Forest Company had the following transactions during the month of Cash sales $3,400 Payments for inventory 1,460 Investments by owners 3,300 Supplies used 175 Cash withdrawals 270 Inventory received 2,600 Wages paid 2,380 Cash balance Dec. 1 4,650
Q: These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash…
A: We have the following information: Balance at 1/1/X1: $2,500 Balance at 31/12/X1: $2,000 Cash from…
Q: The ff data were made available from a single entry set of books of PETRA Trading owned by Petra…
A: In a single entry system to compute the gross sales and net incomes the following work is needed to…
Q: Dooling Corporation reported balances in the following accounts for the current year: Beginning…
A: Account payables are the short term creditors of a business from which the company owes, due to the…
Q: Following is information from Fredrickson Company for its first month of business. Cash Collections…
A: Accounts Receivable ledger :— It is subsidiary ledger in which credit sale and cash collection…
Q: On December 31, 20Y5, the balances of the accounts appearing in the ledger of Wyman Company are as…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Sales revenue for Bancroft was $560,000. The following data are from the accounting records of…
A: The cash collection is calculated as sales revenue plus change in receivable balance
Q: Claculate Delta Airlines Cash COnversion Cycle based on the following information: Sales 283,314…
A: Cash Conversion cycle: The cash conversion cycle can be calculated using the following formula: Days…
Q: Balance. Account Feb. Mar. Additional Information 28 31 for the Month of March 1. Cash 10,000 5,000…
A: In the question, we are required to calculate the following three details. Total Cash disbursement…
Q: Compute the total increase (or decrease) for the Home Office account balances on December 31, 2021.
A: To find out TOTAL increase or (decrease) for Home Office Account Balance, first we will have to make…
Q: Calculate the operating and cash cycles.
A: The operating cycle measures the time it takes for a company to convert its inventory into cash…
Q: Jouralize the following transactions: February Source Documents Feb. 7 Cash register tapes from the…
A: The objective of the question is to journalize the given transactions. Journalizing is the process…
Q: Sales for the year were $586,296. Accounts receivable were $96,782 and $77,940 at the beginning and…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: The following information is available for Birch Company at December 31: Cash in registers…
A: Cash and cash equivalents refer to the most liquid assets that a company or individual owns, which…
Q: Prepare a statement of comprehensive income for the year ended 31 December 20X7 and a statement of…
A: Profit and loss account, balance sheet and cash flow statement are the three main financial…
Q: ournal entry that would be necessary for each of the following situations. (a) Sales per cash…
A:
Q: The following information is available for Birch Company at December 31: Cash in registers…
A: Cash and cash equivalents: These are the current assets presented on the balance-sheet that reflects…
Q: The following information is available for Montrose Company at December 31: $ 8,540 $ 250 $ 10,400 $…
A: Cash and cash equivalents include - Cash and bank balance commercial paper marketable securities…
Q: Returns of goods purchased for cash 50 Payments to credit suppliers 990 Rental income 1,300 Payment…
A: Bank Account Particulars Amount ($) Particulars Amount ($) To overdraft 1340 By Creditors 990…
Q: As of November 5, Calexico had the following selected transactions Purchase of furniture on…
A: >Cash account is an asset account.>It has a normal DEBIT balance.>Its balance increases by…
Q: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for…
A: Net income is the excess of revenue over expenses during the specified period.
Q: on july 1 the cash account valance was 42830 cash payments totaled 132500 and the july 31 balance…
A: Closing cash balance = Beginning cash balance + Cash receipts - Cash payments
Q: On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the…
A: Journal entry means the book of original entry where the first time transaction is recorded. After…
Q: The following information is provided for Kelly Plumbing Supply. Cash received from customers…
A: Accrual Accounting :— Accrual Accounting is one of the Financial Accounting technique on which All…
Q: Madison Company's cash ledger reports the following for the month ending March 31. Deposits: Cash…
A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…
Q: Patton Corporation had the following items on its financial statements for two recent years: Line…
A: Account Receivable Turnover: The account receivable turnover ratio is an efficiency measure that…
Q: Omega Company sells computers. The total cash count for March 15 was $875. Omega maintains a Change…
A: Omega company maintain change fund of $100 which means sales is $875 - $100 = $775
Q: Cash Receipts Journal Zebra Imaginarium, a retail business, had the following cash receipts during…
A: Part 1: Answer The Cash Receipts Journal for Zebra Imaginarium during December will detail the cash…
Q: 10. What is the net income under cash basis?
A: Cash basis of accounting is that accounting system under which only cash received are treated as…
Q: ivable 72,000 Purchases Returns and Allowances 93,000 Merchandise Inventory, Purchases Discounts…
A: 1. periodic inventory 3. purchases…
Q: The following information is available for Birch Company at December 31: Cash in registers…
A: Cash equivalents: These refer to the short term extremely liquid investments that can be immediately…
Q: The following are cash transactions incurred by Golden Company:…
A: Cash forms a part of assets of the entity and is included in current asset section of balance sheet.
Q: Harvest Company has the following December 31 General Ledger Account Balances after adjustments…
A: Allowance for doubtful AccountThe quantity of bad debts or unrecoverable receivable accounts is…
Q: You gather the following information before doing the month end account reconciliation. Cash per…
A: The bank reconciliation statement is prepared to adjust the cash book and pass book to match their…
Q: . What is the amount of sales under cash basis? 7. What is the amount of purchases under cash basi
A: Solution Concept Sales under cash basis =cash sales made + collection from debtors Purchase under…
Q: Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago…
A: Current ratio =Current assets / Current liability
Q: Patton Corporation had the following items on its financial statements for two recent years: Line…
A: Days sales in inventory indicate the days used to sell out the business's stock. It can be…
Q: Selected information from the statement of financial position of MR Company at November 30 and…
A: The expenses incurred during the period can be different from the expenses incurred during the…
Q: Following is information from Fredrickson Company for its first month of business. Credit Sales Jan.…
A: Introduction: Journal entries are the fundamental building blocks that would provide answers to…
Q: Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July…
A: Bank reconciliation statement is a statement prepared at the end of the financial period to show the…
Q: Brady Company reported net income of $30,000 for 20-2. The December 31 balances of the current…
A: Cash Flow statement is a statement where it was used to find the cash earned and spent on various…
Q: ales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions…
A: When a business is involved with over the-counter cash receipts, occasional errors may occur in…
Q: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for…
A: Balance Sheet - Balance Sheet is the statement that is prepared at the end of the accounting period.…
Q: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for…
A: The balance sheet represents the financial position of the company including the assets,…
Q: The following data were taken from a company’s latest financial statements: Annual sales $2,433,332…
A: 1. cash conversion cycle = days inventory outstanding + days sales outstanding - days payables…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- the cost of goods sold during the year was $50,000 merchandise inventory as were $12,500 and $10,500 at the beginning and the end of the year respectively accounts payable all owed to merchandising suppliers were $6,000 and $5,000 at the beginning and the end of the year respectively using the direct method of reporting cash flows from operating activities cash payments for merchandise total 47,000 51,000 49,000 53,000The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of Multiple Choice O O $42136 $40,476 $39,381 $44,417 $ 2,970 $ 16,800 $ 1,925 $ 24,231 $830 $380 $36 $ 11,800 $56,181Patton Corporation had the following items on its financial statements for two recent years: Line Item Description Year 2 Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s working capital for Year 2.a. $725,000b. $1,625,000c. $2,050,000d. $650,000 2. Patton Corporation had the following items on its financial statements for two recent years: Line Item Description Year 2 Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s accounts receivable turnover for Year 2.a.…
- Elon Co.'s September balance sheet contains the following information: $ 73,500 (dr 252,000 (dr 4,800 (cr 33,250 (dr) Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory hs Management has designated $71,000 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $710,000, $840,000, and $622,500 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of sale, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues. d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold. e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $94,250, which includes $6,500 of depreciation and…Combong.bangibnsaEX 22-18 V Total cash collected in July, $163,050 Schedule of cash collections of accounts receivable OBJ. 5 Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows: May $134,000 June 155,000 00 July 169,000 All sales are on account. Sixty-five percent of sales are expected to be collected in boxit the month of the sale, 30% in the month following the sale, and the remainder in the e second month following the sale. ni vionel SHOW Prepare a schedule indicating cash collections from sales for May, June, and July. ME HOWPrepare a balance sheet with the information below Debit Credit $ $ Sales 1,000,000 Sales returns 10,000 Selling expenses 150,000 Administration expenses 205,000 Financial expenses 50,000 Purchases 320,000 Cash at bank 77,000 Accounts receivable 22,000 Provision for Doubtful Debts 2,500 Inventories 42,000 Motor Vehicles 80,000 Furniture 42,000 Plant and Equipment 276,500 Accumulated Depreciation Plant 1,500 Accounts payable 56,000 Bank Loan 12,000 Capital - Bennett 75,000 Capital - Barney 112,500 Current - Bennett 25,000 Current - Barney 35,000 Drawings - Bennett 20,000 Drawings - Barney 25,000
- Accounts receivables = $6,500 Net Sales = $18,122 Use 360 days when when calculating average days collectionThe financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Office Supplies 16,400 Sales Salaries Expense 1,110,100 Prepaid Insurance 9,700 Advertising Expense 666,500 Office Equipment 1,005,800 Depreciation Expense— Accumulated Depreciation— Store Equipment 169,700 Office Equipment 666,500 Miscellaneous Selling Expense 46,100 Store Equipment 4,362,700 Office Salaries Expense 787,700 Accumulated Depreciation— Rent Expense 113,900 Store Equipment 2,205,600 Depreciation Expense— Accounts Payable 395,100 Office Equipment 60,600 Customer Refunds Payable 48,500 Insurance Expense 58,200 Salaries Payable 50,300 Office Supplies Expense 34,100 Note Payable Miscellaneous Administrative Exp. 17,600 (final payment…
- Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $36,690 $40,310 Collections on account 10,875 9,813 Total receipts $47,565 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?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 balanceSubject:- accounting
