[The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals $ 16,000 60,000 40,000 200,000 $ 316,000 $ 76,800 72,000 100,000 50,000 17,200 S 316,000 Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget.

[The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals $ 16,000 60,000 40,000 200,000 $ 316,000 $ 76,800 72,000 100,000 50,000 17,200 S 316,000 Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget.

Name: X Answer is complete but not entirely correct.Cash Budget for October
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Description: X Answer is complete but not entirely correct.Cash Budget for OctoberBeginning cash balanceAdd: Cash receiptsCash availableLess: PaymentsFor inventory purchasesFor S&A expensesTotal budgeted paymentsCash surplus (shortage)Will Havel need to borrow m

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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The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
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