The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days $ 2,830 $ 15,400 $ 1,575 $ 22,831 $ 690 $ 240 $ 22 $ 10,400 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: O O Multiple Choice $38,566 $36,301 $37,186 好

The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days $ 2,830 $ 15,400 $ 1,575 $ 22,831 $ 690 $ 240 $ 22 $ 10,400 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: O O Multiple Choice $38,566 $36,301 $37,186 好

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 50BE: Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...

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Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of Multiple Choice O O $42136 $40,476 $39,381 $44,417 $ 2,970 $ 16,800 $ 1,925 $ 24,231 $830 $380 $36 $ 11,800 $56,181
The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: $ 2,820 $ 15,300 $1,550 $ 22,731 $ 680 $ 230 $ 21 $ 10,300
The following information is available for Montrose Company at December 31: $ 8,540 $ 250 $ 10,400 $ 1,350 Cash in bank account Petty cash Short-term investment (maturing in two months) Checks from customers Equipment $805 Treasury bill maturing in 60 days Money orders A three-year certificate of deposit maturing in three years $ 10,000 $ 290 $ 6,000 Based on this information, the determine the amount reported as Cash and Cash Equivalents on December 31.
ble The balance sheet of Omni, Inc., at the end of last year included the following Offs and coverles items: Notes receivable from customers Accrued Interest on notes receivable Accounts recelvable...... .$ 5 40,000 10,800 Less: Allowance for doubtful accounts 2,268,000 54,000 STRUCTIONS You are to record the following events of the current year in general journal en- tries: a Accounts receivable of $51,840 are vritten off as uncollectible. b Acustomer's note for $14,850, on which interest of $810 has been accrued in the accounts, is deemed uncollectible, and both balances are written off against the Allowance for Doubtful Accounts. c An account receivable for $7,020 previously written off is collected. d Aging of accounts receivable at the end of the current year indicates a need for an $81,000 allowance to cover possible failure to collect accounts currently out- standing. (Consider the effect of entries for a, b, and e on the amount of the Allowance for Doubtful Accounts.)
The following data were reported by ABC Company during the current year: Accounts receivable – January 1 100,000 150,000 Accounts receivable – December 31 Notes receivable – January 1 210,000 Notes receivable – December 31 120,000 Advances from customers – January 1 40,000 Advances from customers – December 31 55,000 Sales returns and allowance 4,000 Sales discounts 1,000 4,000 Uncollectible accounts written off during the year Recoveries of accounts previously written off Sales under accrual 500,000 Determine the gross sales under the cash basis of accounting.
10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…
The records of Kapiz Co. show the following balances on December 31, 20x1: Cash on hand P 400,000 Cash in Bank - current account Cash in Bank - peso savings deposit Cash in Bank - dollar deposit (unrestricted) Cash in Bank - dollar deposit (restricted) Cash in 3-month money-market account 3-month unrestricted time deposit Treasury bill, purchased 11/1/20x1, maturing 2/14/20x2 Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2 Treasury note, purchased 12/1/20x1, maturing 2/28/20x2 Unused Credit Line 1,200,000 5,000,000 $ 100,000 250,000 P 500,000 $ 20,000 4,000,000 Redeemable preference shares, purchased 12/1/20x1, due on 740,000 3/1/20x2 Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2 Sinking fund $1,600,000 1,000,000 400,000 Additional information: Cash on hand includes a $40,000 check payable to Kapiz Co. dated December 29, 20x1. During December 20x0, check amounting to $30,000 was drawn against the Cash in bank - current account in payment of accounts payable.…
Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and…
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. 15. Received cash from Pinecrest Co. for the balance owed on April 1. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. 22. Issued Invoice No. 797 to Mendez Co., $7,470. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. (Continued)