On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be ompleted on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? lote: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Balance Sheet Gain
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- Batman Corporation receives average daily cash receipts of P140,000. The finance manager has determined that the time period between the mailing of a check and its actual availability for corporate use is 4 days. What is the amount of cash being tied up because of the delay? choose the letter of the correct answera. P260,000.00b. P360,000.00c. P460,000.00d. P560,000.00e. P660,000.00On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should beOn March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were 3/10, n/30. On March 24, Gunderson sent an $8,320 partial payment. What is the outstanding amount due on this invoice? What is the outstanding on this invoice?
- Ramon Manufacturing has a cash balance of P8,000 on August 1 of the current year.The company’s controller forecast the following cash receipts and cash disbursementsfor the upcoming two months of activity.Receipts PaymentsAugust P 45,000 P 57,000September 66,000 56,000Management desires to maintain a minimum cash balance of P8,000 at all times. If necessary, additional financing can be obtained in P1,000 multiples at a 12% interest rate. All borrowings are made at the beginning of the month; debt retirement, on the otherhand, occurs at the end of the month. Interest is paid at the time of repaying loan principal and is computed on the portion of debt repaid. 1. Determine the ending cash balance in August both before and after anynecessary financing or debt retirement.you were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions: Change fund P30,000Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000Cash in bank 8,000,000 Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000Treasury bills - 45 days 500,000 Pension fund…Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…
- You are to write up a three-column cash book for Allen Electronics Inc. from the information given below: Cash book of Allen Electronics Inc. showed debit balance of RO 37,550 and Bank overdraft RO 21,575. Following business was transacted took place during the month: Purchased Canon Printer for Cash RO 500; Canon offered a discount of 4% October 1, 2020 October 2, 2020 Cash Sales RO 31,315; The accountant was asked to deposit RO 15,000 into Allen Electronics Inc.'s bank account on the same day October 7, 2020 Purchase furniture RO.2,000; Allen Electronics Inc. gets a discount of 1.5%. It pays RO 1,005 in cash and remaining by cheque October 16, 2020 Received cash of RO 1,900 received from its customer, Mr Imran, deducting 5% discount. The amount was deposited into bank on the same day October 16, 2020 Received a cheque from Ali for RO 775 and it was deposited in the bank on the same October 22, 2020 day. On 25th October, the bank informed Allen Electronics Inc. that this cheque has…Dante Manufacturing has a cash balance of P8,000 on August 1 of the current year.The company’s controller forecast the following cash receipts and cash disbursements for the upcoming two months of activity. Purchases SalesJanuary P 142,000 P 172,000February 148,000 166,000March 136,000 165,000April 154,000 178,000May 160,000 166,000Customers pay 60% of their balances in the month of sale, 30% in the month following sale, and 10% in the second month following sale. The company pays all invoices in the month following purchase and takes advantage of a 3% discount on all amounts due. Cash payments for operating expenses in May will be P119,500; Crispin’s cashbalance on May 1 was P127,800. Required: Determine the following:1. Expected cash collections during May.2. Expected cash disbursements during May.Jane Dear Tractors has cash in bank of $85,000, cash set aside for a plant expansion in a separate account of $105,000, short-term paper that matures in 10 months for $35,000, and a compensating balance of $90,000 at another bank for a long-term loan. How much should be reported under the heading Cash? O $315,000 $190,000 $85,000 $225,000
- During its first year of operations, G Company provides services on account of $250,000. By the end of the year, cash collections on these accounts total $130,000. The company estimates that 10% of accounts receivable will be uncollectible at the end of the year. On March 13, G Company writes off a customer's account of $3,800. On June 3, the customer unexpectedly pays the $3,800 balance. Required: a) Determine the uncollectible accounts expense for the year b) The balance in Allowance for Doubtful Accounts c) The net realizable value of the accounts receivable d) Explain the relationship of Accounts Receivable and Allowance for Doubtful accounts and what type of questions can be answered by analyzing these two (2) items when checking the company's balance sheetTRESE Co. provided the following information about the composition of its cash on December 31. 2020: · Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI. · Money market fund account held by Citibank that permits Eastern to write checks in this balance, P5,000,000. · Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction) · A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets. · Petty cash fund, P10,000 What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020 statement of financial position?Larry’s Kitchen Appliances makes all sales on credit. Total sales for the year ended 2020 was $380,750. The beginning balance in accounts receivable was $67,800 and the ending balance was $76,000. What was the amount of cash Larry’s collected from customers during 2020? Group of answer choices A)$372,550. b)$380,750. C)$388,950. d)$304,750. e)None of the above