Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 21, Problem 11P
To determine
Prepare rectified
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Instructions: Using the following adjusted trial balance, complete the following for 2019:
Use the Jaymie Corporation example in Chapter 3 for guidance. In the absence of other
guidance, assume the circumstances for your project are similar to the example shown.
1) Income statement
2) Statement of shareholders' equity
3) Balance sheet
4) In place of completing a full statement of cash flows, review the Statement of Cash Flows
within Example 3.9 in the text and advise an error (or at least a questionable treatment)
of an item presented by the authors that you have discovered.
Create the financial statements using Excel and submit for grading via the assignment
in Blackboard. Add your answer to item 4) within the same Excel workbook clearly
identified as the response to item 4).…
Present the Reconciliation per Company’s Book
The accounting records of BEE Company show the summary data of its cashreceipts and payments for November 2019. Its November Cash Balance hasP42,130.00; its Total Cash Receipts is P40,000.00, Total Checks issued isP25,000.00. The company received its Bank Statement indicating a balance ofP82,000.00. The following reconciling items were discovered.Item No. 1 – A deposit of cash receipts P3,000.00 of November 30 is too late toinclude in the bank statement.Item No. 2 – Outstanding checks were: No. 1234-P2,652.00; No. 1235-P6,557.00;No. 1236-P6,095.00.Item No. 3 – The bank collected a note left for collection amounting to P20,000.00plus a service charge of P600.00.
Item No. 4-Check No. 1237-P P690.00 was incorrectly charged by the bank asP960.00Item No. 5-Check No. 1238-P cleared by the bank with P4,200.00 has been recordedin the company’s book as P2,400.00. This was for the payment of the creditor’saccount.Item No. 6-The customer returned…
Required: 1.Complete the bank reconciliation at December 31, 2019. 2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.
Please show work.
Chapter 21 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 21 - What information does the statement of cash flows...Ch. 21 - Briefly describe the three types of activities a...Ch. 21 - Thompson Company sold a piece of equipment that...Ch. 21 - Give two examples of a companys (a) cash inflows...Ch. 21 - Prob. 5GICh. 21 - Prob. 6GICh. 21 - Prob. 7GICh. 21 - Prob. 8GICh. 21 - Prob. 9GICh. 21 - List the three operating cash inflows that a...
Ch. 21 - Prob. 11GICh. 21 - Prob. 12GICh. 21 - Prob. 13GICh. 21 - Dunn Company recognized a 5,000 unrealized holding...Ch. 21 - Jordan Company recognized a 5,000 unrealized...Ch. 21 - Indicate how a company computes the amount of...Ch. 21 - Prob. 17GICh. 21 - Prob. 18GICh. 21 - Prob. 19GICh. 21 - Which of the following would be considered a cash...Ch. 21 - In a statement of cash flows (indirect method),...Ch. 21 - The net cash provided by operating activities in...Ch. 21 - The retirement of long-term debt by the issuance...Ch. 21 - Prob. 5MCCh. 21 - Selected information from Brook Corporations...Ch. 21 - Prob. 7MCCh. 21 - Prob. 8MCCh. 21 - Which of the following need not be disclosed in a...Ch. 21 - The following information was taken from Oregon...Ch. 21 - Prob. 1RECh. 21 - Prob. 2RECh. 21 - Given the following information, convert Cardinal...Ch. 21 - Given the following information, convert Robin...Ch. 21 - In the current year, Harrisburg Corporation had...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Trenton Corporation has the following items....Ch. 21 - Prob. 9RECh. 21 - In the current year, Harrisburg Corporation...Ch. 21 - Providence Company sold equipment for 25,000 cash....Ch. 21 - Annapolis Corporation paid 270,000 to retire bonds...Ch. 21 - Given the following information, compute Lemon...Ch. 21 - Prob. 14RECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Visual Inspection Noble Companys accounting...Ch. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Partially Completed Spreadsheet Hanks Company has...Ch. 21 - Spreadsheet The following 2019 information is...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - Fixed Asset Transactions The following is an...Ch. 21 - Retirement of Debt Moore Company is preparing its...Ch. 21 - Interest and Income Taxes Staggs Company has...Ch. 21 - Investments On October 4, 2019, Collins Company...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Investing Activities and Depreciable Assets...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - (Appendix 21.1) Operating Cash Flows The following...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - (Appendix 21.1) Visual Inspection The following...Ch. 21 - Prob. 22ECh. 21 - Classification of Cash Flows A company's statement...Ch. 21 - Prob. 2PCh. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Partially Completed Spreadsheet The following...Ch. 21 - Spreadsheet and Statement of Cash Flows The...Ch. 21 - Prob. 7PCh. 21 - Spreadsheet from Trial Balance Heinz Companys post...Ch. 21 - Prepare Ending Balance Sheet On December 31, 2019,...Ch. 21 - Infrequent Transactions The following transactions...Ch. 21 - Prob. 11PCh. 21 - Comprehensive Angel Company has prepared its...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Operating Cash Flows Refer to the...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Comprehensive The following are...Ch. 21 - Prob. 18PCh. 21 - Financial Statement Interrelationships Prepare an...Ch. 21 - Statement of Cash Flows A friend of yours is...Ch. 21 - Prob. 3CCh. 21 - Operating, Investing, and Financing Activities The...Ch. 21 - Prob. 5CCh. 21 - Spreadsheet Method The spreadsheet method is...Ch. 21 - Prob. 7CCh. 21 - Inflows and Outflows Alfred Engineering Company is...Ch. 21 - Ethics and Cash Flows You are the accountant for...
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- Using a Spreadsheet to Prepare a Statement of Cash Flows Jane Bahr, a controller of Endicott & Thurston, prepared the following balance sheets at the end of 2019 and 2018: Required: 1. Using a spreadsheet, prepare a statement of cash flows for 2019. Assume Endicott & Thurston use the indirect method. 2. CONCEPTUAL CONNECTEON Discuss whether Endicott & Thurston appear to have matched the timing of inflows and outflows of cash.arrow_forwardUse the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018.arrow_forwardPresents the adjusted journal of the computed reconciliation. The accounting records of BEE Company show the summary data of its cash receipts and payments for November 2019. Its November Cash Balance has P42,130.00; its Total Cash Receipts is P40,000.00, Total Checks issued is P25,000.00. The company received its Bank Statement indicating a balance of P82,000.00. The following reconciling items were discovered.I Item No. 1 – A deposit of cash receipts P3,000.00 of November 30 is too late to include in the bank statement.Item No. 2 – Outstanding checks were: No. 1234-P2,652.00; No. 1235-P6,557.00;No. 1236-P6,095.00.Item No. 3 – The bank collected a note left for collection amounting to P20,000.00plus a service charge of P600.00. Item No. 4-Check No. 1237-P P690.00 was incorrectly charged by the bank asP960.00Item No. 5-Check No. 1238-P cleared by the bank with P4,200.00 has been recordedin the company’s book as P2,400.00. This was for the payment of the creditor’saccount.Item No. 6-The…arrow_forward
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