If company records show a balance of $1,500, not including a $35 bank service fee and a $250 NSF cheque that the company did not receive the funds for, what would be the reconciled amount? Adjusted Balance: $ 4
Q: The following item appeared on the December 31, 2019, the Statement of Financial Position of The…
A: Accounts Receivables after the write-off = Accounts Receivables before the write-off - amount…
Q: At December 31, 2021, Wynne Company reported Accounts Receivable of $45,000 and Allowance for…
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: Otter Company has a receivable amounting to P1,200,000; Otter had previously established an…
A: Net realizable value of receivables = Beginning receivable - Beginning Allowance for bad debts =…
Q: On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024,…
A: The income statement shows the net income or loss of the organization for the given period of time.…
Q: A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was…
A: As per relevant accounting principles, in case of cheque returned due to non-sufficient funds in the…
Q: Coaster’s Co. earns 2% interest on their checking account. On the last bank statement, the bank only…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: How much did A receive from the discounting of notes receivable?
A: Accounts receivables are the sales made on credit that are outstanding as a current asset on the…
Q: Which of the following should be classified as a current liability? a. Customers' unredeemed gift…
A: A current liability is payable within the accounting cycle or one year whichever is earlier. The…
Q: On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of…
A: Accounts receivable seems to be the amount owing to a firm as a result of the firm supplying…
Q: The F Company uses the allowance method is used to account for uncollectible receivables. It had the…
A: Receivables, loans, and other obligations that are likely to be paid are referred to as…
Q: CPA Company provided the following information: Reconciling items: Undeposited collections…
A: The unadjusted cash balance is identified when the cash balance as per the ledger account and bank…
Q: it stated Customer note, includes 40000 note collected by the bank erroneously credited by the bank…
A: Step 1 A correcting entry is a journal entry that is made in order to fix an erroneous transaction…
Q: Using the information provided for United Corp, and answer the questions that follow: Ohited Corp.…
A: Solution: Ending balance of gross receivables = Beginning accounts receivables + Net sales -…
Q: Using the following information: Accounts receivable Allowance Cash realizable value 12/31/20 $47500…
A: Cash realizable value is to calculated by deducting the value of the accounts that are uncollectible…
Q: Accounts payable and other labilities include debts, taxes and assessments due to the National…
A: Liquidation In the liquidation process the first preference is to repayments of debenture / bond…
Q: entity collected entity remitted plied first the cc е сс
A: Account receivables are the balances of customers that have not paid their dues for services…
Q: None
A: To access the data on the 2021 10-K report, use the index on page 3 and click the link for…
Q: ROK Company has a material bank overdraft of $2,000 in ABC Bank and $95,000 in XYZ bank. The bank…
A: The objective of the question is to determine how a bank overdraft should be reported in the…
Q: Accounts receivable (ending balance) Allowance for doubtful accounts (unadjusted) $590,000 (debit)…
A: The question is based on the concept of Financial Accounting. Cash realizable value can be…
Q: all have cleared handled on the bank reconcilement? 22. A company sold $15,000 of inventory to a…
A: In this scenario, the company sold inventory worth $15,000 to a customer. However, due to a delay in…
Q: 4. At the end of its first year of operations, December 31, 2025, Crane Inc. reported the following…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it…
A: Lets understand the basics. For understanding how it influence the bank reconciliation statement, we…
Q: Kagome Company uses the allowance method of accounting for uncollectible accounts. During 2020,…
A: Answer) Calculation of Net Change in working capital A B A- B Accounts…
Q: On April 15 LA Fashion purchased $15,000 of inventory on account. The shirts were purchased on the…
A: Solution 2.5: Journal entry to recognize payment on 20 April is as und
Q: 34. The current portion of long-term notes receivable as at December 31, 2021 is
A: Notes receivable is a promissory note where one party promises to another party to pay a certain sum…
Q: Indicate whether this amount would require any adjustment to the reported balance (add/+, deduct/-,…
A: Cash includes checks,bank drafts and money orders etc.Cash equivalents are short term and highly…
Q: al payment for the loan. The bank applied first the collection to the interest and the balance to…
A: Accounts Receivable :- Account Receivable are the balances of customers that have not paid their…
Q: Question 28 ( On July 31, 2028, Massive Ltd. had a cash balance of $6,793 in its general ledger. The…
A: Bank reconciliation statement reconciles the cash balance as per company books with cash balance…
Q: CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with…
A: Loss on the transfer of accounts receivables =accounts receivables assigned x finance charge %
Q: While preparing its bank reconciliation, Maynard Company determined that its bank had collected a…
A: Points to be noted: Collection made by the bank after deducting the fee does not affect revenue…
Q: Analysis of accounts receivable reveals that with two exceptions, all appeared collectible as at…
A: Adjusting and Non Adjusting Event Adjusting events are occasions where proof of conditions will be…
Q: Upham Company’s June 30, 2019, balance sheet included the following information: Upham Company…
A: The note receivable could be a formal promissory note issued by the creator or issuer to the payee.…
Q: Kimpoy Co. used the allowance method of accounting for uncollectible accounts. During 2020, the…
A: The amount of decrease in working capital was 75,000.
