Calculate cash? Calculate Accounts Payable? Please show formulas and calculations in spreasheet
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A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.
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A: Compound interest is interest on principal + interest on accumulated interests.
Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable
A: Solution.... Sales on Account results in debit of ?
Q: Describe and use the cash payments journal. What steps are followed in posting from cash payments…
A:
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A: Every feild had its own terminology. Same is with Accounting. Accounting has its own terminology,…
Q: 1. What is a compensating balance?
A: Hi student Since there are multiple questions, we will answer only first question.
Q: What steps are followed in posting from the cash payments journal to the general ledger?
A: Cash payments journal: Cash payments journal refers to the journal that is used to record the all…
Q: Calculate the ending balance of the Cash account.
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…
A: Answer: If a journal entry includes a debit or credit to the Cash account, it is most likely an…
Q: Explain the use of a worksheet in preparing a statement of cash flows
A:
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A: Given is the information about all the data about trial balance and other points:
Q: What was the balance of the cash account after these transactions were posted?
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Q: he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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A: Financial statements includes 1) income statement 2) Balance sheet 3) cash flow statement They…
Q: Prepare a flowchart of a cash receipts procedures described in the problem.
A: Definition: Accounts receivable can be referred to as the amount which is due from the customers of…
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A: Financial assets and trade and other receivables are different types of assets that are part of…
Q: Please make the statement of cash flows
A: Cash flows statement is one of the financial statement of business, which shows all cash inflows and…
Q: Accounts Receivable will appear on which of the following financial statements?a. Income statementb.…
A:
Q: What is the balance in cash after these transactions are journalized and posted?
A: Only cash transactions are to be considered. We will start with the opening balance of cash. We…
Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.
A: Receipts and payment account is a real account. It records all the cash and bank transactions made…
Q: what is procedure to posting account payab
A: Answer : The cash disbursement Journal is an Accounting Form used to record all the cash outflow.…
Q: Explain the posting process of the cash payments journal.
A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…
Q: Make a cash receipts journal using the following transactions and also include the total debits and…
A: A cash receipts journal is a special type of accounting journal which records all the transactions…
Q: When cash is debited, a typical credit is to O Accounts receivable Withdrawals O Expenses O Accounts…
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…
A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…
Q: rrange the following current assets according to their liquidity, starting from the most liquid one:…
A: The current assets are those assets that are convertible into cash within the time period of one…
Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…
A: answer c Account Payable is right answer.
Q: what is procedure to posting account payable ledger in cash disbursements system
A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…
Q: Explain the effect of adjusting journal entries on cash.
A: Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the…
Q: Link which of the following?Select one:a. Income and cash flows.b. Cash balances and cash flows.c.…
A: Solution:- The following item is perfect link as follows under:-
Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…
A: Account’s receivables can be defined as the payment which is yet to be received by the business in…
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A: solution chart of accounts we are required to classify the given items as to whether they are…
Q: Prepare Cash Disbursement for purchases
A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…
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A: False
Q: Explain how a worksheet may be helpful in preparing a statement of cash flows.
A: Setting up a cash flow statement includes the examination of changes in various balance sheets…
Q: Which of the following account is debited when account payable is converted into note payable?…
A: Liabilities have a credit balance, So when liabilities converted then they should be debited.
Q: Why is it necessary to use an income statement, balance sheet, and additional information to prepare…
A: A Cash Flow Statement is a part of the Financial Statement of a company. It literally means a…
Q: Please calculate the amount for cash and Accounts payable
A: Cash = Total Assets - (Accounts Receivable + Buildings + Equipment + Fixtures + Inventory + Land +…
Calculate cash?
Calculate Accounts Payable?
Please show formulas and calculations in spreasheet
A cash Budget is a schedule used to calculate the total receipts and total disbursement of cash estimated during a financial and accounting period. A cash budget is consistent with the cash basis of accounting, which states that only cash transactions of a business are recorded.
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- Budgeted selling and administrative expenses for King Tire Co. In P7-2 for the year ended December 31, 2016, were as follows: Required: 1. Prepare a selling and administrative expense budget, in good form, for the year 2016. 2. Using the information above and the budgets prepared in P7-2, prepare a budgeted income statement for the year 2016, assuming an income tax rate of 40%.Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:Relevant data from the Poster Companys operating budgets are: Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year
- Selling and administrative expense budget and budgeted income statement Budgeted selling and administrative expenses for Scottsdale Styles Inc. in P7-4 for the year ended December 31, 2016, were as follows: Required: 1. Prepare a selling and administrative expenses budget, in good form, for the year 2016. 2. Using the information above and the budgets prepared in P7-4, prepare a budgeted income statement for the year 2016, assuming an income tax rate of 30%.Budgeted income statement and balance sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Mesa Publishing Co.: Factory output and sales for 20Y9 are expected to total 3,800 units of product, which are to be sold at 120 per unit. The quantities and costs of the inventories at December 31, 20Y9, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of 35,000 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of 0.20 per share are expected to be declared and paid in March, June, September, and December on 20,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for 22,000 cash in May. Instructions Prepare a budgeted income statement for 20Y9. Prepare a budgeted balance sheet as of December 31, 20Y9, with supporting calculations.Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2. Dividends of $500 will be paid in May The beginning cash balance was $50,000 and a required minimum cash balance is $10,000. Prepare a cash budget for the first two quarters of the year.
- Capital expenditures budget On January 1, 20Y6, the controller of Omicron Inc. is planning capital expenditures for the years 20Y6-20Y9. The following interviews helped the controller collect the necessary information for the capital expenditures budget: Director of Facilities: A construction contract was signed in late 20Y5 for the construction of a new factory building at a contract cost of 10,000,000. The construction is scheduled to begin in 20Y6 and be completed in 20Y9. Vice President of Manufacturing: Once the new factory building is finished, we plan to purchase 1.5 million in equipment in late 20Y7. I expect that an additional 200,000 will be needed early in the following year (20Y8) to test and install the equipment before we can begin production. If sales continue to grow, I expect we'll need to invest another 1,000,000 in equipment in 20Y9. Chief Operating Officer: We have really been growing lately. I wouldn't be surprised if we need to expand the size of our new factory building in 20Y9 by at least 35%. Fortunately, we expect inflation to have minimal impact on construction costs over the next four years. Additionally, I would expect the cost of the expansion to be proportional to the size of the expansion. Director of Information Systems: We need to upgrade our information systems to wireless network technology. It doesn't make sense to do this until after the new factory building is completed and producing product. During 20Y8, once the factory is up and running, we should equip the whole facility with wireless technology. I think it would cost us 800,000 today to install the technology. However, prices have been dropping by 25% per year, so it should be less expensive at a later date. Chief Financial Officer: I am excited about our long-term prospects. My only short-term concern is managing our cash flow while we expend the 4,000,000 of construction costs in 20Y6 and 6,000,000 in 20Y7 on the portion of the new factory building scheduled to be completed in 20Y9. Use this interview information to prepare a capital expenditures budget for Omicron Inc. for the years 20Y6-20Y9.Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for May: Prepare a cost of goods sold budget for May. Work in process at the beginning of May is estimated to be $4200. and work in process at the end of May is desired to be $3800.Operating Budget, Comprehensive Analysis Allison Manufacturing produces a subassembly used in the production of jet aircraft engines. The assembly is sold to engine manufacturers and aircraft maintenance facilities. Projected sales in units for the coming 5 months follow: The following data pertain to production policies and manufacturing specifications followed by Allison Manufacturing: a. Finished goods inventory on January 1 is 32,000 units, each costing 166.06. The desired ending inventory for each month is 80% of the next months sales. b. The data on materials used are as