Cash 12,582 Accounts receivable 155,865
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A: Prepare a bank reconciliation statement.
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A: working notes : Cash a/c beginning and ending =$8,276-$8,262=$14
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A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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A: Given, Actual cash receievd = $37,650 Amount indicated by cash register = $37,653
Q: [The following information applies to the questions displayed below.] The December bank statement…
A: Working Note; Outstanding checks = 50+5700 = 5750
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A: Journal: Journal is the method of recording monetary business transactions in chronological order.…
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A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…
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A: Closing cash balance = Beginning cash balance + Cash receipts - Cash payments
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A: Introduction: Bank reconciliation statement: To Reconcile between the cash and pass book balances…
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A: In the banking scenario, the account and mirror account having the opposite sign the process…
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A: A cash receipts journal is a type of journal that is used to record cash that a company receives…
Q: why 13,000 in cash in bank
A: Current assets is part of asset side of balance sheet. Current assets are those which convertable…
Q: The Cash Receipts Journal of the Company shows the following accounts and account balances:•Sales P…
A: Solution Given Sales P 125,000 Accounts receivable 65,000 Sundry accounts (credit) 1,802,650 Sales…
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A: Notes payable is a form of amount borrowed or taken out from some other person. This is a liability…
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A: Current asset are include those cash equivalent, stock, inventory and other liquid asset
Q: current ratio.
A: Current ratio = Total current assets/Total current liabilities
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A: Introduction: Bank reconciliation statement: To reconcile the difference between bank book and cash…
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A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
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A: cash receipt journal records cash receipt from the cash sales, receipt from accounts receivable and…
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A: Cash receipt journal: Cash receipt journal are used to record all the transaction which involves…
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A: A cash budget is essentially a budget that showcases a summary report on cash receipts and cash…
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A: Adjusted cash balance = balance per books + credit memo - NSF check
Q: Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash…
A: The question is related to Journal Entry. The details of transaction is given.
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A: Cash balance as per cash receipt journal = sales + accounts receivable + sundary accounts
Q: In which account do businesses follow the collections made by credit cards? A) 100
A: When sales is being made by the business, sometimes cash is being received immediately and sometimes…
Q: A company reported the following information: Accounts receivable, December 31, 2023: $122,000…
A: Cash collected from customers represents the amount collected by the company from the accounts…
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A: Allowance for uncollectible accounts = gross receivable balance x 16% = $42,500 x 16% = $6,800
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A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
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A: Bank reconciliation statement is used to determine the differences between the bank statement…
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A:
Q: Review the information below: Cash balance per bank is $7,338. Bank service charge $40 Cash balance…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
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- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.Prepare an income statement using the following information for CK Company for the month of February 2019.Income statement and balance sheet
- A comparative balance sheet for Stokely, Inc., on December 31, 2022 and 2021, follows. Additional information about the firm’s financial activities during 2022 is also given below. STOKELY, INC.Comparative Balance SheetDecember 31, 2022 and 2021 Assets 2022 2021 Cash $ 149,900 $ 73,500 Accounts Receivable (Net) 130,600 80,600 Merchandise Inventory 47,600 44,000 Property, Plant, and Equipment 250,000 200,000 Less: Accumulated Depreciation (40,000 ) (20,000 ) Total Assets $ 538,100 $ 378,100 Liabilities and Stockholders' Equity Liabilities Accounts Payable 57,000 77,000 Bonds Payable 160,000 110,000 Total Liabilities $ 217,000 $ 187,000 Stockholders' Equity Common Stock ($1 par, 100,000 shares authorized, 60,000 shares issued in 2021 and 30,000 shares issued in 2022) 90,000 60,000 Retained Earnings…The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also. ARDUOUS COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 142 $ 100 Accounts receivable 209 232 Investment revenue receivable 25 23 Inventory 226 219 Prepaid insurance 23 32 Long-term investment 213 144 Land 235 169 Buildings and equipment 437 438 Less: Accumulated depreciation (117 ) (158 ) Patent 53 56 $ 1,446 $ 1,255 Liabilities Accounts payable $ 69 $ 103 Salaries payable 25 37 Interest payable (bonds) 27 23 Income tax payable 31 38 Deferred tax liability 49 27 Notes payable 33 0…The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…ll.Prepare a well-written analysis of each financial statement using appropriate business/accounting vocabulary.
- Please show proper steps and explain the steps also.The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 2019 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $337,500 $254,100 Temporary investments 360,200 278,400 Accounts and notes receivable (net) 331,300 303,500 Inventories 463,100 376,200 Prepaid expenses 173,900 107,800 Total current assets $1,666.000 $1,320,000 Accounts payable $284,200 $308.000 Accrued liabilities 205,800 132,000 Total current Fabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 %24 Working capital Current ratio Quick ratioAs per the latest annual report, the following information is made available from the financial statements of ABC Inc. for the year 2019. Sales COGS EBIT EBITDA Interest Expense Net Income Total Debt Total Assets. Particulars Net Fixed Assets Total Equity Current Assets Current Liabilities Cash & Cash Equivalents Accounts Receivables Inventories Accounts Payable Required: Amount (in millions) Current Ratio Quick Ratio Cash Ratio Debt to Equity Ratio Debt Ratio Receivables Turnover Ratio Inventory Turnover Ratio. Gross Margin Operating Profit Margin Net Margin £250,174 £151,782 £53,930 (a) You are required to calculate the following ratios: £66,477 £3,576 £45,256 £98,047 £328,516 £27,378 £80,488 £152,819 £95,718 £38,844 £12,926 £4,106 £46,236 b) After calculating all 10 ratios, explain how the above results can aid ABC Inc's decision making process.