During the month of December, Lincoln Company had cash receipts of $8,600 and paid out $2,900 for expenses. The December 31st cash balance $12,500. What was the cash balance on December 1? was
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What was the cash balance on December 1?
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- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Forest Company had the following transactions during the month of December. What is the December 31 cash balance?The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- Please explain the correct approach for solving this general accounting question.what is the cash receipts for July if the cash balance is 26,590 and the totaled cash payment is 224,240 and the ending balance is 39,650The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
- Gibson Company engaged in the following transactions for Year 1. The beginning cash balance was $28,100 and the ending cash balance was $74,991. 1. Sales on account were $283,100. The beginning receivables balance was $94,700 and the ending balance was $77,000. 2. Salaries expense for the period was $55,460. The beginning salaries payable balance was $3,815 and the ending balance was $2,180. 3. Other operating expenses for the period were $120,170. The beginning other operating expenses payable balance was $4,860 and the ending balance was $9,181. 4. Recorded $19,330 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $14,340 and $33,670, respectively. 5. The Equipment account had beginning and ending balances of $211,970 and $238,570, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $48,500 and $150,500, respectively. There were no payoffs of…What are the gross sales for the month of December on these accounting question?Holloway Company earned $4,300 of service revenue on account during Year 1. The company collected $3,655 cash from accounts receivable during Year 1. Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement.
- During the year, Tempo Inc. has monthly cash expenses of $144,468. On December 31, its cash balance is $1,829,210. The ratio of cash to monthly cash expenses (rounded to one decimal place) is Oa. 13.7 months Ob. 12.7 months Oc. 6.4 months Od. 7.9 monthsEl Dorado Inc. has monthly cash expenses of $168,500. On December 31, the cash balance is $1,415,400.a. Compute the ratio of cash to monthly cash expenses.b. Based on (a), what are the implications for El Dorado Inc.?Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows d. the amount of retained earnings that would be reported on the Year 1 balance sheet
