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- Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is conedSally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?During March, Sam Company had cash sales of $35,000 and sales on account of $210,000. In April, payments on account totaled $175,000. The journal entry prepared by Sam to record the March sales would include a debit to: A. Cash for $35,000, debit to accounts receivable for $210,000, and credit to sales revenue for $245,000 B. Cash for $35,000, debit to deferred revenue for $210,000, and credit to sales revenue for $245,000 C. Cash for $35,000, debit to accounts payable for $210,000, and credit to sales revenue for $245,000 D. Cash and credit to sales revenue for $35,000
- Rapid Delivery Services cash count at the end of the day totals $12,580 and the cash registertape shows $12,415. The amount of the change fund is $250. Rapid Delivery Services wouldrecord the revenue for the day as follows: a. Cash 12,580 Income from Services 12,580 b. Cash 12,430 Cash Short and Over 15 Income from Services 12,415 c. Cash 12,415 Income from Services 12,415 d. Cash 12,415Cash Short and Over 15Income from Services 12,430Branch purchased 160,000 worth of merchandise for 50% cash and balance on account.Delivery charge of 3,000 paid by the branch. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.On April 1, the cash account balance was $48,350. During April, cash receipts totaled $260,060 and the April 30 balance was $59,390. Determine the cash payments made during April.
- Lim Auto Parts, a family-owned auto parts store, began January with $10,000 cash. Management fo that collections from credit customers will be $11,600 in January and $15,300 in February. The stor scheduled to receive $8,500 cash on a business note receivable in January. Projected cash payme include inventory purchases ($16,700 in January and $13,300 in February) and selling and adminis expenses ($2,900 each month). (Click the icon to view additional information about Lim Auto Parts.) Read the requirements. More info Lim Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lim Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 3% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Requirements 4 1. Prepare Lim Auto…Al Bahr Corporation, a wholesaler, provided the following informationMonthSalesJanuary64000February59000March42000April48000Customers pay 60% of their balances in the month of sale, 30% in the month following sale, and 10% in the second month following sale.Required: Determine the expected cash collection during March.Garcia Trade has the following cash transactions for the period. Accounts Amounts Cash received from sale of products to customers $31,000 Cash received from the bank for long-term loan 36,000 Cash paid to purchase factory equipment (41,000) Cash paid to merchandise suppliers (10,200) Cash received from the sale of an unused warehouse 11,200 Cash paid to workers (22,200) Cash paid for advertisement (2,200) Cash received for sale of services to customers 21,000 Cash paid for dividends to stockholders (4,200) Assume the balance of cash at the beginning of the period is $3,200. Required: 1. Calculate the ending balance of cash.2. Prepare a statement of cash flows.
- A company based in Montreal, Quebec has a cash balance of $15,000 as of June 1. During the month they paid $18,000 on account, $13,000 for wages, and $1,000 for other expense items. The company maintains a minimum cash balance of $10,000. Sales for the firm for April, May, and June are $15,000, $22,000, and $18,750, respectively. The company collects 40% of sales in the month of sale, 50% in the following month, and 10% in the second month following the month of sale. What is the cash surplus or deficit as of June 30, relative to the company's required minimum cash balance?1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.
