Could you pls to solve this and also show me how you get the answers. Thanks Question 7Annual Operating LoanQuarter 13,000Beginning Cash Balance+ Net Cash Flow-13,530+ Operating Loan Borrowing[1][2]Operating Loan Payment[3]= Ending Cash Balance25,000Beginning Operating Loan Balance[4]Ending Operating Loan BalanceRequired Minimum Account Balance: $2,500Do not include commas or dollar signsrivTernType here to searchDIIPrtScnHomeF3F5F6F7F4

Answer - Working Notes: Given : Beginning Cash Balance - 3000 Ending Cash Balance - 2500 Net…

Question 7 Annual Operating Loan Quarter 1 Beginning Cash Balance 3,000 + Net Cash Flow -13,530 + Operating Loan Borrowing [1] Operating Loan Payment [2] [3] = Ending Cash Balance 25,000 Beginning Operating Loan Balance Ending Operating Loan Balance [4] Required Minimum Account Balance: $2,500 Do not include commas or dollar signs

Question 7 Annual Operating Loan Quarter 1 Beginning Cash Balance 3,000 + Net Cash Flow -13,530 + Operating Loan Borrowing [1] Operating Loan Payment [2] [3] = Ending Cash Balance 25,000 Beginning Operating Loan Balance Ending Operating Loan Balance [4] Required Minimum Account Balance: $2,500 Do not include commas or dollar signs

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 50E

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Exercise 5-7 (Static) Establish an allowance for uncollectible accounts and write off accounts receivable (LO5-3,5-4) During 2024, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2024, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $10,000. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2-a. Record the write-off of accounts receivable in 2025.2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).3-a. Assume the same facts as above but assume actual write-offs in 2025 were $15,000. Record the write-off of accounts receivable in 2025.3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a - Horizontal model a-2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2019.
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Solve $140.10 per month; cash price $5,600; down payment $0 Cash or trade months with bank-approved credit; amount financed $5,600 Finance Charge $2,806 Total payments $8,406 (Use Tables in the handbook). The APR by Table lookup is:
IA - Receivable Financing 10. Problem Solving. A company pledged its entire accounts receivable amounting to P2,500,000 to a financing institution to a loan approved for P2,000,000. The term of the loan requires the company to pay the principal when it becomes mature 4 years from now and also to pay 12% annual interest every end of the year. Should the company has made no collateral for the loan, interest rate could have been 18%. Assuming the transaction occurred on January 1, 20A, compute the total amount of expense that should be deducted from the current year’s income of the company. Round off final answer to the nearest peso.
PROBLEM 1 (MODIFIED) Spring Corporation has the following account balances on December 31, 2020: Accounts receivable Php 400,000 Allowance for uncollectible accounts 8,400 Spring completed the following transactions in 2019: Net credit sales, Php 4,000,000. Collections on accounts, Php 3,870,000. Write-off of uncollectible accounts, Php 10,000. Recovery of accounts previously written-off, Php 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: Journalize the foregoing transactions. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Spring report on its December 31, 2020 balance sheet? Assume that Spring uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to…
Question 7 : MNO Company's credit sales policy is to have: 50% of the sales amount in cash 30% collected after one month 20% after two months. The purchasing policy is to pay 60% in cash and the rest is to be paid after one month. Required: Calculate the net accounting profit for December. Calculate the net cash flow for December. Comment on the difference between the two previous answers. Item October November December Sales 400,000 350,000 450,000 Purchases 350,000 340,000 420,000
IA 9. Problem Solving. A promissory note which is dated October 1, 20A was received from a client for service delivered by the ML Company for P450,500. Its term is 90 days and carries with it an 12% interest. On November 15, 20A, due to financial difficulty, ML company have the client’s promissory note discounted to a C19 Financing even at 18% discount. Pertaining to this transaction alone, compute the net amount of increase in profit assuming the bank was paid by its client on the said due date. Although we assume 360 days a year, use the actual number of days of each month mentioned. Round off final answer to the nearest peso.
Question 1Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking toincrease the company's borrowings with the bank from $100,000 to $150,000. Matt has an uneasyfeeling as he examines the loan application from Aggressive Corporation, which just completed itsfirst year of operations. The application included the following financial statements. AGGRESSIVE CORPORATIONIncome StatementFor the year ended December 31, 2018 Net sales $200,000Expenses:Cost of goods sold $110,000Operating expenses 50,000Depreciation expense 10,000Total expenses 170,000Net income $ 30,000 AGGRESSIVE CORPORATIONBalance Sheets For the year ended December 31, 2018/December 31, 2018 2018 2017 AssetsCurrent assets:Cash $ 10,000 $0Accounts receivable 60,000 0Inventory 40,000 0Long-term assets:Equipment 100,000 0Accumulated depreciation (10,000) 0Total assets $200,000 $0Liabilities and Stockholders' Equity Page 4 of 11 HI5020 Corporate Accounting Individual Assignment T2…