The following is selected information from L corporation for the fiscal year ending October 21, 2022: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on Nov. 1, 2021 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $224,000 O $254,000 Based on the accrual basis of accounting, what is L corporation's net in some for the year ending October 31, 2022? O $208,000 $300,000 440,000 170,000 O $270,000 48,000 216,000 100,000

The following is selected information from L corporation for the fiscal year ending October 21, 2022: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on Nov. 1, 2021 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $224,000 O $254,000 Based on the accrual basis of accounting, what is L corporation's net in some for the year ending October 31, 2022? O $208,000 $300,000 440,000 170,000 O $270,000 48,000 216,000 100,000

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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An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
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The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?
Assume the company generated $3,400 in net operating profits after taxes. Using the information below, calculate the free cash flow for 2020. Balance Sheet as of December 31 (Millions of Dollars) 2020 2019 2020 2019 Assets Liabilities and Equity $900 Accounts payable Cash $1,026 $1,634 $1,436 Short-term Investments 90 100 Accruals 550 500 Accounts Receivable 1,968 1,726 Notes 645 575 payable Inventories 4,971 4,367 Total Current 2,829 2,511 Liabilities Total Current 8,055 7,093 Assets Long-term 2,173 2,815 debt Net plant and equipment १.943 8,733 Total Liabilities 5,002 5,326 Common Total Assets $17,998 $15.826 2.400 2,500 stock Retained earnings 10,595 8,000 Total common 12.995 10,500 equity Total liabilitics and $17.998 $15,826 cquity O $1.423 $1.739 O $1.467 O $1,534
Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not
What is the total cash received from the financing of receivables and the amount of loss, respectively? (check the picture for problem and choices)
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71. During 2019, Dew Company, a service organization, had P200,000 in cash sales and P3,000,000 in credit sales The accounts receivable balances were P400,000 and P485,000 on December 31,2018 ans 2019 respectively. If the entity desires to prepare a cash basis income statement, what amount should be reported as sales for the current year? а. 3,285,000 b. 3,200,000 с. 3,115,000 d. 2,915,000
Caring Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020? *
A summary of cash flows for Conching Printing for the year ended May 31, 2020, is shown below. Cash receipts: Cash received from fees earned P 1,500,000.00 Additional investment of owner 75,000.00 Cash payments: Cash paid for expenses 1,215,000.00 Cash paid for equipment 240,000.00 Cash paid to owner for personal use 66,000.00 Determine the net cash flows from operating activities.
Required information A company provided the following summary financial statement information: Comparative Balance Sheets (partial) December 31, 2021 and 2020 Accounts Receivable Inventory Sales Revenue Cost of Goods Sold Salaries Expense Insurance Expense Prepaid Insurance Accounts Payable Salaries Payable Deferred Tax Liability Bond Discount Interest Expense (for bond) Income Tax Expense Net Income What is cash paid for income taxes? ✓ (Click to select) $51,000 $53,000 $67,000 $74,000 $2,000 2021 2020 $65,000 $69,000 $79,000 $71,000 $24,000 $7,000 $45,000 $50,000 $9,000 $13,000 $51,000 $58,000 $10,000 $12,000 Income Statement (partial) For the year December 31, 2021 $570,000 296,000 32,000 48,000 120,000 60,000 $14,000
Marie Company, a publicly-listed entity, had the following account balances on December 31, 2021: Petty cash fund P50,000 Cash in bank - current account 4,000,000 Cash in bank - payroll account 1,000,000 Cash on hand 500,000 Cash in bank - restricted account for plant additions, expected to to disbursed in 2022 500,000 Cash in sinking fund set aside for bond payable due June 30, 2022 Commercial papers 1,500,000 2,000,000 The petty cash fund includes unreplenished December 2021 petty cash expense vouchers of P5,000 and employee IOUS of P5,000. The cash on hand includes a P100,000 check In exchange for a guaranteed line of payable to Marie Company dated January 15, 2 credit, Marie Company has agreed to maintain a minimum balance of P200,000 in its unrestricted current bank account. What should be reported as cash on December 31, 20212