!Required information[The following information applies to the questions displayed below.]The general ledger of Zips Storage at January 1, 2024, includes the following account balances:AccountsCashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred RevenueCommon StockRetained EarningsDebits$25,400Credits16,20013,600156,000$7,5006,600151,00046,100Totals$211,200 $211,200The following is a summary of the transactions for the year:1. January 92. February 123. April 254. May 65. July 156. September 107. October 318. November 209. December 30Provide storage services for cash, $142,100, and on account, $56,200.Collect on accounts receivable, $52,300.Receive cash in advance from customers, $13,700.Purchase supplies on account, $10,800.Pay property taxes, $9,300.Pay on accounts payable, $12,200.Pay salaries, $131,600.Issue shares of common stock in exchange for $35,000 cash.Pay $3,600 cash dividends to stockholders.1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.DebitBeginning BalanceCashCreditAccounts ReceivableDebitCreditBeginning Balance

Lastly, the closing entries would involve transferring all revenue and expense account balances to…

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On January 1, 2021, the general ledger of Big Blast Fireworks Includes the following account balances: Accounts Debit Credit Cash $ 23, 300 Accounts Receivable Allowance for Uncollectible Accounts 40, 000 $ 4,500 Inventory 37, 000 72,108 Land Accounts Payable Notes Payable (6%, due in 3 years) 28,900 37,e00 Common Stock 63,000 Retained Earnings 39,e00 Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021. Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,680 units for $168,8ee on account ($185 each). January 8 Purchase 1,700 units for $187,0ee on account ($11e each). January 12 Purchase 1,800 units for $207,0ee on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,00e. The cost of the units sold is deternined using a FIF0 perpetual inventory system. January 22 Receive $753,80e from…
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash $ 24,940 Accounts receivable 46,300 Note receivable, due 2020 8,100 Merchandise inventory 34,300 Prepaid insurance 2,210 Supplies 1,270 Equipment 42,100 Accumulated depreciation, equipment 22,100 Note payable to bank, due 2020 21,000 Accounts payable 27,590 Interest payable 210 Sales 523,000 Sales discounts 1,800 Cost of goods sold 384,300 Accounts Receivable at December 31, 2018, was $56,050. Merchandise inventory at December 31, 2018, was $57,200. Based on the account balances above, calculate the following: d. The inventory turnover Inventory Turnover Choose Numerator Choose Denominator Inventory Turnover ÷ = times
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The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Cuay Corporation BANK RECONCILIATION November 30, 2020 P 435,000 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 Check No. 4340 P 6,000 15,000 1,700 4,675 27,375 P 407,625 16,200 P 423,825 Check No. 4341 Total Add: Deposits in transit Balance per books CHECK REGISTER December 2020 Vouchers Date Payee Check No. Discount Cash Payable P 10,000 4,200 3,755 12,000 96,000 San Beda, Inc. Miriam Corporation Dec. P 9,500 4,200 3,755 11,880 4342 4343 500 3 UE Enterprises 12 PSBA Corporation 15 Payroll 16 BU, Inc. 18 New Era Company UST, Inc. 22 Petty cash fund 28 Payroll 7 4344 4345 4346 120 96,000 6,300 14,058 7.000 10,000 98.000 P 260,693 4347 4348 6,300 14,200 7,000 10,000 98,000 142 21 4349 4350 4351 Total P 261,455 P 762 BANK STATEMENT BANKABLE BANK PERIOD: November 30, 2020 to December 31, 2020 Page 1 of 1 No.: 001-43-44 Description…
Question: How much is the total cash received from the financing of receivables? Round off to the nearest whole number.
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Novak Enterprises owns the following assets at December 31, 2025. Cash in bank-savings account $67,800 Cash on hand Cash refund due from IRS 8,710 Cash to be reported $ 33,800 What amount should be reported as cash? Checking account balance Postdated checks Certificates of deposit (180-day) $22,500 850 94,980
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…
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! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 103,000 33,100 $147,500 $147,500 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $42,100. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 6 Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial…

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