Cash Budget for October Beginning cash balance Add: Cash receipts Cash available Less: Payments For inventory purchases For S&A expenses Total budgeted payments Cash surplus (shortage) Will Havel need to borrow money during October? $ $ Yes 16,000 100,000 116,000 106,800 51,545 158,345 42,345
Q: manufactures video games that it sells for $43 each. The company uses a fixed manufacturing overhead…
A: As per the Honor code of Bartleby we are bound to give the answer of first three sub part only,…
Q: You are considering adding a new software title to those published by your highly successful…
A: The company may need to evaluate whether to continue with the old machine or replace the old machine…
Q: ate Type of Asset Lease is non-cancellable and meets the test for a finance lease Lease period and…
A: A lease is a contract in which a landlord (the lessor) offers the tenant (the lessee) the right to…
Q: The ending finished goods inventory should equal 30% of the following month's sales. The budgeted…
A: In this question, we need to compute the budgeted cost of sales for the month of September in order…
Q: Based on the adjusted trial balance below, which of the following journal entries is recorded…
A: Preparation of closing entries is a method used by the business entity to close its temporary…
Q: Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020.…
A: Available-for-sale securities seem to be the standard classification of securities in which firms…
Q: Vlada is planning on attending of University of Washington and is getting help from her grandparents…
A: The term "present value" (PV) refers to the value at the current time of a quantity of money or…
Q: Sales in Units 3,430 3,915 4,560
A: 1) Croy Inc. Production budget April May June July Sales units 3430…
Q: s Exercise 1-17 (Algo) Reporting cash flows and determining effects LO P2 For each transaction, (a)…
A: The statement of cash flows is very important because it indicates how the cash has changed during…
Q: P acquired 80% of the capital of S on 1 January 2021. At the year end 31 December 2021 the two…
A: Consolidation It means the combine assets, liabilities and other financial items of two or more…
Q: Abra Ltd sold an item of plant to its subsidiary Cadabra Ltd on 1 July 2017 for $50 000. The asset…
A: Elimination Entry: In order to make sure that the parent company's financial records accurately…
Q: Jian teaches elementary school history for the Metro School District. In 2022 they incurred the…
A: The qualified education expense deduction is the deductible expense eligible for AGI deduction.…
Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022.…
A: Self-employment tax refers to a tax that is paid by sole proprietors or small business owners to…
Q: In May of Year 1, Leo purchased an annuity contract fo The annuity was to pay Leo $9,000 on June…
A: Annuity - An arrangement between a person and the insurance company to make a number of smaller…
Q: Prance, Inc., earned pretax book net income of $800,000 in 2021. Prance acquired a depreciable asset…
A: Tax expense refers to an amount that is charged by an individual or corporation to the local, state,…
Q: In May of Year 1, Leo purchased an annuity contract for $108.000. The annuity was to pay Leo $9,000…
A: Annuity An annuity is a long-term investment provided by an insurance provider that is intended to…
Q: Exercise Six - 7 Subject: Work Space In The Home Costs During the current year, Jobul Krist has the…
A: The annual deduction that is claimed on depreciable assets in the Canadian tax system under the…
Q: Case X: Compute cash received from customers Sales $ 790,000 Accounts receivable, Beginning balance…
A: Statement of cash flow can be prepared either using direct method or indirect method. It helps in…
Q: An investment project has annual cash inflows of $3,700, $4,600, $5,800, and $5,000, for the next…
A: Discounted payback period refers to the number of years it takes for the present value of cash…
Q: debit and credit entries
A: Capital expenditures are one-time large purchases of long-term or fixed assets used for revenue…
Q: TB MC Qu. 4-68 (Algo) On August 1, 2024, Rocket Retailers adopted... On August 1, 2024, Rocket…
A: Discontinuing operation is basically a component of business entity which has been disposed of or it…
Q: Use the following information for the exercise (s) below LO P2 (Algo) [The following information…
A: Ernst consulting Ltd Income statement Revenue Consulting revenue 18350 Total Revenue (A)…
