Problem 4-1 page 112 DAYS SALES OUTSTANDING Baker Brothers has a DSO of 40 days, and its annual sales are $7,300,000. What is its accounts receivable balance? Assume that it uses a 365-day year.
Q: Ch 22 Homework Hide or show questions eBook Calculator Schedule of…
A: Cash payments: Payments made in cash for the business transactions is called cash payments.
Q: Fixtures and fittings Building 10% - Reducing balance method 2% - Straight line method 6) During the…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: he Oakland Mills Company has disclosed the following financial information in its annual reports for…
A: In above question, we need to put the amount of variables into standardized income statement format…
Q: Question 7 Annual Operating Loan Quarter 1 Beginning Cash Balance 3,000 + Net Cash Flow -13,530 +…
A: Answer - Working Notes: Given : Beginning Cash Balance - 3000 Ending Cash Balance - 2500 Net…
Q: Q1: VTV Company has a cash balance of Rs.54,000 at the beginning of September and the following…
A: The question is related to Budget. Required L: Calculate Total Receipt for the month of November.…
Q: PROBLEM 12-2A Here is the partial work sheet for Eckland Stereo. K A Eckland Stereo Work Sheet 3 For…
A: Formula: Current ratio = Current Assets / Current liabilities Division of current liabilities with…
Q: ABCD QUESTIONS Accruals and prepayments 36 mins 10.1 Mega Co receives rent for subletting part of…
A: When income received in advance then such amount should be treated as Income received in advance and…
Q: b. Five Workers are paid every Saturday for a six-day work at P404 a day. December 31 falls on a…
A: Unpaid salaries are to be recorded as payable as of the year-end date. Any amount paid as advance…
Q: Q1: VTV Company has a cash balance of Rs.54,000 at the beginning of September and the following…
A: Credit sales means sales revenue which has earned but for which amount has not received yet.
Q: 10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent…
A: Rent Receivables:- These are the current assets of the company that appear in the Balance sheet and…
Q: Payroll expenses, withholdings, and taxes P2 P3 Fishing Guides Co. has four employees. FICA…
A: Payroll Taxation: Some taxes are imposed on employees and employers and are certainly calculated as…
Q: _7. The average daily balance method – new purchases included means that the company adds any new…
A: The average daily balance method computes the interest costs by considering the purchases, the…
Q: Q1: VTV Company has a cash balance of Rs.54,000 at the beginning of September and the following…
A: The details regarding budget is given. Required G: Calculate 2nd month credit sales for the month…
Q: QUESTION 7 Emma Company sells services for $781 cash and $1,066 on account this month. Emma Company…
A: As per accrual basis of accounting income and expenses should be accounted as and when accrued.…
Q: Chapter 10, Question 10: American Paging, Inc., is the seventh largest paging company in the United…
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: PROBLEM 1 (9 items) The following are the information obtained from AMC Company: Cash Sales Credit…
A: >Cash Budget is prepared as part of budgeting process. >It is usually the final budget…
Q: 9) Carlos Company paid Four months' rent on December 1 and debited rent expense for 80,000. On…
A: Rent per month = Total rent paid / no. of months = 80000 / 4 months = 20,000
Q: B. Problem 1. Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for…
A: The question is related to Budgetory control and is of Cash budget. The details are given. Required…
Q: Date Transaction description 1 Issued Cheque No. 750 for $8,700 to pay Realty Bites for two month's…
A: The journal entries will be recorded as given below:
Q: A company's current revenue is $10,000,000 and accounts receivable are now $1,000,000. The sales…
A: Average collection period: Average collection period indicates the number of days taken by a…
Q: 10 12 The trainee accountant at Judd Co has forgotten to make an accrual for rent for December in…
A: Accrual at the end of February=$ 30000(for 3months- Dec, Jan, Feb) so accrual for the month of…
Q: Question 3 Dai Hing Bookshop Ltd. has a beginning cash balance of $44,000 on November 1. The firm…
A: Opening Cash balance as on November 1 :- $ 44000 COGS is equal to 60% of sales Monthly cash expense…
Q: Q1: VTV Company has a cash balance of Rs.54,000 at the beginning of September and the following…
A: The details of budget are given. Required A: Calculate Current month credit sales for the month of…
Q: 13. SCI can be prepared for a month, a quarter or a year. 7. Nominal accounts are also called real…
A: Answer to the question 13 is TRUE as follows:- SCI is a part of financial statements known as…
Q: Question 4 1 pts Lime Key Corporation's trial balance for December 31, the end of its fiscal year,…
A: Current assets are those assets which are expected to be realised in next 12 months. Hence current…
Q: Question-3 (proper working and computation required) 3a. Net sales for the month are $800,000, and…
A: a. Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The…
Q: Week 7 Discussion question Accounting for Assets: Receivables Johnson company’s financial year…
A: Step 1 Journal is the part of the book keeping
