Indicate the tramsaction price for this situation and when revenue will be recognized Groupo sells good to MTN for $1,000,000 payment due at delivery. O $1.000,000 recognized upon delivery O $1.000.000 recognized when the check clears the bank O $1.000.000 Not recognized, as it was cash on delivery O None of the above

Indicate the tramsaction price for this situation and when revenue will be recognized Groupo sells good to MTN for $1,000,000 payment due at delivery. O $1.000,000 recognized upon delivery O $1.000.000 recognized when the check clears the bank O $1.000.000 Not recognized, as it was cash on delivery O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You are given the following information, from unrelated situations: 31/12/21 Cash Received for Subs in Arrears Subs in Advance Subs in Advance Subs in Arrears Subs Net of GST Subs Charged 31/12/21 01/01/21 01/01/21 to Members ? 640 540 730 950 14,000 6,000 350 400 370 460 ? 17,150 1,140 ? 1,050 1,200 17,400 (d) 19,200 ? 250 1,300 1,450 21,700 Which of the below answers contains the correct missing amounts? Select one: (a) 14,120; (b) 2,900; (c) 740; (d) 5,860 (a) 14,120; (b) 5,860; (c) 740; (d) 2,900 (a) 12,230; (b) 8,450; (c) 1,105; (d) 1,600 (a) 15,279; (b) 4,995; (c) 570; (d) 2,420
Waterway, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit Less: Outstanding checks Balance per books, 3/31/20 Data per bank for the month of April 2020 follow: Deposits Disbursements $36600 O $25050 O $31100 O $29350 O $26350 6240 42840 8540 $34300 $47200 50400 All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks at April 30, 2020 totaled $6050. There were no deposits in transit at April 30, 2020. What is the cash balance per books at April 30, 2020?
Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 13,000 carvings to a wholesaler in a foreign country at a selling price of 650,000 foreign currency units (FCs) when the spot rate was FC1 = $0.758. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.798 and the spot rate was still FC1 = $0.758. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.774 and the forward rate was FC1 = $0.810. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.819. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward…
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Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $5,010.20 4/10, n/30 $ $
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Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?
A. The following pertains to Kerry Corporation on December 31, 2021: Postage stamps Credit memo from a vendor for a purchase return 500 10,000 (50,000) 1,000,000 2,000 500,000 5,000 Current account BPI Current account at Metrobank Employees postdated check Foreign bank account – restricted (in equivalent pesos) IOU from controller's sister Listed stock held as temporary investments Payroll account Petty cash fund (P2,000 in currency and expense receipts 5,000 for P3,000) Postal money order Traveler's check Treasury bills, due 1/31/2022 (purchased 01/31/2021) Treasury bills, due 3/31/2022 (purchased 12/31/2021) Treasury warrants 7,500 250,000 15,000 25,000 150,000 100,000 150,000 Additional information: Check of P100,000 drawn against Metrobank account in payment of accounts payable was recorded on December 31,2021 but mailed to suppliers on January 5,2022. Check of P50,000 drawn against Metrobank account dated January 15,2022 in payment of accounts payable was recorded and mailed on…
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