370,000 increase 200,000 decrease 150,000 decrease 200,000 increase 300,000 increase 80,000 20,000 80,000 Accounts receivable - trade Notes receivable - trade Accounts payable - trade Notes payable – trade Notes payable – bank Sales returns (P50,000 was refunded) Sales discounts Purchase returns (P30,000 was refunded) Purchase discounts 35,000 60,000 18,000 300,000 250,000 Accounts written off Recovery of accounts previously written off Cash sales Cash purchases Cash received from account customers 1,500,000 1,200,000 Cash payment to trade creditors

370,000 increase 200,000 decrease 150,000 decrease 200,000 increase 300,000 increase 80,000 20,000 80,000 Accounts receivable - trade Notes receivable - trade Accounts payable - trade Notes payable – trade Notes payable – bank Sales returns (P50,000 was refunded) Sales discounts Purchase returns (P30,000 was refunded) Purchase discounts 35,000 60,000 18,000 300,000 250,000 Accounts written off Recovery of accounts previously written off Cash sales Cash purchases Cash received from account customers 1,500,000 1,200,000 Cash payment to trade creditors

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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Problem 13-15 (AICPA Adapted) On April 30, 2020, a fire damaged the office of Waterloo Company. The following balances were gathered from the general ledger on March 31, 2020: Accounts receivable Inventory - January 1 Accounts payable Sales Purchases 920,000 1,880,000 950,000 3,600,000 1,680,000 An examination of the April bank statement and canceled checks revealed checks written during the period April 1-30; 240,000 80,000 160,000 Accounts payable as of March 31 April merchandise shipments Еxрenses Deposits during the same period amounted to P440,000 which consisted of collections from customers with the exception of P20,000 refund from a vendor for merchandise returned in April. Customers acknowledged indebtedness of P1,040,000 at April 30. Customers owed another P60,000 that will never be recovered. Of the acknowledged indebtedness, P40,000 may prove uncollectible. Correspondence with suppliers revealed unrecorded obligations at April 30 of P340,000 for April merchandise shipment,…
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SLO 6.2. For an organization with revenue of $100 million, purchases of $60 million, and profit of $8 million before tax, a 10 percent reduction in purchase spend would result in an increase in profit of: a.10 percentb.36 percentc.57 percentd.60 percente.75 percent
Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
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