follows: Inventory policy dictates that sufficient materials be on hand at the end of the month to produce 50% of the next months production needs. This is exactly the amount of material on hand on December 31 of the prior year. c. The direct labor used per unit of output is 3 hours. The average direct labor cost per hour is 14.25. d. Overhead each month is estimated using a flexible budget formula. (Note: Activity is measured in direct labor hours.) e. Monthly selling and administrative expenses are also estimated using a flexible budgeting formula. (Note: Activity is measured in units sold.) f. The unit selling price of the subassembly is 205. g. All sales and purchases are for cash. The cash balance on January 1 equals 400,000. The firm requires a minimum ending balance of 50,000. If the firm develops a cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage. Any cash borrowed is repaid at the end of the quarter, as is the interest due (cash borrowed at the end of the quarter is repaid at the end of the following quarter). The interest rate is 12% per annum. No money is owed at the beginning of January. Required: 1. Prepare a monthly operating budget for the first quarter with the following schedules. (Note: Assume that there is no change in work-in-process inventories.) a. Sales budget b. Production budget c. Direct materials purchases budget d. Direct labor budget e. Overhead budget f. Selling and administrative expenses budget g. Ending finished goods inventory budget h. Cost of goods sold budget i. Budgeted income statement j. Cash budget 2. CONCEPTUAL CONNECTION Form a group with two or three other students. Locate a manufacturing plant in your community that has headquarters elsewhere. Interview the controller for the plant regarding the master budgeting process. Ask when the process starts each year, what schedules and budgets are prepared at the plant level, how the controller forecasts the amounts, and how those schedules and budgets fit in with the overall corporate budget. Is the budgetary process participative? Also, find out how budgets are used for performance analysis. Write a summary of the interview.
- Capital expenditures budget On August 1, 20Y4. the controller of Handy Dan Tools Inc. is planning capital expenditures for the years 20Y5-20Y8. The controller interviewed several Handy Dan executives to collect the necessary information for the capital expenditures budget. Excerpts of the interviews are as follows: Director of Facilities: A construction contract was signed in May 20Y4 for the construction of a new factory building at a contract cost of $9,000,000. The construction is scheduled to begin in 20Y5 and completed in 20Y6. Vice President of Manufacturing: Once the new factor)' building is finished, we plan to purchase $3-6 million in equipment in late 20Y6. I expect that an additional $500,000 will lx-needed early in the following year (20Y7) to test and install the equipment before we can begin production. If sales continue to grow, I expect we'll need to invest another half million in equipment in 20Y8. Vice President of Marketing: We have really been growing lately. I wouldn't be surprised if we need to expand the size of our new factory building in 20YS by at least 25%. Fortunately, we expect inflation to have minimal impact on construction costs over the next four years. Additionally, 1 would expect the cost of the expansion to Ik- proportional to the size of the expansion. Director of Information Systems: We need to upgrade our information systems to wireless network technology. It doesn't make sense to do this until after the new factory building is completed and producing product. During 20Y7, once the factor)' is up and running, we should equip the whole facility with wireless technology. I think it would cost us $400,000 today to install the technology. However, prices have been dropping by 10% per year, so it should be less expensive at a later date. President: I am excited about our long-term prospects. My only short-term concern is financing the $5,000,000 of construction costs on the portion of the new factor)' building scheduled to be completed in 20Y5. Use the interview information above to prepare a capital expenditures budget for Handy Dan Tools Inc. for the years 20Y5-20Y8.Carmichael Corporation is in the process of preparing next years budget. The pro forma income statement for the current year is as follows: Required: 1. What is the break-even sales revenue (rounded to the nearest dollar) for Carmichael Corporation for the current year? 2. For the coming year, the management of Carmichael Corporation anticipates an 8 percent increase in variable costs and a 60,000 increase in fixed expenses. What is the break-even point in dollars for next year? (CMA adapted)Mesa Aquatics, Inc. estimated direct labor hours as 1,900 in quarter 1, 2,000 in quarter 2.2,200 in quarter 3, and 1,800 in quarter 4. a sales and administration budget using the information provided.