Forest Company had the following transactions during the month of December. What is the December 31 cash balance? Cash Sales 3, 250.00 Payments for Inventory 1760.00 Investment by the owners 3000.00 Supplies Used 175.00 Cash Withdrawals 260.00 Inventory received 2,500.00 Wages paid 2,390.00 Cash Balance Dec. 1 4,250.00
Q: Dozier Company has a problem managing cash. From the following data determine the cash disbursements…
A: Cash budget means expected cash receipts and expected cash payment with opening and closing cash…
Q: The company began business on January 1 of the current year. The first quarter sales are estimated…
A: First quarter mean January, February, March.
Q: The following information pertains to U-Gold Company for the current year: Cash Sales 1,380,000;…
A: Sales on credit = Accounts receivable, end + Cash collected on accounts + Bad debts written off -…
Q: Sales revenue for Bancroft was $560,000. The following data are from the accounting records of…
A: The cash collection is calculated as sales revenue plus change in receivable balance
Q: Calapan Company provided the following data January 1 December 31 1,200,000 1,000,000 Inventory Cost…
A:
Q: Alan uses the income statement approach in estimating uncollectible accounts expense, and…
A: Amount of credit sales = Total sales * (1-Cash sales%) = 900000*(1-20%) =720000
Q: Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50:1,…
A: As question has to calculate the current ratio , acid test ratio and working capital after each…
Q: Credit Purchases Cash Paid Jan. 6 Gorst Company $10,000 Jan. 11 Gorst Company $6,600…
A: Accounts Payable - Accounts Payable is a liability due to a particular creditor when it order goods…
Q: Calculate the amount of: (a)Cost of goods available for sale (b)Cost of goods sold during the year…
A: Introduction: The cost of goods sold refers to the direct costs of manufacturing the commodities…
Q: at cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account…
A: The schedule is calculated as,
Q: The trading account of Calypso for the year ended 30 June 20X0 is set out below: 430,000 Sales…
A: We have the following information: Sales : $430,000 Opening Inventories: $50,000 Purchases:…
Q: its second year of operations. Cash sales Sales on accounts P 750,000 Purchase return & discounts P…
A: Cash basis and accrual basis are two methods for preparing financial statements. On a cash basis…
Q: a. Accounts Receivable had a balance of $1,800 at the beginning of the month and $1,350 at the end…
A: a. Cash collected from customers= Beginning Accounts Receivable + Credit sales - Ending Accounts…
Q: The Marchetti Soup Company entered into the following transactions during the month of June: (1)…
A: The perpetual inventory method is a method of accounting for inventory that records the movement of…
Q: Faith Company provided the following information relating to current operations: 4,000,000 8,400,000…
A:
Q: Fernando Company developed the following data for the month of August: 1. August 1 cash balance…
A: Cash receipts from account receivable = (300,000 x 70%) + (400,000 x 15%) + (400,000 x 10%) =…
Q: Allister's payables ledger control account has a balance at 1 October 20X8 of $34,500 credit. During…
A: We have the following information: Opening Balance: $34,500 Credit Purchases: $78,400 Cash…
Q: Required: 2. Anticipated total cash available from all sources in August. 3. August cash payments…
A: 2. Total Cash Available from all Sources in August Particulars Amount Opening Cash Balance…
Q: The cash received from customers was:
A: Cash Received from Customers = Accounts Receivable at Beginning + Sales - Accounts Receivable at the…
Q: Darlington Company experienced the following business events during its first month of operations.…
A: Net cash flow is the difference of total cash inflow and total cash outflow. Cash flow from…
Q: The following are selected ledger accounts of Blossom Corporation at December 31, 2020. Cash…
A: Income statement is one of the financial statements that depicts the profitability position of an…
Q: Yellow Company had a balance of $85,000 in Accounts Payable at the beginning of June, and purchased…
A: Opening accounts payable = $85,000 Purchases = $180,000 Closing accounts payable = $60,000
Q: The following information is taken from Reagan Company's December 31 balance sheet: Cash and…
A: Receivable turnover ratio shows the efficiency of company with respect to extending the credits and…
Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000…
A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year.
Q: What is the balance of accounts receivable on December 31? Faith Company provided the following…
A: Ratio is a tool which is used to measure the growth and performance of the firm by establishing the…
Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…
A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…
Q: The following data were selected from the records of Sykes Company for the year ended December 31,…
A: Assumed as journal
Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…
A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…
Q: What is the amount of cash received from customers during the year?
A: There are two types of Sales: (1) Cash Sales and (2) Credit Sales. Cash is received immediately at…
Q: Compute the estimated total cash disbursements during July
A: Cash disbursements in accrual concept is recorded when the cash payment is made but the expense is…
Q: Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1,…
A: As there are many transactions for calculating the current ratio , acid test ratio , working capital…
Q: The Brick Company had cash sales of $226,200 for Year 1, its first year of operation. On April 2,…
A: Calculation of units sold: Units First purchase 164 Second Purchase 123 Closing inventory…
Q: On May 1, Jensen's had a beginning cash balance of $284. April sales were $810 and May sales were…
A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…
Q: The following five transactions occurred in 2018: First purchase (cash) 150 units @ $155 Second…
A: Step 1: Compute per unit cost as follows:
Q: adows Company makes all of its sales on account. Meadows collect its accounts as follows: 70% in the…
A: Given, following pattern of collection - 70% in the month of sale, 25% in the month following sale,…
Q: ble, December 1 148,000 Accounts Receivable, December 31 160,000 Accounts Receivable written-off as…
A: For the month of December, the records of ABC Corporation show the following information: Given…
Q: At the end of the year Stan Still Stationery Store had the following balances: Sales $485,000; Sales…
A: Net sales can be calculated by deducting sales discounts and sales returns and allowances from the…
Q: calculate the unknown amount. Corentine Co. had $152,000 of accounts payable on September 30 and…
A: Given: Accounts payable on September 30 152,000 Accounts payable on October 31…
Q: The Marchetti Soup Company entered into the following transactions during the month of June: (1)…
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…
A: Introduction: Revenue (sometimes known as sales revenue) is a term used to describe the amount of…
Q: The Marchetti Soup company entered into the following transactions during the month of June:(1)…
A: Introduction; Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required: 1. Anticipated cash receipts from accounts receivable in August.
A: Accounts Receivables are as follows: Credit Sales for August = P300000 Credit Sales for July =…
Q: The accounting records of Wall's China Shop reflected the following balances as of January 1, Year…
A: FIFO , LIFO & Weighted average FIFO: Inventory purchased earlier are sold first LIFO: Inventory…
Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…
A: Credit sales=2700000+9000000-2100000 =9600000
Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…
A: Cost of sales means for how much cost of goods have been sold by the business in the outside market…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $36,500. A. purchased merchandise inventory on account, $16,000 B. paid vendors for part of inventory purchased earlier in month, $12,000 C. purchased merchandise inventory for cash, $10,500The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
- Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journalPost the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
