The ending balance of cash on hand for January. Beta Corporation began operations on January 1with cash of $100,000. All of January's $200,000sales were on account. During January, nocustomer collections occurred. The cost of goodssold was $70,000, and there were no endinginventories or accounts payable.Use this information to determine the ending.balance of cash on hand for January.

Starting Cash Balance:The company began operations on January 1 with $100,000 in cash.Sales on…

Answered: Beta Corporation began operations on…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?
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Van Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 Charge sales Charge for goods out on consignment Shareholders' subscriptions 530,000 5,250,000 50,000 1,000,000 10,000 25,000 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposits on long-term contract Claim against common carrier Advances to supplier 5,000 500,000 400,000 300,000 Credits Collections from customers, including over payment of P50,000 Writeoff 5,200,000 35,000 25,000 15,000 50,000 Merchandise returns Allowances to customers for shipping damages Collection on carrier claim Collection on subscription What total amount of trade and other receivables should be reported under current 200,000 assets?
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