Determine the ending balance of each of the following T- accounts. Cash Accounts Payable 250 200 3,500 12,500 450 210 5,500 170 Supplies Accounts Receivable 11,500 5,300 1,350 300 2,600 300 300 250 Wages Payable Cash 850 15,500 6,000 850 950 7,500 250 2,800
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- Computing; the Cash Balance Listed below are ten items that may be found on a balance sheet. Required: 1. Indicate with or no whether each of the items should be included in the cash balance presented on the balance sheet. Also indicate the normal balance sheet treatment for those items not included as cash. 2. Next Level What is the overriding concept in determining whether an item included in or excluded from cash?Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
- Skysong, Inc. had credit sales of $1312000. The beginning accounts receivable balance was $135000 and the ending accounts receivable balance was $230000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $1312000. $1447000. $1217000. $1487000.Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $7,010.20 4/10, n/30 $ $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
- UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…Determine the ending balance of each of the following T-accounts. Cash Accounts Payable Beg.Bal. 160 110 Beg.Bal. 2,600 9,800 360 120 3,700 80 End.Bal. End.Bal. Supplies Accounts Receivable Beg.Bal. 10,600 4,400 Beg.Bal. 900 210 1,700 210 210 160 End.Bal. End.Bal. Wages Payable Cash Beg.Bal. 760 Beg.Bal. 12,800 5,100 760 860 6,600 160 1,900 End.Bal. End.Bal.Consider the following information taken from the cash account. Assume cash payments were 80% of collections. Cash ?? Beginning balance $115,375 Collections ?? Disbursements $80,275 Ending balance How much was the beginning balance of the cash account
- Compute for the Required Total Financing or Excess Cash Balance given the following information: Total Cash Receipt = P315,273 , Total Cash Disbursement = P199,200 , Beginning Cash Balance = P25,000 , Required minimum cash balance = 75,000.Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below. Situation Sales revenue Accounts receivableIncrease (Decrease) Cash receivedfrom customers 1 $ 220,000 $ 10,200 ? 2 220,000 (10,200 ) ? 3 110,000 (15,200 ) ? 4 110,000 15,200 ?Which of the following is a method to generate cash from accounts receivable?a. Assignmentb. Factoringc. Assignment and factoringd. Assignment, factoring and discounting
