ITEMS 52 THROUGH 53 ARE BASED ON THE FOLLOWING INFORMATION. The following economic activities transpired during the period: • Cash investment of the owner in the servicing business, P50,000. • Cash purchase of office machine, P20,000, • Cash collection for P10,000 services rendered. Cash payment for supplies used in rendering services, P5,000. Cash receipt form borrowings, P35,000. 52. The ending cash balance should be a P35,000 credit b. P55,000 credit c. P70,000 debit d. P90,000 debit 53. The amount of total assets is a P25,000 credit b. PS5,000 credit c. P70,000 debit d. P90,000 debit.

Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Note: Enter debits before credits.         Transaction General Journal Debit Credit 04                                             .

The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…

Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet  b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows  d. the amount of retained earnings that would be reported on the Year 1 balance sheet