The following are cash transactions incurred by Golden Company: January February March Collections 750,000 850,000 890,000 Disbursements 680,000 750,000 775,000 Beginning cash balance 120,000 What is the ending cash balance for January? P 70,000 P 190,000 P 290,000 P 405,000

The following are cash transactions incurred by Golden Company: January February March Collections 750,000 850,000 890,000 Disbursements 680,000 750,000 775,000 Beginning cash balance 120,000 What is the ending cash balance for January? P 70,000 P 190,000 P 290,000 P 405,000

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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Theta Corporation gathered the following for its proof of cash for the month of September: End Beginning P1,200,000 Cash balance per ledger Cash balance per bank statement 1,000,000 Deposits in transit Outstanding checks Credit memos 400,000 600,000 700,000 160,000 270,000 370,000 Debit memos 30,000 420,000 Book debits P8,100,000 Book credits 8,350,000 Bank debits 8,200,000 Bank credits 8,000,000 W hat should Theta report as cash in bank as of the end of September? A.P850,000 B.P900,000 C.P950,000 D.P1,440,000
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Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
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Subject:- accounting
Below is information about Adam Ltd’s cash position for the month of May 2020.1. The general ledger Cash at Bank account had a balance of $42,400 on 30 April.2. The cash receipts journal showed total cash receipts of $585,408 for May.3. The cash payments journal showed total cash payments of $530,148 for May.4. The June bank statement reported a bank balance of $82,368 on 30 May.5. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.6. Cash receipts of $20,180 for 31 May were not included in the May bank statement.7. A dishonoured cheque written by a client Jim Ltd, $2728. A credit for an electronic transfer from a customer of $1,2889. Interest earned, $8810. Account and transaction fees, $240.Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and…
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4C. Draw up a cashbudget for Amal showing the balance at the end of each month, from the following information for the six months from July to December 2019: (a) Opening cash (including bank) balance on 1 July 2019 OMR 3600 (b) Production in units: Jan 500 Feb800 March 700 April 900 May1000 June850 July890 Aug1050 Sep650 Oct750 Nov 900 Dec800 (c) Raw materials used in production cost OMR 25 per unit. Of this, 75 per cent is paid in the month of production and remaining balance in the month after production. (d) Direct labour costs of OMR 20 per unit are payable in the month of production. (e) Variable expenses are OMR 10 per unit, payable 50 per cent in the same month as production and remaining balance in the month after production. (f) Sales at OMR 70 per unit: Jan 450 Feb 600 March 900 April 800 May 850 June 700 July 1,000 Aug 800 Sep 900 Oct 500 Nov 600 Dec 750 Debtors to pay their accounts one month after that in which sales is made (g) Fixed expenses of OMR 1,200 per month…
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b. The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times: a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724. b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782. Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank. a. 000 Previous
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