Kollar Corporation reported current year. Changes in certain accounts during the current year are: Investment in Gold shares carried on the equity basis 380,000 increase Accumulated depreciaiton, cause by major repair to equipment 210,000 decrease Unearned interest income 50,000 decrease Premium on bonds payable 120,000 decrease Deferred tax liability 180,000 increase

Q: Does gross fixed assets belong to operating, investing, or financing activities on the statement of…

A: Gross Fixed assets belongs to Investing Activities on the statement of cash flows.

Q: Explain Distribution of Cash from Sale of Asset?

A: The question is based on the concept of distribution of cash to the shareholders , which is simply…

Q: What are the considerations for recording and recognizing cash discounts received?

A: Cash discounts, also known as sales discounts or prompt payment discounts, are reductions in the…

Q: What are the differences between cash and accrual basis accounting? Provide an example of each

A: The financial statements can be prepared using various methods as accrual basis and cash basis…

Q: What is the difference between the sources (in nows) and uses (out nows) of cash?

A: The question is based on the concept of cash flow statement and cash flow analysis for a particular…

Q: How do I calculate cash provided by operations?

A: Cash provided by the operations = Cash flow from operations = EBIT x (1 - Tax rate, T) + Non cash…

Q: how is liquidity determines in cash collection period

A: Liquidity refers to the ability of a company to meet its short-term obligations with cash or cash…

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: How to determine cash portion of retained earnings

A: Retained earnings are that part of profit which is reinvested in the business. It is the amount left…

Q: When using the indirect method of determining net cash flows from operating activities, how is…

A: Cash flow statement (CFS) is a type of financial statement that gives a summary related to all the…

Q: Explain the possible restrictions on cash and their implications for classification in the balance…

A: Restricted Cash Restricted cash is define as the cash is not freely available for the company to…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.