Cash P18,600 10,000 Accounts Receivable 5,000 4,000 10,000 50,000 6,000 4,000 Notes Receivable Prepaid Rent Furniture Equipment Accounts Payable Notes Payable Accrued Salaries 1,908 Unearned Interest Income 300 SSS Premium Payable Withholding Taxes Payable Kengied, Capital 66 26 84,887 A llouance for bad Dobt 80

Cash P18,600 10,000 Accounts Receivable 5,000 4,000 10,000 50,000 6,000 4,000 Notes Receivable Prepaid Rent Furniture Equipment Accounts Payable Notes Payable Accrued Salaries 1,908 Unearned Interest Income 300 SSS Premium Payable Withholding Taxes Payable Kengied, Capital 66 26 84,887 A llouance for bad Dobt 80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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From the following list of accounts, calculate the quick ratio.Cash.......................................Accounts receivable................Inventory................................Prepaid insurance ...................$ 2,0007,00017,0001,000Accounts payable ............................Salary payable .................................Notes payable (due in two years) ....Short-term investments....................$ 5,0009,0008,0005,000a. 1.5b. 1.0c. 1.8d. 2.3
Revenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from Customers. Select one: a. R60 000 b. R40 000 c. R110 000 d. R100 000
Assume a bank has the following balance sheet. Determine the 2-year GAP. AssetAmount LiabilityAmountCash$100 90-day CDs$1006-month Gbonds$400 360-day CDs$200 2-yearcommercialloans$400 Time Deposits 2- year $900 5-year fixedrate loans$500 Stockholder’s equity$200 Total$1,400 Total$1,400 GAP = (RSA2 yr – RSL2 yr) 0 -$100 -$200 -$300 -$800
Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $7,434 Loan Interest Payment = $892 MACRS Deduction = $7,405 Taxes Due = $3,550.75Which of the following is closest to the after-tax cash flow? a. $1,372 b. $8,777 c. $10,623 d. $16,211
Compute for the bank's income if a client will purchase USD375,000 @ P50.76 = $1 based on P50.30 benchmark or based rate. a. P172,500 b. P17,500 c. P1,725 d. P17,250
Mf3. : An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Interest revenue for a bank in period 1 is: An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Principal, paid in the fourth period, is: Outstanding loan amount is USD 17,000.00. Annuity is USD 4,315.27, interest rate is 18%. The amount of principal, paid in the given period is: Outstanding loan amount is USD 22,000.00. Annual interest rate is 11%. Interest is paid at the end of each year. In the given period bank received USD 4,300.00 of principal payment. The annuity amount is:
Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508
Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
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CASH – 500,000ACCOUNTS RECEIVABLE – 300,000NOTES RECEIVABLE (2 YEARS) – 200,000NOTES RECEIVABLE (TRADE) – 300,000NOTES RECEIVABLE – 400,000ACCOUNTS PAYABLE – 600,000OFFICE EQUIPMENT – 250,0000NOTES PAYABLE (3 YEARS) – 300,000BONDS PAYABLE (MATURING IN 6 MOS.) – 300,000MORTGAGE PAYABLE – 400,000OWNERS EQUITY, (BEGINNING BALANCE) – 600,000OWNER DRAWING/WITHDRAWAL – 200,000NET LOSS – (300,000) What is the total current assets? 1,200,000 1,400,000 1,700,000 1,500,000
CASH – 500,000ACCOUNTS RECEIVABLE – 300,000NOTES RECEIVABLE (2 YEARS) – 200,000NOTES RECEIVABLE (TRADE) – 300,000NOTES RECEIVABLE – 400,000ACCOUNTS PAYABLE – 600,000OFFICE EQUIPMENT – 250,0000NOTES PAYABLE (3 YEARS) – 300,000BONDS PAYABLE (MATURING IN 6 MOS.) – 300,000MORTGAGE PAYABLE – 400,000OWNERS EQUITY, (BEGINNING BALANCE) – 600,000OWNER DRAWING/WITHDRAWAL – 200,000NET LOSS – (300,000) How much is the total current liabilities? 600,000 1,000,000 900,000 1,300,000
Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…