Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 9, Problem 9.1E
To determine
To prepare: The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Dapitan Company had the following account balances at December 31, 2023:
Cash in bank
Cash on hand
Cash legally restricted for addition to plant and expected to be disbursed in 2024
P2,500,000
10,000
1,500,000
Cash in bank includes P200,000 compensating balances against short-term borrowing arrangements. The
compensating balances are not legally restricted as to withdrawal by Dapitan Company.
In the current assets section of Dapitan Co.'s December 31, 2023 statement of financial position, how
should be reported as cash?
Laborious Company closed the accounts on June 30. The
entity provided the following transactions:
Problem 1-7 (IAA)
Laborious Company closed the accounts on June 30. The
May 2 The entity established an imprest fund of P10,000.
29 The fund is replenished. The petty cash items
include:
Currency and coin
Postage
Supplies
Transportation
Miscellaneous expense
2,000
1,000
3,000
2,500
1,500
June 30 The fund was not replenished. The fund is composed
of the following:
Currency and coin
Supplies
Postage
Transportation
6,000
2,000
1,000
1,000
July 15 The fund is replenished and increased to P15,000.
Currency and coin
Supplies
Postage
Transportation
Miscellaneous expense
3,000
3,500
1,500
1,500
500
Required:
Prepare journal entries to record the transactions under
imprest fund system and fluctuating fund system.
Why is there no entry in the books of the lesse on Jan. 1, 20x1 given this problem? Please explain.
Chapter 9 Solutions
Intermediate Accounting (2nd Edition)
Ch. 9 - Prob. 9.1QCh. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3QCh. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...
Ch. 9 - What do firms use to record the sales value of a...Ch. 9 - Explain why a company must have highly effective...Ch. 9 - The following are held by YRT Corporation at...Ch. 9 - Fernandez Company had an accounts receivable...Ch. 9 - On its December 31, Year 2, balance sheet, Red...Ch. 9 - Stanberry Company sold 500,000 of net accounts...Ch. 9 - On November 30, Year 1, Derin Corporation agreed...Ch. 9 - Which of the following disclosures about accounts...Ch. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Sales Discounts, Most-Likely-Amount Method. On...Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Recovery....Ch. 9 - Bad Debt Expense, Journal Entry. Paul Anchor...Ch. 9 - Bad Debt Expense. Journal Entry. Paul Anchor,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BECh. 9 - Notes Receivable. Welk Associates sold a piece of...Ch. 9 - Prob. 9.20BECh. 9 - Prob. 9.21BECh. 9 - Prob. 9.22BECh. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BECh. 9 - Prob. 9.25BECh. 9 - Prob. 9.26BECh. 9 - Prob. 9.27BECh. 9 - Prob. 9.28BECh. 9 - Prob. 9.1ECh. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Write-Offs, Journal Entry....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9ECh. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11ECh. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Notes Receivable with Year-End Interest Accrual,...Ch. 9 - Prob. 9.18ECh. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Prob. 9.2PCh. 9 - Allowance for Uncollectible Accounts, Aging of...Ch. 9 - Prob. 9.4PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Aging of Accounts Receivable, Write-Offs,...Ch. 9 - Disclosure. Using the transactions listed in P9-9,...Ch. 9 - Accounts Receivable Disclosure. Using Kellogg...Ch. 9 - Prob. 1JCCh. 9 - Financial Statement Analysis Case: Revlon The...Ch. 9 - Prob. 1SSCCh. 9 - Surfing the Standards Case 2: Costs Associated...Ch. 9 - Prob. 1BCC
Knowledge Booster
Similar questions
- Safari Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2022. The following items were found to be included in this balance. a. Compensating balance of P5,000 which is legally restricted as to withdrawal b. A negative bank balance of P10,000 from one of its bank accounts from just one bank. c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2023. d. A certified check received from one customer last March 24, 2022. How much is the cash and cash equivalents to be presented in the 2022 Financial Statements?arrow_forwardc. Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Disregard the date.) Date Description Date d. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Disregard the date.) Description Debit Debit Credit Creditarrow_forwardThe Valorant Company has the following items in its general ledger: Petty cash fund- $5,000; Checking account, Bank of Korea- $290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- $100,000; Checking account, BPI Bank- $(170,000); Checking account, Metrobank- $49,500. The amount of cash that should be reported in Valorant's balance sheet as a current asset is:arrow_forward
- Maria Clara Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2023. The following items were found to be included in this balance. a. Compensating balance of P5,000 which is legally restricted as to withdrawal b. A negative bank balance of P10,000 from one of its bank accounts from just one bank. c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2024. d. A certified check received from one customer last March 24, 2023. How much is the cash and cash equivalents to be presented in the 2023 Financial Statements?arrow_forwardAn entity provided the following information on Decemnber 31, 2021: 4,000,000 8,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 2,000,000 Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. What amount should be reported as total current assets on December 31, 2021? a. 20,400,000 )b. 20,250,000 O c. 20,900,000 O d. 21,500,000arrow_forwardThe cash realizable value is the difference between the accounts receivable balance and the allowance account balance. net sales and the allowance account balance. accounts receivable balance and bad debt expense. net sales and bad debt expense. 2 QUE Concord Company provides for bad debt expense at the rate of 3% of accounts receivable. The following data are available for 2018: Allowance for doubtful accounts, 1/1/18 (Cr.) $ 11300 Accounts written off as uncollectible during 2018 10400 Ending accounts receivable 1204000 The Allowance for Doubtful Accounts balance at December 31, 2018, should be $37020. $900. $36120. $35220.arrow_forward
- Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensatingbalances are not legally restricted as to withdrawal by Greenfield. In thecurrent assets section of Green-field's December 31, 2019, balance sheet,what total amount should be reported as cash?a. $1,020,000b. $1,320,000c. $3,020,000d. $3,320,000arrow_forwardQuart Company had the following account balances at December 31, 2021:Cash in banks - P2,250,000*Cash on hand - P125,000Cash legally restricted for additions to plant (expected to be disbursed in 2022) - P1,600,000*Cash in banks include P500,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Quart.How much is the total cash reported under current assets in Quart Company's December 31, 2021 statement of financial position?arrow_forwardHow do I solve Cash Net Realizable Value based on this journal entry?arrow_forward
- 44. On December 31, 2019, Cherry Company had the following cash balances: Cash in Bank 3,000,000 20,000 500,000 Petty cash fund (unreplenished expenses, P5,000 on 12/31/19) Time deposit, due March 1, 2020, six months Cash in bank included P200,000 of compensating balance against short term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal of Cherry. In the correct assets section of the December 31,2019 balance sheet what total amount should be reported as cash and cash equivalents? A. P3,315,000 B. P3,320,000 C. P2,815,000 D. P2,820,000arrow_forwardi need the answer quicklyarrow_forwardInstructions Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) E23.13 (LO 2, 3) (SCF-Direct Method) Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Brecker Inc. Comparative Balance Sheet As of December 31, 2020 and 2019 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities and stockholders' equity 12/31/20 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $313,000 $ 46,000 4,000 8,000 8,000 60,000 100,000 30,000 57,000 $313,000 12/31/19 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 $295,000 $ 40,000 6,000 4,000 10,000 69,000 100,000 30,000 36,000…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning