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

Give me correct answer with explanation.vk
The following account balances come from the records of Ourso Company: Beginning Balance $3,099 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 127 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
A company reports net income of $560,000 that Includes depreciation expense of $82,000. Also, cash of $59,000 was borrowed on a 6-year note payable. Based on this data, total cash inflows from operating activities are: Multiple Cholce $478,000. $642,000. $619,000. $701,000.
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
The total cash payments made by the business for the period amounted to ₱100,000 as follows: Purchase of equipment for business use ₱50,000 Salaries of the employee 25,000 Water and electricity used in business 10,000 Taxes and Licenses used in business 15,000 How much is the operating expense from these payments? how can it be 50,000?
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:
Concord Corporation had the following transactions that took place during the year: I. Recorded credit sales of $3050 I. Collected $1830 from customers III. Recorded sales returns of $610 and credited the customer's account. What is the total effect of these transactions on free cash flow? Cannot be determined O Increase Decrease O No Effect
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.
Kela Corporation reports net income of $480,000 that includes depreciation expense of $78,000. Also, cash of $47,000 was borrowed on a 4-year note payable. Based on this data, total cash inflows from operating activities are: Multiple Choice $605,000. $402,000. $527,000. $558,000.
At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3
During the year, Jantz Company made an entry to write off a ₱4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was ₱80,000 and the balance in the allowance account was ₱4,500. The net realizable value of accounts receivable after the write-off entry was
A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.