RequiredPrepare the CASH RECEIPTS JOURNAL Prepare the CASH DISBURSEMENTS JOURNAL Sr. NoParticularsDebitCreditMarch 1 Capital1,035,000Cash950,000Computer85,000Mar 03 Purchases430,000FOB Shipping Point430,000Mar 4 Purchases5,000Cash5,000Mar 5 Cash350,000Sales350,000Mar 6 Sales75,000Sales Return75,000Mar 10 Debtors350,000Sales350,000Mar 10 Freight In/Out4,500Cash4,500Mar 11 FOB Shipping Point430,000Discount Received43,000Cash387,000Mar 12 Purchase350,000Cash350,000Mar 14 Bank1,250,000Promissory Note1,250,000Mar 15 Computer10,500Cash10,500 Mar 16 Sales50,000Cash50,000Mar 17 Cash450,000Sales450,000Mar 20 Freight Charges7,500Cash7,500Mar 25 Purchase220,000Shipping Point220,000Mar 26 Freight Out450,000Sales450,000Mar 27 Rent80,000Utilities70,000Advertising5,000Salaries10,500165,500Mar 30 Closing Inventory150,000Trading150,000

Accounting cycle. It can be defined as the process which involves identification, analysis,…

Answered: Required Prepare the CASH RECEIPTS…

Business

Accounting

Required Prepare the CASH RECEIPTS JOURNAL Prepare the CASH DISBURSEMENTS JOURNAL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
Question: Sales: $100 000 Purchase: $45 000 Sales returns: $20 000 Purchase returns: $5 000 Current Assets: $55 000 Current Liabilities:$5000 required: a) Calculate net sales. b) Calculate net purchases. c) Calculate working capital.
The following are the comparative financial statements for three years for Plastic Works Limited. You are required to comment on the firm’s financial condition and indicate the areas which require management’s attention.Table 25.40: Plastic Works Limited Comparative Balance Sheets …
Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
5. The followings ate the information about Rainbow National Bank:Report of Income Tk.Interest income 1,250Interest expense 500Total assets 40,000Securities losses or gains 1,000Earning assets 30,000Total liabilities 30,000Taxes paid 1,000Shares of common stock outstanding 3,000Noninterest income 8,000Noninterest expense 6,000Provision for loan losses 2,500Calculate ROE, ROA, Net interest margin, Earnings per share, Net noninterest marginand Net operating margin.Alternative Scenarios:Suppose interest income, interest expenses, noninterest income, and noninterestexpenses each decline by 5 percent while all other revenue and expense items shown inthe preceding table remain unchanged. What will be happen to Rainbow ROE, ROA,and earnings per share?
34 The following applies to this question: DEBTORS CONTROL Mar 1 Balance b/f 90 000 Mar 31 Bank A Mar 31 Sales B Sales returns 5 000 Balance c/f 40 000 140 000 140 000 Apr 1 Balance b/f 40 000 Which one of the following amounts represents B? A. R180 000 B. R100 000 C. R230 000 D. R50 000
The latest statement of financial position for Malorie Limited is summarized below: GH¢'000 GHc '000 GH 000 Non-current assets (NBV) 5.700 Current assets Inventory 3.500 Receivables 1.800 5.300 Current liabilities Unsecured payables 4.000 Unsecured Bank overdraft 1.600 5.600 (300) Total assets less current liabilities 5.400 Non-Current Liabilities 10% secured debentures (13.000 Net assets 2,400 Financed by: Stated capital Income Surplus 4.000 (1.600) 2.400 Malorie's stated capital consists of 4.000.000 ordinary shares issued at GHel.00 and fully paid. The non-current assets comprise freehold property with a book value of GH¢3.000.000 and plant and machinery with a book value of GHc2,700,000. The debentures are secured on the freehold property In recent years the company has suffered a series of trading losses which have brought it to the point of liquidation. The directors estimate that in a forced sale the assets will realize the following amounts. GHSFreehold premises Plant and…
Use the following table: Case X Case Y Case Z Cash $ 940 $ 1,470 $ 1,940 Short-term investments 0 0 780 Receivables 0 1,690 1,360 Inventory 3,400 1,560 6,520 Prepaid expenses 2,600 1,020 1,460 Total current assets $ 6,940 $ 5,740 $ 12,060 Current liabilities $ 3,600 $ 1,800 $ 5,750 Required:Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
The following data apply to A.L Kaiser & Company ($ million) : Cash and Equivalents $ 100.00Fixed Assets $ 283.50Sales $1,000.00Net Income $ 50.00Quick Ratio $ 2.0xCurrent Ratio 3.0xDSO 40.0 DaysROE 12.0% Kaiser has no preferred stock - Only common equity, current liabilities, and long-term debt.a. Find Kaiser's (1) Account Receivable, (2) Current Liabilities, (3) Current Assets, (4) Total Assets, (5) ROA, (6) common equity, and (7) long-term debt b. In part (a), you should found Kaiser's accounts receivable (A/R) to be $111.1 million. If Kaiser could reduce its DSO from 40 days to 30 days while holding other things constant, how much cash would it generate? if this cash were used to buy back common stock (at book value) and thereby reduce the amount of common equity, how would this action affect the company's (1) ROE, (2) ROA, and (3) total deby/total assets ratio?
A2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…
PLS HELP ASAP The balance sheet of Sunrise Company shows that capital P360,000 is equal to ⅓ of its total assets. How much is total liabilities? a. P480,000 b. P720,000 c. P1,080,000 d. P120,000
what does the percentages mean in vertical analysis? Year 4 % of Sales Year 3 % of Sales Assets Current Assets Cash $ 40,000 6.67 $ 36,000 6.67 Marketable Securities 20000 3.33 6000 1.11 Accounts Receivable 54000 9.00 46000 8.52 Inventories 135000 22.50 143000 26.48 Prepaid Items 25000 4.17 10000 1.85 Total Assets current 274000 45.67 241000 44.63 Investments 27000 4.50 20000 3.70 plant net 270000 45.00 255000 47.22 Land 29000 4.83 24000 4.44 Total Assets $ 600,000 100.00 $ 540,000 100.00 Liabilities and Stock equity Liabilities Current Liabilities Notes payable $ 17,000 2.83 $ 6,000 1.11 Accounts payable 113800 18.97 100000 18.52 salaries payable 21000 3.50 15000 2.78 Total current liabilities 151800 25.30 121000 22.41 Noncurrent liabilities…