During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?
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- The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…A company's January 1, 2014 balance sheet reported total assets of $163,000 and total liabilities of $66,500. During January 2014, the company completed the following transactions: (A) paid a note payable using $16,500 cash (no interest was paid); (B) collected a $15,500 accounts receivable; (C) paid a $6,300 accounts payable; and (D) purchased a truck for $6,300 cash and by signing a $26,500 note payable from a bank. The company's January 31, 2014 balance sheet would report which of the following? Assets Liabilities Stockholders' EquityThe comparative balance sheet of Sloan company reveal that accounts receivable (before deducting allowance) increased by $15,000 in 2016. During the same period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016nand bad debt expenses were 2% of sales, how much cash was collected from customers during the year? Please show the work.
- Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment 10,500 8,100 245,400 Accumulated Depreciation Office Equipment 166,800 Store Equipment 766,100 Accumulated Depreciation-Store Equipment 245,400 Accounts Payable 166,800 Salaries Payable 10,800 Customer Refunds Payable 10,000 Estimated Coupons Payable 3,000 Note Payable (final payment due in 20 years) 357,500 61,400 491,600 66,800 Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense $111,500 297,400 339,000 5,000 4,085,000 2,362,800 Insurance Expense Depreciation Expense- Office Equipment Office Supplies Expense Miscellaneous Administrative Expense Interest Expense Required: 1. Prepare…Newman Consulting Company maintains its records on a cash basis. During 2016 the following cash flows were recorded: cash received from customers, $420,000; and cash paid for salaries, utilities, and advertising, $240,000, $35,000, and $12,000, respectively. You also determine that customers owed the company $52,000 and $60,000 at the beginning and end of the year, respectively, and that the company owed the utility company $6,000 and $4,000 at the beginning and end of the year, respectively. Determine accrual net income for the year.
- Mr. Slipshod started business as a provision merchant on 1st January, 2013. He opened a Bank Account for the business with $ 25,000 and immediately spent $ 12,500 on Fixtures and Fittings. The only records kept were of cash sales which amounted in 2013 to $ 37,500 and in 2014 to $ 45,000. There were no credit sales. Following facts were ascertained : (a) All expenses of the business had been met by cheques, and an analysis of the Bank Book showed the following payments in the two years : Purchases (of which $ 37,000 related to 2013) $ 63,750 ; Rent and Rates $ 5,100 ; Salaries $ 11,000 ; Advertising $ 1,400 ; Other Expenses $ 2,880. (b) Value of the stock on 31st December, 2014 was $ 15,000. No stock was taken on 31st December, 2013, but uniform rate of gross profit was assumed. (c) Liabilities outstanding at 31st December, 2014 were: Purchases $ 7,500 ; Advertising $ 500 ; Other Expenses (Light, Heat, Telephone, etc.) $ 170. (d) Amounts paid in advance at…On January 1, Year 2 Grande Company had a $21,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $78,000 of service on account. The company collected $74,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice $57,420 $78,000 $74,500 $73,010X Co. reported an ending cash balance of P35,000. An examination of the Cash T-account revealed debits of P60,000 and credits of P45,000 during the period. The company's beginning (normal) cash balance was:
- Sagada Company's summary of cash records show the following for the year 2022, its first year of operation: CASH: Cash receipts - debit, P 3,840,000 Cash disbursements - credit, P 2,475,000 December 31 balance, P 1,365,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 630,000. Prepaid insurance of P 108,000 was recognized as expense when it was paid. One-thirds of the balance is for year 2023. The entire amount of P 1,080,000 which was received as advance rental for office space in its building was recognized as rent income when received. Twenty five percent of the amount will be earned in 2023. Employees are due P 162,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 190,200. It is estimated that…In 2018 Calvia Corporation had cash receipts of $35,000 and cash disbursments of $20,000. Calvia's ending cash balance at December 31,2018 was $65,000. What was Calvia's beginning cash balance?The accounting records of MVD Sales, Inc. include the following accounts: (Click the icon to view the accounts.) Compute MVD's net cash provided by (used for) operating activities during July 2016. Use the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and to show net cash used for operating activities. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) MVD Sales, Inc. Statement of Cash Flows (Partial) For the Month Ended July 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Account Cash Accounts Receivable Merchandise Inventory Accounts Payable Beginning Balance $ 5,500 19,000 17,000 13,000 Accumulated Depreciation- Equipment 50,000 Jul. 1 3,000 Depr. Exp. 53,000 Jul. 31 Dividends Ending Balance $ 3,500 15,500 21,000 17,500 Retained Earnings 20,000 65,000 Jul. 1…