Q: QUESTION 14 In the month of February Concord Airlines expects a total cash receipt of 296 and a…
A: Loan Amount = Opening Balance - Minimum Balance + Cash Receipt - Cash Payments
Q: QUESTION 15 in the month of February Concord Airlines expects a total cash receipt of 103 and a…
A: The loan refers to the amount of borrowing that helps in meeting the expenses and other financial…
Q: Part A: Problem 6 data for the months of May and June: May June 950 Single rooms sold Double rooms…
A: Hi student Since there are multiple questions, we will only first question with first three…
Q: Problem 7- 15 Accrued Expense On September 1, 200A, X Co. issued amounting to P300,000, 12%…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Exercise 3 – 2 Coachella Co. prepared the following analysis of its accounts receivable on December…
A: It is pertinent to note that allowance for doubtful debts is the provision created by an entity for…
Q: QUESTION 18 ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Hide or show questions Progress:11/32 items On May 18, Rodriguez Co. issued an $84,000, 6%, 120-day…
A: solution : correct answer is option b) Rodriguez is the borrower and debits Accounts Payable…
Q: March $124,500 April 115,800 May 105,400 Depreciation, insurance, and property taxes represent…
A: Budgeted receipts and payment means the statement which shows the expected receipt and expected…
Q: Principles of Accounting 1 Chapter 10 Homework Problem 1– Entries for notes payable On January 26,…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: What amount should be reported as accounts receivable on December 31? a. 565,000 b. 595,000 c.…
A: Below are the answers and calculations-
Q: Heritage, Inc., had a cost of goods sold of $44,721. At the end of the year, the accounts payable…
A: The average number of days that takes by the corporation to pay back its accounts payable is…
Q: Exercise 8. Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a…
A: Adjusting journal entry: At year-end when the company finalizes its accounts, any unrecognized…
Q: 3. ABC Co. had the following purchases on account: July August September $1,070,000 $980,000…
A: The cash budget is prepared by the management to estimate the expected cash receipt and cash…
Step by step
Solved in 2 steps
- Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?I need help figuring out the correct journey entries for the items 4d & 10j. Problem#8. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the…creat a balence sheet Assume all 12 months have 30 days to make the calculations easier. This is commonly done in the business world. a. Beginning cash balance on January 1, 20xx is projected to be $25,000. This money was raised through issuing common stock and should be recorded accordingly. b. All Sales are on account. Sales are as follows: January: $1,406,095; February: $1,645,258; and March: $1,884,420. c. Customers paid in cash each month as follows: Utilities bills are as follows: January, $478,072; February, $1,037,460; and March, $1,481,309. d. Direct material packets costing $145 each are purchased on the first day of January and payable immediately, $327,600. e. Direct material packets costing $144 each are purchased on account as follows: January (due in February), $251,641; February, $313,445; and March, $350,280. Direct materials are payable in the month after the purchase. f. Direct Labor (production employee wages) are paid as follows: January, $252,588;…
- Sub : AccountingPls answer very fast.I ll upvote correct answer. Thank You Financial information for Sigma Company is presented below. Calculate the following ratios for Year 2.(a) Inventory turnover.(b) Accounts receivable turnover.(c) Return on total assets.(d) Times interest earned.(e) Total asset turnover. Year 2 Year 1 Assets: Cash $ 18,000 $ 22,000 Marketable securities 25,000 0 Accounts receivable 38,000 42,000 Inventory 61,000 52,000 Prepaid insurance 6,000 9,000 Long-term investments 49,000 20,000 Plant assets, net 218,000 225,000 Total assets $ 415,000 $ 370,000 Net income after interest expense and taxes $ 62,250 Sales (all on credit) 305,000 Cost of goods sold 123,000 Interest expense 15,600 Income tax expense 27,000Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: Account Debit Credit Owners Equity 48000 Accounts Receivable 17000 Accounts Payable 20000 Notes Payable 4000 Notes Receivable 22000 Bank 38000 4000 Salary expenses 24000 Rent 9000 3000 Insurance expenses 6000 Other Income 14000 Machinery 52000 Buildings 63000 Loan 38000 Sales 194000 Purchases 44000 Sales Return 5000 Purchase Return 24000 Opening Stock 69000 Total 349000 349000 Other information is given: Closing stock is 12000 OMR. Depreciation charges for Building is 10% and Machinery is 20% Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020Prepare Adjusting Entries for the following transactions:Attach the Spreadsheet screenshots here.WITH FORMULAS FOR UPVOTE12/31Salary of P15,000 has been incurred to be paid January 15(cut off is Dec 26-Jan 10)08/01The Company lent P70,000 to a customer who issued a promissory notewith interest rate of 2% to be paid January 30 of the following year.04/01The Company rendered services worth P1,000,000 on account.The Company estimated 2% of AR to be uncollectible.
