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Exercises Exercise 1 When examining the accounts of Tripoli Company, you ascertain that balances relating to both receivables and payables are included in a single controlling account (called receivables), which has a P23,050 debit balance. An analysis of the details of this account revealed the following: Items customers Accounts receivable Accounts receivable - officers (current collection expected) Debit balances-creditors Expense advances to salespersons Share capital subscriptions receivable Accounts payable for merchandise Unpaid salaries Credit balance in customer accounts Cash received in advance from customers for goods not yet shipped Expected bad debts, cumulative Debit P40,000 2,500 450 1,000 4,600 Credit P 19,250 3,300 2,000 450 500 Required: 1. Give the journal entry to eliminate the above account and to set up the appropriate accounts to replace it. 2. How should the items be reported on Tripoli Company's statement of financial position?

The ___________ is the process by which a company spends cash, generates revenues, and receives cash either at the time the revenues are generated or later by collecting an accounts receivable. Group of answer choices accounting cycle business cycle operating cycle income cycle

Question 1 The following information represent Mooncake Corporation Details Sales Cash Inventory Current liabilities Asset turnover Current ratio Debt to asset ratio Receivables turnover Calculate the following items: a. Accounts receivables b. Fixed asset c. Long Term Debt d. Debt to Asset Ratio RM 3,549,000 179,000 911,000 788,000 1.40 2.95 times 40% 7 times

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214 Chapter 9 Problem 6 (Applying Percentage of Sales) The statement of financial position for Jordan Corporation follows. Based on this information and the income statement in problem 5, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put "n/a" where needed. Jordan Corporation Statement of Financial Position Assets Liabilities and Owners' equity P P Percentage of Sales Current assets Cash P 3,050 Accounts Accounts payable P 1,300 receivable 6,900 Notes 7,600 payable 6,800 Inventory Total P17,550 P 8.100 Fixed assets P25,000 Net plant and equipment P34,500 P15,000 3,950 P18,950 Total assets P52.050 P52,050 Current liabilities Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity Percentage of Sales

question 9

Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales   $2,192,500 Cost of goods sold   1,010,500 Selling and administrative expenses   900,500 Interest expense   78,000 Income tax expense   62,500 Net income   $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets     Current assets       Cash   $ 55,100   Debt investments   89,000   Accounts receivable (net)   168,400   Inventory   236,500    Total current assets   549,000 Plant assets (net)   572,500 Total assets   $ 1,121,500 Liabilities and Stockholders’ Equity     Current liabilities       Accounts payable   $ 152,000   Income taxes payable   31,000    Total current liabilities   183,000 Bonds payable   220,740    Total liabilities   403,740 Stockholders’ equity       Common stock   345,000   Retained earnings   372,760…

Complete the attached excel sheet using the data

Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $31,654 Accounts receivable 69,987 Accrued liabilities 6,524 Cash 16,364 Intangible assets 38,210 Inventory 80,832 Long-term investments 90,451 Long-term liabilities 73,398 Notes payable (short-term) 26,425 Property, plant, and equipment 659,739 Prepaid expenses 1,697 Temporary investments 38,252 Based on the data for Harding Company, what is the amount of quick assets?

vishu Subject-Accounting

C. Comparative Financial data for the two companies are shown below: Cash Accounts Receivable Inventories Prepaid Expenses Other Assets (net) Current Liabilities Mortgage Payable Owner's Equity Sales (all on credit) Gross Profit rate on Sales Number of Business days, 360 TIKTAK CORP. P67,832 a. Inventory Turnover b. Average age of inventory c. Accounts receivable turnover 84,480 71,280 12,000 353,388 126,694 50,000 412,286 844,800 32.5% METATA CORP. P 17,100 27,600 26,496 3,000 173,124 48,392 100,000 98,928 165,600 20% Required: 1. Determine which of the two companies has the more liquid current assets by developing the following ratios: d. Average collection period 2. Determine which of the two companies has the more total liquid assets. 3. Determine which of the two companies is generally more stable.

