ending cash balance
Q: Data concerning the cash records of Tamang Panahon Company for the months of November and December…
A: What is a Bank Reconciliation statement? This statement is prepared to record the difference between…
Q: Sheridan Company provided the following information for the month of October: Beginning cash…
A: A cash budget is prepared to estimate the total receipts and total disbursements. The cash budget is…
Q: Asian Boss Corp. has the following data relating to accounts receivable for the year ended December…
A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…
Q: For the month of December, the records of ABC Corporation show the following information: Gross…
A: Gross sales = cash sales + credit sales Credit sales = Gross sales - cash sales = P120,000 -…
Q: Harrah Company provided the following information for the month of October: Beginning cash balance $…
A: Cash equivalents are high-credit-quality, high-liquidity financial vehicles suited for short-term…
Q: Garden Gate, Inc. reported the following data in its August 31 annual report. Cash and cash…
A: cash burn refers to the cash available in an organization for the given period to maintain its…
Q: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…
A: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…
Q: ) DEF Company has the following data relating to accounts receivable for the year ended December 31,…
A: SOLUTION CALCULATION OF ACCOUNTS RECEIVABLE A/C- ACCOUNTS RECEIVABLE A/C 1-1-22…
Q: 1. The accounts receiyable balance on the records of Luneta Company of January 1, 2020. Credit sales…
A: The details of four transactions are given Required A. How much is the collection from receivalbles…
Q: The following information relates to a company’s accounts receivable: gross accounts receivable…
A: Bad debts is the amount which is unpaid by the customers as a result of credit sales. It is an…
Q: During the year, Tempo Inc. has monthly cash expenses of $144,468. On December 31, its cash balance…
A: Calculate the ratio of cash to monthly cash expenses as follows: Ratio of cash to monthly cash…
Q: For the month of July, Shalom Company, predicts total cash collections and disbursements of P485,000…
A: Formula : Ending cash balance = Beginning cash balance + Cash collections - Cash disbursements
Q: Below is information about Adam Ltd’s cash position for the month of May 2020. The general…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: Starboy Company has the following data relating to accounts receivable for the year ended December…
A: The answer is as: Note: Answering first three subparts as there are multiple subparts, please…
Q: During 2021, its first year of operations, Pave Construction provides services on account of…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Jazz company prepared their income statement using the cash basis for the month ending May 31. The…
A: Companies that adopt the cash basis of accounting only record revenues and expenses when cash is…
Q: For the month of December, the records of Taboo Corporation show the following information: Cash…
A: Gross sales = Cash sales + Credit sales where, Credit sales = Ending Accounts Receivable + Cash…
Q: The following information relates to a company’s accounts receivable: gross accounts receivable…
A: Accounts receivables refer to that amount which is yet to be received from the customers to whom…
Q: ble, December 1 148,000 Accounts Receivable, December 31 160,000 Accounts Receivable written-off as…
A: For the month of December, the records of ABC Corporation show the following information: Given…
Q: If Service World has $1,950 cash, $400 of government Treasury bills purchased last month with a…
A: The cash equivalents include the items that can be converted into cash within 90 days. The cash and…
Q: Sparks Corporation has a cash balance of $24,100 on April 1. The company must maintain a minimum…
A: Cash balance before borrowings = $24,100 + $49,000 - $68,500 = $4,600
Q: Presented below is information for Flint Company: Beginning of the year accounts receivable balance…
A: The initial, methodical recording of all monetary business transactions is called a journal entry.…
Q: An insurance company had the following gross receipts (excluding vat, if applicable) during the…
A: Answer: VAT rate applicable is 12% on premiums of non life insurance and life insurance are not…
Q: The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the…
A: Accounts receivable, often abbreviated as "AR," refers to the outstanding payments owed to a company…
Q: The following information relates to a company’s accounts receivable: accounts receivable balance at…
A: Answer) Calculation of Ending Balance of Gross Accounts Receivable Ending Balance of accounts…
The following information is for Auxiliary, Inc. for the month of May: cash sales of RM200,000;
There are no other
Step by step
Solved in 3 steps with 1 images
- 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…Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and…An insurance company had the following gross receipts (excluding vat, if applicable) during the month: Cash collections from life premiums - P3,600,000; Notes receivable for life premiums - P400,000; Cash collections from non-life premiums - P2,200,000; Notes receivable from non-life premiums - P600,000. How much is output VAT? (answer must all be numbers, no peso sign, no commas, no decimals and no extra spaces in between numbers)
- Asian Boss Corp. has the following data relating to accounts receivable for the year ended December 31, 2020: Accounts receivable, January 1, 2020 500,000 Allowance for doubtful accounts, January 1, 2020 20,000 Sales during the year, all on account, terms 5/10, 3/15, n/60 2,400,000 Cash received from customers during the year 2,500,000 10,000 Accounts written off during the year An analysis of cash received from customers during the year revealed that P1,330,000 was received from customers availing the 10-day discount period, P388,000 from customers availing the 15-day discount period, P2,400 represented recovery of accounts written-off, and the balance was received from customers paying beyond the discount period. The allowance for doubtful accounts is adjusted so that it represents a certain percentage of the outstanding accounts receivable at year end. The required percentage at December 31, 2020 is 150% of the rate used on December 31, 2019. The doubtful accounts expense for 2020…If Service World has $1,950 cash, $400 of government Treasury bills purchased last month with a six-week maturity, and $940 of cash set aside for legal reasons, how much will the company report on the balance sheet as “Cash and Cash Equivalents”?For the month of July, Shalom Company, predicts total cash collections and disbursements of P485,000 and P440,000 respectively. For March, Shalom Company, estimates that its beginning cash balance will be P55,000. If Shalom Company just wants to maintain its beginning cash balance at the end of July, will there be a need for Shalom Company to borrow money from a bank? Yes or no? Use the underlined words as your choice. Input answers in capital letters.
- For the month of December, the records of Taboo Corporation show the following information: Cash received on accounts receivable - $140,000 Cash Sales - $120,000 Accounts Receivable, December 1 - $320,000 Accounts Receivable, December 31 - $286,000 Accounts Receivable written off as uncollectible - $4,000 The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What are the gross sales for the month of December?Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 April. The cash receipts journal showed total cash receipts of $585,408 for May. The cash payments journal showed total cash payments of $530,148 for May. The June bank statement reported a bank balance of $82,368 on 30 May. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank statement. A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $24 Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.…10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…
- Sparks Corporation has a cash balance of $24,100 on April 1. The company must maintain a minimum cash balance of $6,500. During April, expected cash receipts are $49,000. Cash disbursements during the month are expected to total $68,500. Ignoring interest payments, during April the company will need to borrow:Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000Jumbotron Inc. collects its receivables in 15 days and pays its payables in 20 days. All sales and purchases are on credit. All months have 30 days. December purchases were $7,000, January purchases were $8,700, February purchase were $6,600 and March purchases were $6,000. What were Jumbotron's total cash disbursements in February? (To the nearest $) ● ● $7,667 $8,000 $1,867 $6,533 $5,600