ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020:
A. Balances per bank statements: November 30, P215,600 and December, P230,400.
B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800.
C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24.
D. Total charges in the bank statement during December were P2,189,700.
E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200.
F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26.
G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400. Returned by bank on December but recorded also in January P8,600.
H. Collections by bank not recorded by…
In connection with your examination, the Caliao Company presented to you the following
information regarding its Cash in Bank account for the month of December 2020:
A. Balances per bank statements: November 30, P215,600 and December, P230,400.
B. Balances of cash in bank account in company's books: November 30, P165,450 and
December 31, P226,800.
C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor
on December 24.
D. Total charges in the bank statement during December were P2,189,700.
E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200.
F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a
check for P5,000 was certified by the bank on December 26.
G. NSF checks returned, recorded as reduction of cash receipts were:
Returned by bank on December and recorded also in December P10,400.
Returned by bank on December but recorded also in January P8,600.
H. Collections by bank not recorded by…
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- In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400. Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…arrow_forwardIn connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400. Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…arrow_forwardRequired: (cashbook and bank statement attatched as images) (i)Calculate the balance as per the cash book (ii)Calculate the balances on the bank statement (iii)Prepare Adjusted cash book as at 31 December 2019 (iv) Prepare a Bank reconciliation statement. (b) Explain contra entry from purchases ledger to sales ledger (c)After the profit and loss account for Jebby Ltd had been prepared, it was found that prepaid expenses of Shs. 60,000 had been omitted and that closing stock had been overvalued by Shs.40,500. Explain the effect of these errors on the financial statements.arrow_forward
- Kindly answer the question belowarrow_forwardMuscat City Desalination Company financial statements – Income Statement and Statement of Balance sheet attached. Analyze the information contained in the company’s balance sheet and income statements to answer the following questions. Are the company assets listed in the proper order? What type of the format used in the income and balance sheet statement? How are the company assets and liabilities classified? What are the cash equivalents? Muscat City Desalination Company statements audited or unaudited? Explain. Please I want answer for these. Big Thumb Many Thanksarrow_forwardRequired information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 P.O. Box 123878 FIDELITY UNION Member FDIC Gotebo,…arrow_forward
- What is the correct net income under the accrual basis of accounting?arrow_forwardUse the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANYComparative Balance SheetsDecember 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum.…arrow_forwardUse the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANYComparative Balance SheetsDecember 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum.…arrow_forward
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