Q: Under a perpetual inventory system, is it necessary to take a physical inventory at the end of the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: . Question 7 of 15. Amina purchased and traded for various parts of crypto coins throughout 2021 and…
A: When a capital asset, such as stocks, bonds, real estate, or cryptocurrency, is sold for more than…
Q: Instructions Chart of Accounts General Journal Income Statement Balance Sheet Instructions Southeast…
A: Unrealized gain or loss are the amount either up or down on the securities purchased but not yet…
Q: Adjustments and Errors At the end of May, the first month of operations, the following selected data…
A: Accounting Equation is calculated using following equation -Assets = Liabilities + EquityEvery…
Q: The common shares of Twitter, Incorporated (TWTR) recently traded on the NYSE for $67 per share. You…
A: We have an ESOP in had. We need to find the value under different sets of assumptions. The…
Q: Selling, Allocated corporate costs Operating income Tax expense (@20%) After-tax income Gross margin…
A: Income Statement: It is a part of the financial statement of a company in which revenue and expenses…
Q: Enviro Company issues 8%, 10-year bonds with a par value of $270,000 and semiannual interest…
A: Bond represents the money borrowed by the company in order to fulfil its capital requirements. The…
Q: Wyalusing Industries has manufactured prefabricated houses for over 20 years. The houses are…
A: Return on investment (ROI) is one of the profitability ratio being used in business for determining…
Q: Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and…
A: Adjusted gross income means gross income from certain sources such as salary, investments, and so…
Q: Indicate whether the following types of interest are "Deductible" or "Nondeductible" as an itemized…
A: Itemized deductions are expenses that you can claim on your federal income tax return to reduce your…
Q: Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet…
A: Average Operating Assets :— It is calculated by dividing sum of beginning balance of operating…
Q: Samantha Co. is buildings a new hockey arena at a cost of $5.000.000. It received a down payment of…
A: The bond issue price is the sum of the present value of interests and maturity value. The present…
Q: Carla Vista Holdings Inc., a publicly listed company in Canada, ventured into construction of a mega…
A: IAS 40 is an International Accounting Standard that provides guidelines for accounting for…
Q: Laura received a 15 year loan of $240,000 to purchase a house. The interest rate or the loan was…
A: Data given: Loan=$240000 r=4% (compounded semi-annually) N=15 year nper=15*12=180 Working Note…
Q: Swifty Company expects to have a cash balance of $36,900 on January 1, 2022. Relevant monthly budget…
A: Cash Budget is a report prepared to anticipate the inflow and outflow of cash in the given future…
Q: The cash balance per books for Concord Company on September 30, 2020 is $10,758.93. The following…
A: In this question, we need to prepare bank reconciliation as on October 31. Bank reconciliation…
Q: n 2022, Nitai (age 40) contributes 10 percent of his $119,000 annual salary to a Roth 401(k) account…
A: A traditional 401(k) is a form of retirement savings plan that is sponsored by the business and…
Q: On January 1, 2023, the Bonita Company budget committee reached agreement on the following data for…
A: The budget is prepared to estimate the requirements for the future period. The budget helps to…
Qw.36
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- 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.Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
- On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Year: 1 Year Ago: 2 Years Ago: Numerator: 1 1 1 1 1 Current Ratio Denominator:1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
- The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…
- Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…(1) Debt and equity ratios. (2-a) Compute debt-to-equity ratio for the current year and one year ago. (2-b) Based on debt-to-equity ratio, does the company have more or less debt in the current year versus one year ago? (3-a) Times interest earned. (3-b) Based on times interest earned, is the company more or less risky for creditors in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Numerator: Numerator: Debt Ratio 1 1 Equity Ratio 1 1 1 1 Required 1 Denominator: Denominator: = = = Required 2A > Debt Ratio Debt ratio % % Equity Ratio Equity ratio % %help me