- Q1: Lewiston Company reports the following trial balance on December 31, 2014: Account title Debit Credit Cash $35,500 Account Receivable $12,000 Allowance for uncollectable $3,000 Prepaid rent $8,000 Inventories $10,000 Land $40,000 Patent $29,500 Account Payable $2,000 Unearned Revenue $6,000 Bond Payable $15,000 Common Stock $72,000 Retained Earning $37,000 Total $135,000 $135,000 Additional Information: The land account consists of $30,000 for the cost of the land where the office buildings are located. The remaining balance represent the cost of the land held for sale. $9,500 of cash balance will be used as an investment in marketable securities that is going to take place next year. The remaining represent commercial papers due in January 2015. Out of $15,000 balance of Bond payable, $7,000 will be payable in 2015. Required: Prepare classified balance…ASAP!! ANSWER The following is the trial balance of Shah Latif & Co. on March 31, 2011Cash Rs. 20,000 Accounts Payable Rs. 30,000Accounts Receivable Rs. 50,000 Salaries Payable Rs. 15,000Merchandise inventory Rs. 60,000 Bank loan Rs. 25,000Equipment Rs. 40,000 Capital Rs. 100,000The following transactions were performed during first fortnight of April:Apr 05 Paid outstanding salaries06 Collected 1/2 of accounts receivable.07 Sold merchandise for cash Rs.20,000 and on account Rs.30,00010 Paid 1/3 of the accounts payable.14 Made additional investment depositing cash into the bank Rs.25,000.Requireda. Prepare the ledgers with opening balances on April 01. b. Prepare Trial balancebalane Q5: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012. Dec. 31, 2012 84,500 21,000 Jan.1, 2012 33,000 Accounts Cash Notes receivable Accounts receivable 20,000 000' 160,000 95,000 Enventory Prepaid expenses Short term investment 000'OSI 000'01 000'01 000'7I 000'0F Building & Equipment (net) Total Assets 000'071 000'001 490,500 439,000 Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity 000'SEI 006 000 000'os 000'E 200,000 52,000 439,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following: keceipts New capital investment Disbursement Trade creditor - 210,000 $ $ 0000$ Accounts Pay. Trade debtors - Notes and səsuədx accounts Cash sales N/R discounted - Face value 19,500 Dividends Equipment 28,000 000'0 00007 Note issued to bank Bonds 50,000 Sales of investment 25,000 Required: 1) Prepare an income statement supported by…
- I am having trouble answering 17. Thank you! One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash $ 18,970 Accounts Receivable 14,130 Allowance for Doubtful Accounts 430 * Inventories 2,000 Deferred Revenue (40 units) 4,800 Accounts Payable 2,040 Note Payable (long-term) 12,000 Common Stock 10,900 Retained Earnings 4,930 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $120 per unit. OTP’s January 1 inventory balance consists of 50 units at a total cost of $2,000. OTP’s policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,800 payment for 40 units OTP is to deliver in January; this obligation was recorded in Deferred Revenue. Rent of $1,140 was unpaid and recorded in Accounts…Doggly Inc shows current assets of $105, net fixed assets of $350, Iong-term debt of $80 and owners equity of $250. What is the value of the firm's current liabilities if they are the only remaining balance sheet item? -$20 O $20 $125 $145 $330 Previous No new data to save. Last checked at 12:52pm Stop sharing Hide Honorlock is sharing your screen with app.honorlock.com3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019