Calculate the unknown amount in each of the following five independent situations.NOTE: The answer to situation (a) is given as an example.Beginning EndingAccountBalance BalanceOther informationa. Cash$6,100 $5,250 Total cash disbursed, $5,400.b. Accounts receivable$8,500 $9,300 Services on account, $16,500.c. Notes payable$15,000 $20,000 Borrowed funds by issuing a note, $30,000.d. Accounts payable$3,280 $1,720 Payments on account, $2,900.e. Stockholders' equity$32,000 $46,000 Capital contribution, $5,000.Unknown Amounts Requireda. Total cash received$4,550b. Total cash collected from credit customers$c. Notes payable repaid during the period$d. Goods and services received from suppliers on account $e. Net income, assuming that no dividends were paid%24%24

Total cash received is given as an example, which is computed using the following formula: Total…

Unknown Amounts Required a. Total cash received $4,550 b. Total cash collected from credit customers c. Notes payable repaid during the period d. Goods and services received from suppliers on account $ e. Net income, assuming that no dividends were paid $ %24 %24

Unknown Amounts Required a. Total cash received $4,550 b. Total cash collected from credit customers c. Notes payable repaid during the period d. Goods and services received from suppliers on account $ e. Net income, assuming that no dividends were paid $ %24 %24

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1KTQ

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Calculate the unknown amount in each of the following five independent situations.
NOTE: The answer to situation (a) is given as an example.
Beginning Ending
Account
Balance Balance
Other information
a. Cash
$6,100 $5,250 Total cash disbursed, $5,400.
b. Accounts receivable
$8,500 $9,300 Services on account, $16,500.
c. Notes payable
$15,000 $20,000 Borrowed funds by issuing a note, $30,000.
d. Accounts payable
$3,280 $1,720 Payments on account, $2,900.
e. Stockholders' equity
$32,000 $46,000 Capital contribution, $5,000.
Unknown Amounts Required
a. Total cash received
$4,550
b. Total cash collected from credit customers
$
c. Notes payable repaid during the period
$
d. Goods and services received from suppliers on account $
e. Net income, assuming that no dividends were paid
%24
%24

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