Advances to supplier: 600,000 currently collectible: 300,000 Advances to officers AFDA: (100,000) Selling price of items invoiced at 120% of cost but not yet delivered and excluded from inventory.: 600,000 3,000,000 Other matters: after reviewing the Accounts payable to suppliers, the only portion under current liabilities. Trade accounts payable has an amount worth 2450,000 net of debit balance worth 50,000. How much is the current liabilities under SFP that should be reported at the end of the year?

Advances to supplier: 600,000 currently collectible: 300,000 Advances to officers AFDA: (100,000) Selling price of items invoiced at 120% of cost but not yet delivered and excluded from inventory.: 600,000 3,000,000 Other matters: after reviewing the Accounts payable to suppliers, the only portion under current liabilities. Trade accounts payable has an amount worth 2450,000 net of debit balance worth 50,000. How much is the current liabilities under SFP that should be reported at the end of the year?

Name: The current section of the unadjusted SFP of MVP INC. is as follows:C
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Description: The current section of the unadjusted SFP of MVP INC. is as follows:CASH: 2MAR: 3MINVTY: 1.9MNotes:A review of the accounts showed that the cash balance of 2M included a customerchecks amounting to 100K returned by bank as NSF and an employee IOUS o

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
On December 1, Farley Corporation assigns $250,000 of its accounts receivable to Greenhouse Company for cash. Greenhouse charges a $1,500 service fee, advances 80% of Farley’s accounts receivable and charges a 7% interest rate on any outstanding loan balance. A. Prepare the journal entries to record the financing arrangement on Farley’s books. B. On December 31, Farley Received $40,000, on assigned accounts. Prepare the journal entries to record the cash collection on the receivable and the payment to Greenhouse. (Round your final number to the nearest dollar).
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TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C.…
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