XYZ Co.'s petty cash receipts indicate the following expenditures for the end of October: Office supplies $490 Miscellaneous selling expense $300 Miscellaneous administrative expense $120 These transactions would result in a: a. $910 increase in total assets. b. $490 decrease in stockholders' equity. c. $420 decrease in total assets. d. $910 increase in stockholders' equity.

XYZ Co.'s petty cash receipts indicate the following expenditures for the end of October: Office supplies $490 Miscellaneous selling expense $300 Miscellaneous administrative expense $120 These transactions would result in a: a. $910 increase in total assets. b. $490 decrease in stockholders' equity. c. $420 decrease in total assets. d. $910 increase in stockholders' equity.

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 7.17E

See similar textbooks

Similar questions

ABC Co.'s petty cash receipts indicate the following expenditures for the end of October: Office supplies $490 Miscellaneous selling expense $300 Miscellaneous administrative expense $120 What is the cumulative effect of these transactions on the statement of cash flows? a. $420 decrease in financing activities b. $490 increase in operating activities c. $910 decrease in operating activities d. No effect on the statement of cash flows
Zorro Inc. has the following cash register data for December 31: Cash register total for cash sales $23,500 Cash receipts from cash sales $23,480 How should the difference be recorded? a. $20 cash overage as revenue b. $20 cash overage as miscellaneous operating expense c. $20 cash shortage as other revenue d. $20 cash shortage as normal operating expense
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
Compute the total increase (or decrease) for the Home Office account balances on December 31, 2021.
What are the gross sales for the month of December on these accounting question?
For the month of December, the records of ABC Corporation show the following information:Cash received on accounts receivable ₱ 70,000Cash sales 60,000Accounts Receivable, December 1 148,000Accounts Receivable, December 31 160,000Accounts Receivable written-off as uncollectible 2,000How much are the gross sales in December?
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
I want to correct answer general accounting
Van Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 Charge sales Charge for goods out on consignment Shareholders' subscriptions 530,000 5,250,000 50,000 1,000,000 10,000 25,000 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposits on long-term contract Claim against common carrier Advances to supplier 5,000 500,000 400,000 300,000 Credits Collections from customers, including over payment of P50,000 Writeoff 5,200,000 35,000 25,000 15,000 50,000 Merchandise returns Allowances to customers for shipping damages Collection on carrier claim Collection on subscription What total amount of trade and other receivables should be reported under current 200,000 assets?
Faith Company provided the following information relating to current operations: Accounts Receivable, January 1 P4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, January 1 4,800,000 Inventory, December 31 4,000,000 Purchases 8,000,000 Gross Margin on sales 4,200,000 What amount should be reported as accounts receivable on December 31?
The actual cash received from the day’s cash sales was $27,214, and the amount indicated by the cash register total was $27,236. a. What is the amount deposited in the bank for the day's sales?$fill in the blank 1 b. What is the amount recorded for the day's sales?$fill in the blank 2 c. How should the difference be recorded? of $fill in the blank 4 should be recorded as d. If a cashier is consistently over or short, what action should be taken?
Gatti Corporation reported the following balances at June 30. Accounts Payable $ 160 Accounts Receivable 160 Accumulated Depreciation—Equipment 81 Cash 28 Cash Equivalents 33 Common Stock 280 Deferred Revenue 58 Equipment 480 Notes Payable (long-term) 70 Notes Payable (short-term) 40 Petty Cash 10 Restricted Cash (short-term) 20 Retained Earnings 42 Required: What amount should be reported as “Cash and Cash Equivalents”? Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line “Cash and Cash Equivalents.”