During the period, total revenues earned and collected was P308,000 whiletotal expenses incurred and paid was P145,000. The owner withdrew P25,000cash and $7,000 worth of supplies. Moreover, the owner made an additionalinvestment of P54,000. How much is the ending balance of Cash account?◄ PreviousNot savedNext >Submit Quiz

Name: During the period, total revenues earned and collected was P308,000 w
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: During the period, total revenues earned and collected was P308,000 whiletotal expenses incurred and paid was P145,000. The owner withdrew P25,000cash and $7,000 worth of supplies. Moreover, the owner made an additionalinvestment of P54,000. How muc

Ending balance of cash account is based on all revenues collection and expenses paid. It also…

Business

Accounting

uring the period, total revenues earned and collected was P308,000 while otal expenses incurred and paid was P145,000. The owner withdrew P25,000 ash and P7,000 worth of supplies. Moreover, the owner made an additional nvestment of P54,000. How much is the ending balance of Cash account?

uring the period, total revenues earned and collected was P308,000 while otal expenses incurred and paid was P145,000. The owner withdrew P25,000 ash and P7,000 worth of supplies. Moreover, the owner made an additional nvestment of P54,000. How much is the ending balance of Cash account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retaibed earnings Total liabilities and stockholders' equity Additional information for 2024 1. Net Income is $71000 68 2024 $113,500 78,800 97,000 4,400 490,000 798,000 (430,000) $1,151,700 $101,000 6,300 8,400 105,000 710,000 221,000 $1,151,700 Next > 2023 $125,600 93,000 81,800 2,200 490,000 680,000 (272,000) $1,200,600 $86,800 12,600 5,200 210,000 710,000 176,000 $1,200,600
Mikasa had the following balances in her books: Cash-P1,500,000, Accounts receivable-P200,000,Allowance for bad debts-5% of A/R, Notes receivable-P500,000, Interest receivable-P5,000, LandP1,000,000, Equipment-P200,000, Accumulated Depreciation of Equipment-P75,000, Depreciationexpense of Equipment-P50,000, Patent-P700,000, Accumulated amortization of Patent-P175,000,Amortization expense of Patent-P100,000 Accounts payable-P275,000, Interest payable-P25,000, Notespayable-P450,000, Bonds payable-P950,000.• 80% of accounts receivable are collectible immediately, remaining is due after 2 years• Half of notes receivable are due immediately, the other half is due after exactly 1 year.• Accounts payable are due after 15 months.• P300,000 of notes payable is due after 6 months, the remaining is due after 18 months.• P500,000 of bonds payable is due after 12 months, the remaining is due after 24 months.• Interest receivable and payable are both due immediately1.) How much will Mikasa report to…
Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Grier & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2025 Cash receipts from customers $425,000 Cash payments: Salaries and wages $170,000 Income taxes 65,000 Insurance 40,000 Interest…
ABC reports periodic loss of £100. This loss includes a loss on disposal of PPE of £50. Accounts receivables at the end (beginning) of the year is £50 (£80) and provision for legal expenses at the end (beginning) of the year is £35 (£10). Based on this information, cash from operating activities is Select one: a. None of the other answers is correct b. -5 c. 5 d. -195 e. -95
The following information on cash transactions were reported by FDNACCT Co.: Receipts from sale of goods = P390,000 Investment of owner = P28,000 Purchase of equipment = P858,000 Receipt of interest income = P2,000 Purchase of office supplies - P53,000 Withdrawal by owner = P20,000 How much is cash provided by (used in) Financing Activities? Enter as a negative number if the answer is used in Financing Activities.
If the beginning Cash account balance of Crossbow, Inc. was $46,800, the ending balance was $22, 200, and total cash received during the period was $71,000, what amount of cash was paid out during the period?
Jefferson Services Company records the collection of $500 cash for previously accrued revenues and then makes an accrual of $325 for another revenue. The impact of these two entries on total net income and working capital is an increase of: Select one: O a. Net Income $325, Working Capital $175 O b. Net Income $825, Working Capital $325 Oc Net Income $325, Working Capital $500 Od. Net Income $325, Working Capital $325 Oe. Net Income $s00, Working Capital $175
During an accounting period, a business sells goods on credit for a total selling price of £3,000. At the start of the accounting period there are receivables of £400. At the end of the accounting period there are receivables of £500. What amount will appear in the cash flow statement as cash inflow from sales? a) £3,100 b) £3,500 c) £3,400 d) £2,900
X Co. reported an ending cash balance of P35,000. An examination of the Cash T-account revealed debits of P60,000 and credits of P45,000 during the period. The company's beginning (normal) cash balance was:
BTN Inc. reports operating expenses of $27,000. Its comparative balance sheet shows that accrued liabilities decreased $6,000 and prepaid expenses increased $2,000. Compute cash used in operating activities using the direct method.
The following information is provided for the current year: Profit for the period P1,500,000; Depreciation expense 400,000; Increase in accounts receivable 300,000. There are no other reconciliation items. The cash from operating activities for the period is P2,000,000 P1,800,000 P1,200,000 P1,000,000
S Company reported net income for 2021 in the amount of $400,000. The company's financial statements also included the following: Increase in accounts receivable $ 80,000 Decrease in inventory 60,000 Increase in accounts payable 200,000 Depreciation expense 104,000 Gain on sale of land 148,000 What is net cash provided by operating activities under the indirect method? O $432,000. O $536,000. O $580,000. O $832,000.