Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 7.2BE
To determine
International Financial Reporting Standards (IFRS):
IFRS is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
To determine: The amount that current assets section of C‘s
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
MC49
The following bank reconciliation is presented for the Pony Co. for the month of November, 2020:
Balance per bank statement, 11/30/2020
P180,400
Add: Deposit in transit
P41,500
Erroneous bank charge
15,500
56,500
Subtotal
P236,900
Less: Outstanding Checks
78,200
Balance per books, 11/30/2020
P158,700
Data for the month of December 2020 follow:
Per bank: December deposits/credits — P261,000
December charges/debits — P224,200
Balance, December 31, 2020 — P217,200
All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020.
What is the amount of cash disbursements per books in December 2020? (WITH SOLUTION)
a. P146,000
b. P171,000
c. P249,200
d. P249.200
P8.5
11.
urgent need the answer of this question
Chapter 7 Solutions
Intermediate Accounting
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...Ch. 7 - Briefly explain the difference between the income...
Ch. 7 - Prob. 7.11QCh. 7 - Is any special accounting treatment required for...Ch. 7 - Explain any possible differences between...Ch. 7 - Prob. 7.14QCh. 7 - What is meant by the discounting of a note...Ch. 7 - What are the key variables that influence a...Ch. 7 - Explain how the CECL model (introduced in ASU No....Ch. 7 - Prob. 7.18QCh. 7 - Prob. 7.19QCh. 7 - (Based on Appendix 7B) Marshall Companies, Inc.,...Ch. 7 - Prob. 7.21QCh. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Cash discounts; gross method LO73 On December 28,...Ch. 7 - Prob. 7.5BECh. 7 - Sales re turns LO74 During 2018, its first year...Ch. 7 - Sales re turns LO74 Refer to the situation...Ch. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Uncollectible accounts; balance sheet approach ...Ch. 7 - Uncollectible accounts; solving for unknown LO75,...Ch. 7 - Prob. 7.12BECh. 7 - Note receivable LO77 On December 1, 2018,...Ch. 7 - Long-term notes receivable LO74 On April 19,...Ch. 7 - Prob. 7.15BECh. 7 - Factoring of accounts receivable LO78 Refer to...Ch. 7 - Prob. 7.17BECh. 7 - Discounting a note LO78 On March 31, Dower...Ch. 7 - Receivables turnover LO78 Camden Hardwares credit...Ch. 7 - Prob. 7.20BECh. 7 - Prob. 7.21BECh. 7 - Impairments of Accounts Receivable Appendix 7B...Ch. 7 - Credit Losses on Accounts Receivable (CECL Model) ...Ch. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Trade and cash discounts; the gross method and the...Ch. 7 - Prob. 7.6ECh. 7 - Cash discounts; the net method LO73 [This is a...Ch. 7 - Sales returns LO74 Halifax Manufacturing allows...Ch. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Uncollectible accounts; allowance method; balance...Ch. 7 - Uncollectible accounts; allowance method and...Ch. 7 - Uncollectible accounts; allowance method; solving...Ch. 7 - Note receivable LO77 On June 30, 2018, the...Ch. 7 - Noninterest-bearing note receivable LO77 [This is...Ch. 7 - Long-term notes receivable LO77 On January 1,...Ch. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Factoring of accounts receivable with recourse ...Ch. 7 - Factoring of accounts receivable with recourse...Ch. 7 - Discounting a note receivable LO78 Selkirk...Ch. 7 - Concepts; terminology LO71 through LO78 Listed...Ch. 7 - Receivables; transaction analysis LO73, LO75...Ch. 7 - Prob. 7.25ECh. 7 - Prob. 7.26ECh. 7 - Prob. 7.27ECh. 7 - Prob. 7.28ECh. 7 - Prob. 7.29ECh. 7 - Prob. 7.30ECh. 7 - Impairments of Notes Receivable Appendix 7B At...Ch. 7 - Prob. 7.32ECh. 7 - Prob. 7.33ECh. 7 - Prob. 7.34ECh. 7 - Uncollectible accounts; allowance method; income...Ch. 7 - Uncollectible accounts; Amdahl LO75 Real World...Ch. 7 - Bad debts; Nike, Inc. LO75 Real World Financials...Ch. 7 - Uncollectible accounts LO75, LO76 Raintree...Ch. 7 - Prob. 7.5PCh. 7 - Notes receivable; solving for unknowns LO77...Ch. 7 - Prob. 7.7PCh. 7 - Prob. 7.8PCh. 7 - Prob. 7.9PCh. 7 - Prob. 7.10PCh. 7 - Prob. 7.11PCh. 7 - Accounts and notes receivable; discounting a note...Ch. 7 - Prob. 7.13PCh. 7 - Prob. 7.14PCh. 7 - Prob. 7.15PCh. 7 - Prob. 7.16PCh. 7 - Prob. 7.17PCh. 7 - Prob. 7.1BYPCh. 7 - Prob. 7.2BYPCh. 7 - Prob. 7.3BYPCh. 7 - Real World Case 74 Sales returns; Green Mountain...Ch. 7 - Ethics Case 75 Uncollectible accounts LO75 You...Ch. 7 - Prob. 7.6BYPCh. 7 - Prob. 7.7BYPCh. 7 - Prob. 7.8BYPCh. 7 - Prob. 7.9BYPCh. 7 - Prob. 7.10BYPCh. 7 - Prob. 7.11BYPCh. 7 - Prob. 1CCTC
