Calculate the cash flow from operating activity
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- Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 April. The cash receipts journal showed total cash receipts of $585,408 for May. The cash payments journal showed total cash payments of $530,148 for May. The June bank statement reported a bank balance of $82,368 on 30 May. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank statement. A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $24 Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.…compute for the following...TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C.…
- The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.The following information has been extracted from the financial statements and notes of Spring Ltd. 2020 2019 Cash and Cash Equivalents 60,600 59,700 Account Receivable(net) 130,800 128,900 Account Payable 54,700 52,900 Revenue 780,000 750,000 Cost of Goods Sold 450,500 445,500 Profit 65,500 58,500 Inventory 234,700 215,300 Total assets 580,000 590,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 67,400 75,900 Based on the above information calculate the following ratios: 1) Return on assets for 2020. 2) Profit Margin ratio for 2020. 3) Debt to assets ratio for 2020. 4) Acid-test ratio for 2020. 5) Inventory Turnover ratio for 2020.What is the total gross sales for November 2020?
- Below is information about Adam Ltd’s cash position for the month of May 2020.1. The general ledger Cash at Bank account had a balance of $42,400 on 30 April.2. The cash receipts journal showed total cash receipts of $585,408 for May.3. The cash payments journal showed total cash payments of $530,148 for May.4. The June bank statement reported a bank balance of $82,368 on 30 May.5. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.6. Cash receipts of $20,180 for 31 May were not included in the May bank statement.7. A dishonoured cheque written by a client Jim Ltd, $2728. A credit for an electronic transfer from a customer of $1,2889. Interest earned, $8810. Account and transaction fees, $240.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 May.b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and…Consider the following financial data for Smith Corp.: Balance Sheet as of December 31, 2019 Cash $ 195,000 Accounts payable $ 94,000 Receivables 185,500 Short-term bank note 119,500 Inventories 214,500 Accruals 71,000 Total current assets $ 595,000 Total current liabilities $ 284,500 Long-term debt 462,500 Net plant & equip. 621,500 Common equity 469,500 Total assets $ 1,216,500 Total liab. & equity $ 1,216,500 Profit & Loss Statement for 2019 Industry Average Ratios Net sales $ 1,265,000 Current ratio 1.9× Cost of sales 986,500 Quick ratio 1.2× Gross profit $ 278,500 Days sales outstanding 64 days Operating expenses 166,500 Inventory turnover 3.3× EBIT $ 112,000 Total asset turnover 0.7× Interest expense 32,000 Net profit margin 9.1% Pre-tax income $ 80,000…In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of November 2023, the following data are summarized: Book debits for November, including October CM for note collected, P75,000-P850,000 Book credits for November, including NSF of P20,000 and service charge of P600 for October- P620,000 Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000-P700,000 Bank Debits for November including October outstanding checks of P200,720 and November service charge of P180- P650,000 What is the amount of outstanding checks for November?*
- TRESE Co. provided the following information about the composition of its cash on December 31. 2020: · Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI. · Money market fund account held by Citibank that permits Eastern to write checks in this balance, P5,000,000. · Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction) · A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets. · Petty cash fund, P10,000 What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020 statement of financial position?Below are the account balances prepared by the bookkeeper for Torres Company as of December 31, 2021: CashAccts receivable, net Php1,765,000 930,007 Inventories 750,000 Investments, cost 763,000 Additional information: a. Included in the cash account are the following: compensating cash fund legally restricted for withdrawal of P300,000; Cash for the retirement of bonds payable of P600,000; Contingency fund of P500,000; Three-months money market funds of P250,000; short term operating funds of P50,000; currencies and coins on hand in various denominations, P65,000. b. The receivable includes, among others; Customers’ account with credit balance of P45,000; Share subscription receivable of P100,000 collectibles within two years from initial recognition. Shares were originally subscribed on June 2, 2020. Also, it included a P600,000 (which had been past due for 6 months) charged to the account of an officer who at the moment is experiencing financial…On December 31, 2022, the cash account of AA Company shows the following composition: Petty cash fund, P180,000; Cash in bank (payroll fund). P2,000,000, Interest and dividend fund, P250,000; Tax fund, P120,000; Cash in bank (current account). P3,000,000; Certificate of deposit (terms 90 days), P1,000,000; Certificate of deposit (terms 180 days). P1.500,000; Cash in foreign bank-restricted, P500.000; Money market fund, (60 days), P500,000; Money market funds (6 months), P900,000; Customer's check dated February 15, 2021, P60,000: Customer's check dated December 30, 2020 returned for lack of funds, P40,000: A 30-day BSP treasury bill, P1,000,000; A 3-year BSP treasury bill acquired three months prior to maturity, P1 200,000; Sinking fund cash, P800,000,Contingent fund, P900,000 Fund for the acquisition of fixed asset, P500,000, Travelers checks, P60,000, and Cashiers' checks, What is the correct cash and cash equivalents balance to be reported by AA Company on P100,000. December…
