For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.

For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following information is extracted from Sosana Hotel’s management report for themonth of January 2022.RMBeginning cash balance 8,200Budgeted revenue 13,000Purchase of inventory by cash 4,500Cash repayment of bank loan 5,800Additional information, 70% of Sosana Hotel’s revenue is received in cash and theremaining 30% on credit. All credit sales are expected to be collected in the followingmonth. Assume that there were no credit sales and credit purchases in December 2021.Based on the given information, prepare a cash budget for the month ended 31st January2022 to calculate ending cash balance
The 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
What is the total cash received from the financing of receivables and the amount of loss, respectively? (check the picture for problem and choices)
Below is information about Adam Ltd’s cash position for the month of May 2020.1. The general ledger Cash at Bank account had a balance of $42,400 on 30 April.2. The cash receipts journal showed total cash receipts of $585,408 for May.3. The cash payments journal showed total cash payments of $530,148 for May.4. The June bank statement reported a bank balance of $82,368 on 30 May.5. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.6. Cash receipts of $20,180 for 31 May were not included in the May bank statement.7. A dishonoured cheque written by a client Jim Ltd, $2728. A credit for an electronic transfer from a customer of $1,2889. Interest earned, $8810. Account and transaction fees, $240.Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and…
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
Caring Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020? *
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…
Safari Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2022. The following items were found to be included in this balance. a. Compensating balance of P5,000 which is legally restricted as to withdrawal b. A negative bank balance of P10,000 from one of its bank accounts from just one bank. c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2023. d. A certified check received from one customer last March 24, 2022. How much is the cash and cash equivalents to be presented in the 2022 Financial Statements?