount. 3. Outstanding checks at May 31 totaled $882.25. Deposits in transit were $2,686.15. 4. On May 18, the company issued check No. 1181 for $692 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $629. 5. A $3,270.00 note receivable was collected by the bank for Reber Company on May 31 plus $90.00 interest. The bank charged a collection fee of $30.00. No…
- Below is information about Lisa Ltd’s cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70, and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: a dishonored cheque is written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 Required: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash…Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…
- On July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. (a) The bank service charge for July was $20.00. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. Checks outstanding on July 31 totaled $1,979.10. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List…At November 17, Icon Company has this bank information: cash balance per bank $6,950; outstanding checks $762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31, 2010.The actual cash received from the day’s cash sales was $27,214, and the amount indicated by the cash register total was $27,236. a. What is the amount deposited in the bank for the day's sales?$fill in the blank 1 b. What is the amount recorded for the day's sales?$fill in the blank 2 c. How should the difference be recorded? of $fill in the blank 4 should be recorded as d. If a cashier is consistently over or short, what action should be taken?
