Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable. Equipment Accounts payable Common stock Assets: Cash QS 2-17 (Algo) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retained Earnings account balance as of December 31 is $1,900. Accounts receivable Equipment Dividends $ 12,000 5,900 Services revenue 7,900 Rent expense 4,260 Wages expense 19,640 $ LAWSON CONSULTING Balance Sheet As of December 31 Liabilities: 12,000 Accounts payable 5,900 7,900 Total Liabilities $ 2,900 16, 200 3,400 8,000 Equity: Common stock Retained earnings. $ 4,260 4,260 19,640 1,900

Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable. Equipment Accounts payable Common stock Assets: Cash QS 2-17 (Algo) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retained Earnings account balance as of December 31 is $1,900. Accounts receivable Equipment Dividends $ 12,000 5,900 Services revenue 7,900 Rent expense 4,260 Wages expense 19,640 $ LAWSON CONSULTING Balance Sheet As of December 31 Liabilities: 12,000 Accounts payable 5,900 7,900 Total Liabilities $ 2,900 16, 200 3,400 8,000 Equity: Common stock Retained earnings. $ 4,260 4,260 19,640 1,900

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Description: 5 Required informationUse the following information for the Quick Studies below. (Algo)[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.CashAccounts receivabl

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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Instruction: Write the solution of the problems below (in good form): Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the following: Assets 10,000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 80,000 30,000 70,000 60,000 10,000 12,000 36,000 46,000 38,000 100,000 28,000 Cash Held for trading securities Financial assets designated at FVPL Investment in equity securities at FVOCI Investment in bonds measured at amortized cost (due in 3 years) Prepaid assets Deferred tax asset (expected to reverse in 2020) Investment in Associate Investment property Sinking fund Property, plant, and equipment Goodwill Totals 560,000 How much is the total current assets?
Using the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that information to answer the following question, entering your answer in the place provided. Avg. Interest Avg. Amount Amount Interest Demand Vault Cash $577 $5,650 Deposits US Treas. Savings 4.85% 2,139 1.99% 6,622 Securities Deposits W Consumer/Bus. 6.94% 15,835 CD's 4.76% ???? Loans Mortgage 7.54% 10,410 Borrowings 4.34% 2,766 Loans Property Equipment Total Assets 740 Equity Total Liab.& ???? Equity 2,741 ???? What is the net interest margin the this bank? (Please enter the answer without the % sign - so for instance is the answer is 5.67%, then enter just 5.67)
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.
Required information [The following information applies to the questions displayed below.] Required: 1. Create a calculated field to calculate the Days Past Due for each invoice. 2. Summarize the accounts receivable by customer. 3. Get the detailed receivables for the customer "Taste of Thai". Ask the Question: How can we use Tableau on the total detailed late accounts receivables balance to get specific detail on invoices due by customer? Master the Data: To begin, we have a list of 200 receivables that are all past their due date as of today's date of 12/31/2021. This is shown in the Excel file Lab 2-2 Data.xlsx, which will be imported into Tableau. Software needed ⚫ Tableau • Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4) Data: Excel File Lab 2-2 Alt Data.xlsx. Perform the Analysis: Refer to Lab 2-2 Alternative in the text for instructions and Lab 2-2 steps for each of the lab parts. Share the Story: Required: 1. What is the grand total amount owed in past due…
Illustrate the effects of accepting the note from Valley Designs on the accounts and financial statements of Bork Furniture Company. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity + = + Apr. 20. fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement fill in the blank 10 fill in the blank 12 b. Determine the due date of the note. c. Determine the maturity value of the note. To simplify, use 360 days per year to compute interest.$fill in the blank 14 d. Illustrate the effects of receiving payment of the note from Valley Designs at its maturity on the accounts and financial statements of Bork Furniture Company. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity + = + Aug. 18. fill in the blank 19 fill in the blank…
PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 P.O. Box 123878 FIDELITY UNION Member FDIC Gotebo,…
Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. 181 Land 532 Delivery Expense CHART OF ACCOUNTS 191 Office Equipment 533 Insurance Expense Reddan Company 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense General Ledger 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense ASSETS REVENUE 537 Selling Expenses 110 Cash 410 Sales LIABILITIES 538 Store Supplies Expense 111 Petty Cash 610 Interest Revenue 210 Accounts Payable 561 Depreciation Expense-Office…
[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. After the reconciliation journal…
Question Completion Moving to another question will save this response. Question 6 AMA Company's bank statement for 31st December 2021 showed a cash balance of $2750. The company's Cash account in its general ledger showed a $2000 debit balance. The following information was also available as of December 31st a. A $900 NSF check from a customer, J. Steel is shown on the bank statement but not yet recorded by the company. b. The December 31st cash receipts, $3,250, were placed in the bank's night depository after banking hours and this amount did not appear on the December 31st bank statement. c. A $59 debit memorandum for checks Book deducted by the bank. d. Outstanding checks amounted to $2,339. e. A customer's note for $2,790 was collected by the bank. A collection fee of $20 was deducted by the bank and the difference was deposited in the account. f. The bank erroneously deducts a check for $150 by mistake. Required: Prepare a bank reconciliation as of December 31st format: W