Q: On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of…
A: Accounts receivable assignment seems to be a contract where a firm assigns its receivables to a…
Q: Question 2.6 LA Fashion records indicate that the balance in their cash account (in the ledger) at…
A: Hi student, Since there are multiple questions, we will answer only the first question. If you want…
Q: Company A has accounts receivable of $100,000, and it estimates that $5,000 will not be collected.…
A: The net realizable value of accounts receivable is the amount the company expects to collect after…
Q: 1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following…
A: Here credit memo should be added back to balance as per books
Q: The balance according to the BCA bank statement shows a balance of IDR 7,175,000. Differences with…
A: Bank Reconciliation Statement is a statement for adjustments made between Bank balance as per cash…
Q: Beckett Company received its bank statement for the month ending June 30, 2022, and reconciled the…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Step by step
Solved in 2 steps with 1 images
- Caring enterprises had the following account balances on Decrmber 31, 2020; Cash in BPI Bank- 2,250,000; Cash allowed for the acquisition of machinery- 1,600,000; Revolving Fund- 125,000. Cadh in Bank included 600,000 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, 2020Tagum Inc. required additional cash for its operation and used accounts receivable to raise such needed cash, as follows: On December 1, 2021 Tagum Inc. assigned on a non-notification basis accounts receivable of P 5,000,000 to a bank in consideration for a loan of 90% of the receivables less 5% service fee on the accounts assigned. Tagum Inc. signed a note for the bank loan. On December 31, 2021, Tagum Inc. collected assigned accounts of P 3,000,000 less discount of P 200,000. Tagum Inc. remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. Tagum Inc. sold P 1,550,000 of accounts receivable for P 1,340,000 . The receivables had a carrying amount of P 1,470,000 and were sold outright on a nonrecourse basis. Tagum Inc. received an advance of P 300,000 from Union Bank by pledging P 360,000 of accounts receivable On June 30,…The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Outstanding cheques: CHQ116 1430 CHQ135 2780 Correction of incorrect cheque(see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4…
- Adobo Company used the allowance method of accounting for uncollectible accounts. During 2021, the entity had charged 750,000 to bad debt expense and wrote off accounts receivable of 780,000 as uncollectible. What was the decrease in working capital?An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?1. Compute the amount to be reported as trade &other receivables under current assets Please include solutions. Thank you!
- 1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in…Wraith Inc. factored without recourse its accounts receivable amounting to P100,000. Wraith received P82,000 as cash advance from the bank and the bank withheld 3,000 as contingency for uncollectible accounts. The bank charged Wraith P15,000 as finance service fee for factoring. How much is the loss on factoring from the transaction? a. Zero b. 10,000 c. 15,000 d. 20,000
- 4. You are preparing the monthly bank reconciliation of Core Company for the month ending December 31, 2020. You discovered an erroneous credit to Core's account, representing proceeds of loan granted to another company amounting to P300,000. Prepare the adjusting journal entry.Blackmon Corporation’s December 31, 2018, balance sheet disclosed the following information relating to its receivables: BLACKMON COMPANY Partial Balance Sheet December 31, 2018 1 Accounts Receivable $245,000.00 2 Less: Allowance for doubtful accounts (15,000.00) 3 $230,000.00 4 Notes Receivable* 50,000.00 5 Total receivables $280,000.00 *The company has a recourse liability of $700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled $2,200,000, and collections on accounts receivable (unassigned) amounted to $1,900,000. Uncollectible accounts totaling $18,000 from several customers were written off, and a $1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmon’s receivables occurred during the year: March 6 Received payment of $12,460 on a note from Renko Company. The…At December 31, 2018, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2019, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realializable value of accounts receivab;le after the Brown account is written off?