Based on the following data, determine the total assets.Balance Sheet and Cash Flow ItemsRent for the monthCash in checking accountSpending for foodCurrent value of automobileCredit card balanceAuto insuranceHome entertainment systemLunches/parking at workComputersClothing purchase$22,160$22,297$20,380$20,760$22,509$1,6101,4001,2707,9502643273,1802121,780137Monthly take-home salarySavings account balanceBalance of educational loanTelephone bill paid for monthLoan paymentHousehold possessionsPayment for electricityDonationsValue of stock investmentRestaurant spending$4,3402,7002,300831623,7501491661,400224

Total assets include all cash, property and equipment that have monetary value and can be sold and…

Answered: Based on the following data, determine…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 9PB: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...

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CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
Catherines 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?
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 $4,750
Calculate the following: (a) Determine the cash receipts for May based on the following data: Cash payments during May $44,360 Cash account balance, May 1 4,090 Cash account balance, May 30 8,740 $________ fill in the blank (b) Determine the cash received from customers on account during May based on the following data: Accounts receivable account balance, May 1 $13,680 Accounts receivable account balance, May 30 7,900 Fees billed to customers during May 28,260 $_______fill in the blank
Use the following items to prepare a balance sheet and a cash flow statement Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month Monthly take-home salary. Cash in chequing account Savings account balance. Spending for food. Balance of educational loan Current value of automobile Telephone bill paid for month Credit card balance Loan payment picture Click here for the Excel Data File Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ $ $ $ $ $ 1,038 2,850 1,828 2,360 470 2,978 8,490 85 301 163 Auto insurance Household possessions stereo equipment Payment for electricity Lunches/parking at work. Donations Home computer Value of stock investment Clothing purchase Restaurant spending $ 248 3,478 3,148 144 199 135 2,220 1,080 157 227
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase Balance Sheet and Cash Flows Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ 1,450 630 1,000 8,760 238 304 3,010 181 1,590 163 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $ 3,820 2,110 3,100 74 174 3,770 111 149 910 214
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $
Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Accounts Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $156,000 $58,800 $144,500 $41,300
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $7,010.20 4/10, n/30 $ $
Develop a flowchart for revenue cycle of 7-Eleven retail store containing their cash disbursement, payroll and fixed asset
Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Accounts Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $156,000 $58,800 $144,500 $41,300

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