otal of trade receivables remaining
Q: What is the difference between account receivable and account payable ?
A: Diffecrence between the accounts receivable an accounts payable are as follows:
Q: What is the difference between Accounts Payable and Accounts Receivable? Explain each in generic…
A: Financial Management: Financial management comprises of two words i.e. Finance and management.…
Q: What is the adjusted balance of Sales and Invenfories?
A: Adjusted Balance of Sales: $49,25,600 Adjusted Balance of Inventories: $3,17,400
Q: What is the difference between accounts payable andaccounts receivable?
A: Purchases means amount or value of goods that is purchased by the business. Cash for the purchases…
Q: How does the Trade notes payable differ from accounts payable?
A: Difference: Accounts payable is a short-term liability that is owed by the supplier to the creditor…
Q: What is rent receivables listed as
A: rent is made by the tenant to the owner. different is paid generally on the monthly basis but there…
Q: Define Accounts Receivable (Trade Receivables, Receivables)
A: Definition: Current assets: The assets which could be converted into cash within one year like…
Q: What does the days’ sales in receivables indicate, and how is it calculated?
A: Day's Sales: Day's sales refer to the average number of days for which a receivable remain…
Q: deposits, as well as reserve requirements. * Commission Gross Balance Down payment Current increase…
A: The question is related to Banking and is of multiple choice question.
Q: What is the accounts receivable turnover, and what typeof information does it provide?
A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…
Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?
A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…
Q: the contra -asset of accounts receivable is
A: The contra assets of accounts are represented as the deductions from a gross account. The contra…
Q: How much should be presented as "Trade and other receivable" under current assets?
A: Particulars Amount (P) Trade Receivables 725000 Trade Notes Receivables 100000 Less: Sales…
Q: Settlement period for trade payables Inventories turnover period
A: Settlement period of payables means the period within which the payables has been paid off by the…
Q: Define Receivables turnover ratio with example.
A: Receivables turnover ratio: It refers to the accounting ratio that shows the efficiency of a firm of…
Q: When is the financial components approach to recordingthe transfers of receivables used? When should…
A:
Q: What is the expense account associated with the cost of uncollectible receivables called?
A:
Q: What is pledging of accounts receivable?
A: Accounts receivable: Accounts receivable is defined as any amount of money payable by…
Q: What is the: Accounts Receivable = = Accounts…
A: Accounts Receivable Accounts receivable which is treated as one of the main source of liquidity…
Q: Define Receivable Management and Credit Policies
A: Receivable Management : managing the outstanding Credit Policies : Selling on credit to parties…
Q: When should the transfer of receivables be recorded as a sale?
A: When a Note receivable is passed to a Transferor, the transferred value is separated from the…
Q: Define each of the following terms:k. Accruals; trade credit
A: There are two types of systems in accounting, one is a cash system of accounting and the other is…
Q: What is the primary difference between accounts receivable and notes receivable?
A: Receivable: Receivable refers to an amount to be received in future. General classifications of…
Q: accrued income such as dividend receivable are normally classified as a. noncurrent trade…
A: Accrued income is the amount that is earned by the business entity but the amount has not been…
Q: Explain the term Transfers of Notes Receivable.
A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…
Q: How to determine the adjusted balance of Accounts Receivable by usind the analysis of receivables…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: Why Do Transferors of Receivables Generally Want to Account for the Transfer as a Sale?
A:
Q: punts receivable ipment umulated deprec tes payable
A: particulars amount particulars amount To rent expenses $45000 By service fee earned $177500 To…
Q: Explain the concept of American depositary receipts (ADRs).
A: Answer: Meaning of American depositary receipts (ADRs): American negotiable securities that signify…
Q: Non-trade receivables are generally dassified and reported as separate iterns in the balance sheet…
A: The receivables can be distinguished as non trade receivables and trade receivables.
Q: What is the difference between accounts receivable and notes receivable?
A: Note receivable is the instrument that represents the amounts of money borrowed or receivables…
Q: What is the difference, definition, examples between account receivables and fees earned?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: For VAT and Percentage transactions, state when will be the deadline for the remittances
A: VAT is value added tax and it is indirect tax which means tax is paid by consumer of goods or…
Q: Under the allowance method, estimated uncollected receivables are credited to?
A: Solution: Under the allowance method, entry to record bad debts expense is "Debit bad debts…
Q: What is the difference between Accounts Receivable andRevenue?
A: Accounts receivables: Accounts receivables refers to the debtors that arise in case of credit sales…
Q: Explain accounting issues related to valuation of accounts receivable.
A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…
Q: Why does Accounts receivable often are referred to as trade receivables?
A:
Q: How is Trade receivables turnover Ratio computed? What does it indicage?
A: Trade receivables: Trade receivables are the amounts which are billed by the business to its…
Q: Receivable Turnover catio
A: Account receivable turnover ration = Net credit Sales / Average Account Receivables Note: The…
Q: A. Current Ratio B. Acid-Test Ratio C. Accounts Receivable Turnover,
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Accounting Elements that affect receivables - discount, returns and valuations
A: Accounting elements that affect Receivables, discount,returns and valuations are credit…
Q: When a receivable is written off under the allowance method, how does it affect the net realizable…
A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…
Q: What is a consignment arrangement? Explain the accounting treatment of goods held on consignment.
A: Goods on Consignment: When the goods are transferred by one company to another company for selling…
Q: When dealing with receivables, give an example of a subsidiary account.
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short…
Step by step
Solved in 2 steps with 2 images
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019; Required: 1. Prepare Meadowss December 31, 2019, balance sheet. 2. Next Level Compute the debt-to-assets ratio. What does it indicate about Meadows at the end of 2019?The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements. a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40 c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100 d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…
- 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.
- 1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…The following is summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Current Assets $ 69 comma 000$69,000 $ 53 comma 000$53,000 Accounts Receivable 83 comma 00083,000 80 comma 00080,000 Merchandise Inventory 53 comma 00053,000 41 comma 00041,000 Current Liabilities 77 comma 00077,000 49 comma 00049,000 Longminus−term Liabilities 30 comma 00030,000 52 comma 00052,000 Common Stock 54 comma 00054,000 44 comma 00044,000 Retained Earnings 44 comma 00044,000 29 comma 00029,000 Net Sales Revenue $ 527 comma 000$527,000 $ 508 comma 000$508,000 Cost of Goods Sold 405 comma 000405,000 396 comma 000396,000 Gross Profit $ 122 comma 000$122,000 $ 112 comma 000$112,000 Selling Expenses 45 comma 00045,000 58 comma 00058,000 Net Income Before Income Tax Expense $ 77 comma 000$77,000 $ 54 comma 000$54,000 Income Tax…Multiple Company had the following liabilities on December 31, 2021:Accounts payable after deducting debit P 500,000balances in supplier’s accounts of P100,000 Accrued liabilities 150,000Note payable – due March 31, 2022 1,000,000Note payable – due May 1, 2022 800,000Bonds payable – due December 31, 2023 2,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021