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Applying Financial Statement Linkages to Understand TransactionsConsider the effects of the independent transactions, a through g, on a company's balance sheet, income statement, and statement of cash flows. Complete the table below to explain the effects and financial statement linkages. Refer to Exhibit 2.10 as a guide for the linkages.a. Owners invested cash in the company in exchange for shares of common stock.b. The company received cash from the bank for a loan.c. The company purchased equipment to manufacture goods for sale and paid with cash.d. The company manufactured a custom piece of inventory and paid cash for materials and labor. The company sold the inventory for more than cost, and the customer promised to pay for the inventory in 30 days.e. The company paid monthly rent for a manufacturing space.f. The company paid cash dividends to the owners.g. The company received cash from the customer in transaction d.To indicate the account increases (+), enter "1" in the answer…

BIC Penc Cash Dividends Cash 24 For a recent year a corporation's financial statements reported the following: Based on the following information, what amount will the corporation report as Net Cash Provided (Used) by Operating Activities on the statement of cash flows? Net Income Depreciation $ $ Increase in accounts receivable Decrease in accounts payable $ $b A) B) Net cash provided by operating activities Net cash provided by operating activities C) Net cash provided by operating activities D) Net cash provided by operating activities E) None of the above nommon to 201 25 The acquisition of land by issuing common stock is ommi A) a noncash transaction which is not reported in the body of a statement of cash flows. B) a cash transaction and would be reported in the body of a statement of cash flows. C) a noncash transaction and would be reported in the body of a statement of cash flows. D) only reported if the statement of cash flows is prepared using the direct method. E) none of…

PROBLEM 1BABY Corporation provided the following information:Balance per book, August 31 P2,000,000Receipts per book for August 4,400,000Disbursements per book for August 3,600,000Balance per bank, August 31 1,860,000Bank receipts for August 5,000,000Bank disbursements for August 3,940,000August collection of P200,000 recorded by the entity as 20,000August check in payment of account payable for P600,000 recorded by the entity as 60,000Deposit of BABE Corporation erroneously credited by bank to BABY Corporation 200,000August check of BABE Corporation erroneously charged by bank to BABY Corporation 400,000NSF Check: July 100,000August 50,000Note collected by bank for BABY Corporation: July 200,000August 300,000Deposit in transit: July 31 600,000August 31 480,000Outstanding checks July 31 100,000August 31 650,000 Requirement:Prepare a proof of cash for the month of August.

Question 3 The accountant of Hanoi Traders completed the subsidiary journals for the entity. Extracts from the subsidiary journals of Hanoi Traders for March 2022 are as follows: Creditors Journal - March 2022 Creditors control Trading stock Debtors Journal - March 2022 Sales Cost of sales R36 000 R96 350 R89 000 Cash Receipts Journal - March 2022 Bank Sales Debtors control Cost of sales Other Balances as at 1 March 2022 Bank Debtors control R45 000 Debtors allowances Cost of sales ?? R56 250 R23 815 R45 000 R128 640 Creditors Allowances Journal - March 2022 Creditors control R3 800 R53 880 R37 539 Trading stock R3 000 Debtors Allowances Journal - March 2022 6 200 4 960 Cash Payments Journal - March 2022 Bank Trading stock Creditors control Balance as at 1 March 2022 Creditors control R168 259 R65 400 R36 000 R48 951 Required: Post the above journals to the following General Ledger accounts and balance the accounts: 3.1. Bank account 3.2. Debtors control account 3.3. Creditors control…

1. Prepare Vertical Analysis for both the income statement and the balance sheet. 2. Examine the company's Assets, Liabilities and Stockholder's Equity.

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Topic: Cash and Cash Equivalents / Intermediate Accounting 1

Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4

Chapter 5 HW Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $5,200. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6, Issued Invoice No. 794 to Pinecrest Co, $1,870. Apr. 13. Issued Invoice No. 795 to Shilo Co., $2,790. Post revenue and collections to the accounts receivable subsidiary ledger. Apг. 15. Received cash from Pinecrest Co. for the balance owed on April 1. Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,830. Post revenue and collections to the accounts receivable subsidiary ledger. Арг. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. Apг. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. Apr. 22, Issued Invoice No. 797 to Mendez Co., $7,680. Apг. 25. Received $2,120…