How much cash did the company actually collect from its customers during Year 2? Show your work.
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How much cash did the company actually collect from its customers during Year 2? Show your work.
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- 2.3 Bookkeeping systems - How do you record your cash sales and other money received in your business? - How do you record your cash purchases of merchandise and what source documents are used? • Do you operate a bank account? And if you do, how often do you go to the bank? 2.4 How do they manage assets? - Do they own assets, and if so, which systems have they put in place to protect assets from loss due to damage and theft? - Do they keep records of assets that they own and how much are they worth? 2.5 Labour costs - Do you have any other workers in your business to help you? - How much do you pay them? How do you keep a record of how much you pay in wages? 2.6 Competitors and challenges which they face - Do you have the other competitors, and if there are competitors who are they and what do you do to ensure that customers continue buying from you? - What are the problems or challenges for the business and how do you handle them? 2.7 Conclusion 2.7.1 Differentiate between a formal…A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter. Which of the following items would be increased by this cash collection transaction? (check all that apply) Cash from Operations Accounts Receivable Current Assets Cash RevenueAnalyze and answer the following given problems. HAPPY FAMILY Convenience Store is managed by Juan Carlo Manalastas. Juan ask you to determine the balance of his cash account as of december 31, 20X1 . You determined the following 1. He kept some cash of the store as change funds. The cash account revealed 3 pieces of 100 peso bills, 5 pieces of 50 peso bills, 5 pieces of 20 peso bills, 5 pieces of 10 peso coins, 10 pieces of 5 peso coins, 10 pieces of 1 peso coin, and 25 pieces of 25 centavo coins. 2. Two of his regular customers gave juan the following checks in payments of debts: a. Php 1,540 check dated december 31, 20X1. b. Php 2,432 check dated january 3, 20X2. 3. There are two bank accounts in the name of the with the following balances: a. Balance for the savings account on december 31, 20X1 according to the passbook Php 26,780 b. A time deposit certificate for Php 100,000 for 90 days. Report to Juan Carlo Manalastas the balance of the cash and cash equivalent account of…
- explain why it is important for a business to do a bank reconciliation monthly.A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. The cash float for the cash registers totals $950. 2. The balance in the Petty Cash account is $300. At year end, the fund had $47 cash and receipts totalling $253. 3. The balance in the company's chequing account is $9,900. The company also has a U.S. bank account, which contained the equivalent of $17,300 Canadian at year end. 4. The company has overdraft protection of $12,100 on its chequing account. 5. The company has a separate bank account with a balance of $9,900. This consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $15,700 of postdated cheques from customers for payment of accounts receivable. 6. 7. The company has the following short-term…Please prepare the Income Statement and Cash Flow Statement. Thanks!
- Question: 1. what is the correct source documents for cash collection by business. 2. What is the correct source documents for Business sold goods for cash. reqiured: please answer this question by giving one of the correct source documents for this two questions.Financial Statement is a formal record of the financial activities and position of a busi- ness, person, or other entity. Do you think it is a good strategy for a business to have a huge amount of cash in bank? (10 Sentences)When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
- The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over…2. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents"We have a contract with our partner bank that they pay us a monthly rebate that is calculated as a portion of the total interchange revenue they receive for each transaction that is run through our platform. As part of our contract/application with our customers we offer cash back rewards that is calculated as a percentage of the revenue that we receive from the bank for each of their transactions."Q: What guidance supports that decision?