provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries given
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provide the cost of good sold statement of jan 2022 from the beginning balances and
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- Question 8 A controlling account that equals the total of all customer accounts is: Accounts Payable. O Accounts Receivable Cash Purchases.27. The average payment period of an organization is calculated by __________. a. Average payables / Daily credit purchases b. Average payables / Net purchases c. Accounts payables / Total purchases d. Opening account payable + Closing account payable /2On April 1, Splish Brothers Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. + Issued common stock for $21,100 cash. Obtained a bank loan for $6,200 by issuing a note payable. Paid $9,700 cash to buy equipment. Paid $1,100 cash for April office rent. Paid $1,300 for supplies. Purchased $530 of advertising in the Daily Herald, on account. Performed services for $15,800: cash of $1,760 was received from customers, and the balance of $14,040 was billed to customers on account. Paid $350 cash dividend to stockholders. Paid the utility bill for the month, $1,760. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $5,630. Received $10,560 cash from customers billed in transaction (7). Paid income tax, $1,320. Account Titles and Explanation Cash Common Stock Cash Notes Payable Equipment Cash Rent Expense Debit 21,100…
- Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relatingto both receivables and payables are included in a single controlling account called“Receivables control” that has a debit balance of P4,850,000. An analysis of the make-upof this account revealed the following:Debit Accounts receivable – customers 7,800,000Accounts receivable – officers 500,000Debit balances – creditors 300,000Postdated checks from customers 400,000Subscriptions receivable 800,000CreditAccounts payable for merchandise 4,500,000Credit balances in customer’s accounts 200,000Cash received in advance from customers 100,000Expected bad debts 150,000After further analysis of the aged accounts receivable, it is determined that the allowancefor doubtful accounts be P200,000. What is the correct total of current net receivables?__________.Problem 7 Denver Company provided the following information relating to current operations: Accounts receivable, January 1 Accounts receivable collected Cash sales Inventory, January 1 Inventory, December 31 Purchases Gross margin on sales What is the balance of accounts receivable on December 31? a. 13,500,000 b. 8,500,000 c. 9,500,000 d. 9,000,000. 5,000,000 5,000,000 1,000,000 3,000,000 1,500,000 4,000,000 2,000,000Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.
- What is the billing/accounts receivable/cash receipts (B/AR/CR) process?QUESTION 7 Claculate Delta Airlines' Cash COnversion Cycle based on the following information: Sales 274,619 COGS 153,247 Accounts Receivable 25,939 Inventory 6,779 Accounts Payable 49,201Answer questions 22-30 using the following information: Foreign Sales. General Administrative Expenses. Inventory... Legal Réserves.. Marketing, Sales & Delivery Exp. Notes Payable. Prepaid Éxpenses(ST). Provision for Loss on Inventories. Sales Discounts. Sales Returns. Software.. Statutory Reserves. Subsidiaries.. Uneamed Revenue. Accounts Payable. Accounts Receivable.. ..8.000 .13.000 ..200 10.000 .18.000 Allowance for Doubtful Accounts...2.000 20.000 30.000 .8.000 .100.000 124.000 40.000 ..16.000 36.000 200 .24.000 TL .1.800 .3.000 ..2.000 .4.000 ..6.000 .1.000 .1.000 10.000 .10.000 ..2.200 .1.200 .28.000 .20.000 Accumulated Amortization. Accumulated Depreciation. Additional Paid-in Capital. Associates... Bank Loans(LT). Bank Loans(ST). Building.. Capital. Cash Cost of Goods Sold. Domestic Sales. Financing Expenses.. 22. The Turkish Lira value of the net realizable value of the accounts receivable is a. 13.000 TL b2.000 TL c. 15.000 TL d. 11.000 TL 23. The Turkish Lira value of…
- 1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relating to both receivables and payables are included in a single controlling account called "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – customers Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Y Y OF 4,500,000 200,000 100,000 Credit balances in customer's accounts Cash received in advance from customers Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? 150,000Problem 1: Cash January 1, 20XA P120,0001/15 Cash from cash sales P1,0002/02 Payment to supplies P22,0002/18 Collection of Accounts Receivable P20,0003/16 Payment of utility bills P7,8903/28 Cash from cash sales P1,5004/15 Payment to employees P35,0005/20 Collection of Accounts Receivable P34,0006/01 Acquisition of computers P60,0006/17 Cash from cash sales P5,6007/01 Rent payments P25,0007/17 Additional contribution from owner P75,0008/03 Payment to suppliers P16,7009/01 Proceeds from bank borrowing P150,00010/15 Collection of Accounts Receivable P13,00011/21 Collection of Accounts Receivable P44,60012/31 Loan Payment P18,76012/31 Interest payment P7,50012/31 Owner’s drawings P4,000 Requirements: Prepare the Statement of Cash Flows using the…