Hy teacher give me answer general accounting During the month of April, Titan Computer Services made purchases on account totaling$52,800. Additionally, during the month of April, Titan received a payment of $14,500 from acustomer for services to be provided in the future and paid $41,200 in cash toward itsaccounts payable.Required:1. Calculate the net effect of these transactions on Titan Computer Services' cash balance.2. Determine the change in Titan's liabilities due to these transactions.

Step 1: Definition of Cash Balance and LiabilitiesCash Balance refers to the amount of cash…

Answered: During the month of April, Titan…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…
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The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000, six-month loan from City Bank, discounted at 12%. The company pledged P500,000 of accounts receivable as security for the loan. What is the total cash received from the financing of receivables?
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
(Income Effects of Receivables Transactions) Sandburg Company requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determinethe income statement effects of the following contemplated transactions.1. On July 1, 2017, Sandburg assigned $400,000 of accounts receivable to Keller Finance Company. Sandburg received an advance from Keller of 80% of the assigned accounts receivable less a commission of 3% on the advance. Prior to December 31, 2017, Sandburg collected $220,000 on the assigned accounts receivable, and remitted $232,720 to Keller, $12,720 ofwhich represented interest on the advance from Keller.2. On December 1, 2017, Sandburg sold $300,000 of net accounts receivable to Wunsch Company for $270,000. The receivables were sold outright on a without recourse basis.3. On December 31, 2017, an advance of $120,000 was received from First Bank by pledging $160,000 of Sandburg’s accounts receivable.…
The following are excerpts from the financial statements of 2018 and 2019 of Mandela Corporation. 2019 2018 Sales $187,600 $195,000 Accounts Receivable (net): Beginning of Year 68,100 66,500 End of Year 60,200 68,100 A newly hired manager has started implementing new credit policies. Required: As a consultant, you are contracted to analyze Accounts Receivable Turnover and Number of Days’ Sales in Receivable and provide opinion as to whether Mandela’s credit policy changes are working What conclusions does your analysis suggest. Are the new credit policies working ?
Apex Manufacturing Ltd. has provided the following details to reconcile its cash balance as of 31 October 2024. The bank statement for the month shows a credit balance of $25 000. The cash balance per the company's records as of 31 October is $26 990. Additional information is provided below: 1. On 15 October, Apex Manufacturing Ltd. issued a EFT No. 102 for $750 to a supplier. The cheque was mistakenly recorded in the books as $700. 2. Outstanding deposits as of 31 October totalled $1 800. 3. Outstanding EFT as of 31 October totalled $1 200. 4. The bank statement includes interest earned of $50. 5. The bank statement showed a reversal entry of $ 590 that was originally deposited by P. Macca, a customer, into Apex' bank account. 6. Bank mistakenly included an EFT payment on Apex's bank statement that related to Tolga Ltd. The EFT amount was for $800. Required: (1) Prepare a bank reconciliation statement for Apex Manufacturing Ltd. As of 31 October 2024.
The Art Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2019. The accounts receivable balance was $5,500 and $4,900 at January 1, 2019, and December 31, 2019, respectively. The amount of cash collected from customers during 2019 was?
Please show work. On July 1 of the current year, Rio Bravo factored receivables with a carrying value of $250,000 to a local bank. The transfer was made with a recourse of $3000. The bank assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 5% of the accounts receivable (for probable adjustments). The journal entry for this transaction will include which of the following? A. Debit to Recourse Liability of $3,000 B. Debit to Cash of $233,000. C. Debit to Due from Bank of $15,500. D. Debit to Loss on Sale of Receivables of $10,500. E. Mor than one of these.
At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000.What is the balance in accounts receivable at June 30, 2021?

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