Q1: How much were the cash receipts from customers?Q2: How much were the disbursements for merchandise inventory? Problem 03ASPIRE Corporation was organized and began its operations on January1. 2019. The company failed to mantain a cash book and neds your help in determining its correct cash balance. Its records forthe first year of operations contains the following accounts and balances:Share Capital-ordinaryShare PremiumInventoryLandBuildingEquipmentPL.500,000150,00069,0001.000,000,1400 000367 000Accounts receivableAccounts payableLoan payableSalcsExpenses (including depreciation of400.000)P 165,400389,650500.0006,235 2001.005.150Additional information is as follows:1. Deposits in transit, December 312. Service charge for December3. Outstanding checks, December 314. Bank balance, December 315. The compay's gross profit räte is 30%P 384,6602.000475,000892 000

Accounts receivable are those customer accounts, to whom business has made sales, but amount has,…

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Business

Accounting

Q1: How much were the cash receipts from customers? Q2: How much were the disbursements for merchandise inventory?

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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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Q1: How much were the cash receipts from customers? Q2: How much were the disbursements for merchandise inventory?

Problem 03
ASPIRE Corporation was organized and began its operations on January1. 2019. The company failed to mantain a cash book and neds your help in determining its correct cash balance. Its records for
the first year of operations contains the following accounts and balances:
Share Capital-ordinary
Share Premium
Inventory
Land
Building
Equipment
PL.500,000
150,000
69,000
1.000,000,
1400 000
367 000
Accounts receivable
Accounts payable
Loan payable
Salcs
Expenses (including depreciation of
400.000)
P 165,400
389,650
500.000
6,235 200
1.005.150
Additional information is as follows:
1. Deposits in transit, December 31
2. Service charge for December
3. Outstanding checks, December 31
4. Bank balance, December 31
5. The compay's gross profit räte is 30%
P 384,660
2.000
475,000
892 000

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