Knowledge Booster
Similar questions
- Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…arrow_forwardNotes 2022 2021ASSETS Cash on hand 1,404,561 2,529,876Statutory deposits with Central Banks 7,508,221 7,045,773Due from banks 9,178,784 12,425,341Treasury Bills 8,400,605 4,934,664Advances 4 56,829,415 55,515,628Investment securities 5 19,953,780 19,259,501Investment interest receivable 203,693 205,204Investment in associated companies 6 62,603 55,961Premises and equipment 7 3,255,758 3,218,670Right-of-use assets 8 (a) 398,405 477,858Intangible assets 9 1,143,560 1,171,222Pension assets 10 (a) 1,200,717 1,415,216Deferred tax assets 11 (a) 316,556 246,214Taxation recoverable 49,290 72,817Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITYLIABILITIES Due to banks 445,410 155,985Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634Other fund raising instruments 14 4,461,931 4,618,554Debt securities in issue 15 1,674,719 1,865,895Lease liabilities 8 (b) 420,088 482,867Pension liability 10 (a) 40 25,356Provision for…arrow_forwardBalance sheet ($ million) Cash $10 50 Loans Securities 15 Deposit Equity $68 7 The bank is expecting a $15 net deposit drain. Show the bank's balance sheet if: a. The bank purchases liability to offset this expected drain. b. The bank uses the asset side liquidity to finance this expected drain.arrow_forward
- 10:33 W n Learning Objective 6 1. Adjusted Balance $17,580 The May cash records of Donald Insurance follow: Date Cash Receipts May 4 9 14 17 31 Cash Debit $ 4,230 со 520 530 1,950 1,840 Check No. 1416 1417 1418 1419 1420 1421 1422 Cash Payments 424/ 1480 QAA ▶ICO Cash Credit Donald's Cash account shows a balance of $17,750 at May 31. On May 31, Donald Insurance received the following bank statement: 5G`ll 72% $890 120 630 1,090 1,420 900 670 ||| 0 < :arrow_forward12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 BANK CURRENCY DTH 62.000121 02 CERTIFICATES OF FX RECEIVABLES 62.000What transaction does the registration made above belong to?A) Acceptance of the policy by the bankB) Endorsement of the policyC) Returning the policy to the bankD) Payment of the policy by the bankE) Collection of the policy by the bankarrow_forwardMC50 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash receipts per books in December 2020? (WITH SOLUTION) a. P204,500 b. P219,500 c. P246,000 d. P317,500arrow_forward
- MC51 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash balance per books in December 2020? (WITH SOLUTION) a. P257,200 b. P242,200 c. P207,200 d. P192,200arrow_forwardPlease Do not Give Image format Otherwise Rejected my Questionarrow_forwardQS 6-4 (Algo) Cash and equivalents LO C2 Choose from the list of terms and phrases to best complete the following statements. 1. The category includes short-term, highly liquid investment assets that are readily convertible to a known cash amount and sufficiently close to their due dates so that their market value will not greatly change. summarizes the projected cash payments and cash receipts. 2. The refers to a company's ability to pay for its current liabilities. 3. The term Charrow_forward
- Rahularrow_forward12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 BANK CURRENCY DTH 62.000121 02 SHARES OF FX RECEIVABLES 62.000What transaction does the above record belong to?A) Acceptance of the policy by the bankB) Endorsement of the policyC) Returning the policy to the bankD) Payment of the policy by the bankE) Collection of the policy by the bankarrow_forwardActivity 1 BANK BOOK List of checks paid by the Bank List of checks issued in the Book Chk No o0100 12,000 Chk No oo101 6,000 Chk No o0101 6,000 Chk No o0102 3,000 Chk No o0105 20,000 Chk No o0103 9.900 Chk No o0103 Chk No 21090 9,900 Chk No o0104 15,000 11,000 Chk No o0105 20,000 BANK воок List of deposits recorded in the List of deposits in the Bank Вook July 4 July 18 July 24 July 28 July 1 13,000 9,000 July 4 9,000 30,000 July 18 30,000 23,000 5.400 Using the answers in activity 1, on Comparison of Bank and Book of ABM Consultancy Services, match by putting a check mark on both items. The first item is answered for your reference. BANK BOOK List of checks paid by the Bank List of checks issued in the Book Chk No. o0100 12,000 Chk No. o0101 6,000 Chk No. 00101 6,000 V Chk No. o0102 3,000 BANK BOOK List of deposits in the Bank List of deposits recorded in the Book July 1 13,000 July 4 9,000 July 4 9,000 July 18 30,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning