Sales Direct material purchases Direct labor Manufacturing overhead Selling and administrative expenses Depreciation included in selling and administrative Collections from customers Cash payments for purchases Additional data: Capital assets were sold in January for $10,000 and $4,400 in May. Dividends of $4,000 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $39,000. rter & Quarter $200,480 $211,540 115,300 120,832 75,205 73,298 25,300 25,400 33,400 33,500 1,500 900 Beginning Cash Balance Add: Cash Receipts Collections from Customers Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster Company Cash Budget For the First Two Quarters Other Collections Total Receipts Total Available Cash Less: Cash Payments Purchase of Direct Material Direct Labor Manufacturing Overhead Selling and Administrative Expenses Cash Dividend 215,392 240,154 114,290 119,254 □ □ 日□09月 Total Cash Payments Excess (Deficiency) of Avaliable Cash Over Cash Disbursements Financing Add: Borrowings Less: Repayments Ending cash balance bom mom Quarter 1 Quarter 8
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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