Frambosa Ltd is currently preparing a cash budget for January to April. Its estimated sales figures (£) are as follows:Cash salesCredit salesJanuary10,5268,020Cash salesCredit salesTotalFebruary4,79011,667Cash receivable from cash and credit sales:(Round the answers for cash sales to the nearest £.)Cash sales are paid for immediately, and customers paying cash are given a 2% discount, but credit sales are invoiced to customers, who normally pay inthe following month. The closing trade receivables (debtors) at 31 December totalled £5,221.Show the relevant figures for sales to be included in the cash budget for January to April.JanuaryMarch6,7837,207FebruaryApril6,81612,247MarchC...April

Lets understand the basics. Budgets are prepared by management in order to estimate profit and loss…

Answered: Cash receivable from cash and credit…

Cash receivable from cash and credit sales: (Round the answers for cash sales to the nearest £.) Cash sales Credit sales Total January February March April

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Whittle Corp. for merchandise purchased August 28, $5,000, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $8,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Cloud Systems for merchandise purchased August 20, $6,100, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $7,000, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank. Page: 16 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Sept. 5 1 2 2…
The following extract from the cash book of Jon for the month of January shows thecompany’s bank transactions:RM RM01 Jan Balance b/f 600 18 Jan Ali 14513 Jan Uno 224 28 Jan PBA 7231 Jan Latif 186 30 Jan TNB 10931 Jan Balance c/f 6841,010 1,010…3/-3The company’s bank statement for the same period is as follows:Debit (RM) Credit (RM) Balance (RM)01 Jan Balance 63503 Jan Halim 35 60013 Jan Uno 224 82423 Jan Ali 145 67931 Jan Standing order 30 649Required:a. Prepare a corrected cash book using the information given above b. Draw up a bank reconciliation statement.
Finance Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual fee of $49 to complete this chart. In Month 1, there was a balance due of $3,000. The borrower will make a monthly payment of $200 and keep new purchases of goods and services at $115 per month for the year. Month 1 Calculate the interest for each month (balance x 1.5%). To obtain the balance for the next month, subtract the payment from the balance and add cost of new purchases plus monthly interest and fee. For example: $3,000 - $200 = $2800+ $115 + $94 = $3,009. (NOTE: The annual fee of $49 is paid only once.) 2 3 4 5 6 7 8 9 10 11 Interest rate: 18% (APR); 1.5% monthly 12 Balance $3,000 $3,009 $2,969.14 Payments $200 $200 Purchases $115 $115 E $49 $45 67-20112.2011 CARD WALICH FRACTORES 2017-12-221. PARTS TAPER Annual fee: $49 Interest & Fee $45.14 Interest & Fee (Cumulative) $94 $139.14 101
Suppose that your credit card activity for December looked like this: Date Activity December 5 $323 purchase December 10 $430 purchase December 15 $217 purchase December 20 $344 purchase December 25 $171 purchase What was your average daily balance for December? Round your answer to the nearest dollar.
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Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,100, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,300, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $200. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,700, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,800, terms 2/10, n/30. Payment is made within the discount period.
You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
ournalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Georgetown Inc. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Professional Partners for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period.
Its. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: teme 20X2 20X1 Average accounts receivable $ 400,000 S 416,000 Net credit sales $2,600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day year. is, an
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Account Type Opening Deposit Rate(APR) APY Checking – Variable Rate $0 0.25% 0.25% Money Market – Variable Rate $250.00 1.00% 1.01% Summer Cash - Variable Rate $0 0.99% 1.00% Holiday Cash – Variable Rate $0 0.75% 0.75% 6 Months – Fixed Rate $250.00 1.00% 1.00% 12 Months – Fixed Rate $250.00 1.00% 1.00% 18 Months – Fixed Rate $250.00 1.00% 1.00% 24 Months – Fixed Rate $250.00 1.00% 1.00% 30 Months – Fixed Rate $250.00 1.00% 1.00% 36 Months – Fixed Rate $250.00 1.25% 1.25% 48 Months – Fixed Rate $250.00 1.50% 1.50% 60 Months – Fixed Rate $250.00 1.50% 1.50% Use the table above: For the “Summer Cash Variable Rate” and “Money Market Variable Rate” check the APY. Do both of these appear t be printed correctly? a) Summer Cash - Variable Rate: APY = % (round to 2-decimal point in percent) b) Money Market - Variable Rate: APY = % (round to…
View Policies Current Attempt in Progress Vaughn Bikes Ltd. reports cash sales of $6,600 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (a) Oct. 1 (b) Oct. 1 eTextbook and Media List of Accounts