Striker Company has the following balances at fiscal year ended September 30, 2020: Cash in checking account per bank statement (P26,000 check is still not presented to the bank by the payee) P100,000 Cash in money market account - 120 days 200,000 Treasury bill, purchased August 1, 2020 maturing October 30, 2020 600,000
Q: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was…
A: The line item on the balance sheet that reflects the amount of a corporation's assets which are cash…
Q: As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000.…
A: Cash represents the current assets reported in the balance sheet of the company.
Q: For purposes of starting the working capital of Jay Trading on December 31, 2021, the following data…
A: Total current liabilities should Jay Trading present in its statement of financial position on…
Q: The December 31, 2019 trial balance of Cagayan Company includes the following accounts: Cash on hand…
A: Step 1: BRS statement is that statement which compares the bank pass book balance of company with…
Q: On December 31, 2019 Ivan Company showed the following current assets: Cash 3,200,000 Accounts…
A: Adjusted balance of accounts receivable = Customer’s debit balances + customer deposit + customer…
Q: TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts…
A: Adjusted cash balance 1,400,000 Adjusted Balance of Account Receivable 2,600,000 Answer : D…
Q: Wimbledon Company provided the following information regarding the composition of its cash account…
A: Current assets are assets that can be converted into cash within 1 year. A separate cash fund,…
Q: The Cash in Metrobank account of Peace Corporation has a balance of P94,000 on December 31, 2021.…
A: Particulars Amount (P) Balance as per books xxxx Less Cheque received but not deposited xxxx…
Q: On December 31, 2020, ABC Company had the following cash balances: Cash in BDO per bank statement,…
A: The cash & cash equivalent show the item of cash and other deposit that have maturity value…
Q: Tranvia Company had the following balances on December 31, 2019: Cash in checking account P350,000…
A: Cash is a very important current asset for the business. It includes cash held in hand and cash held…
Q: Sage Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account 69,300…
A: Cash or cash equivalents to be reported as cash such as Cash in hand includes undeposited…
Q: On December 31, 2019 Ivan Company showed the following current assets: Cash 3,200,000 Accounts…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: ndia Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000…
A: Step 1 Restricted items or items which are not available for immediate use are excluded ad cash and…
Q: (a) Preparethebankreconciliationstatementasat31August2022. (b)…
A: We are given the cash balance of Isofac company and bank balance as on 31st August 2022 which are…
Q: The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank…
A: Ideally, cash balance as per cash book and bank balance as per financial statement within the…
Q: A check of P43,000 was drawn on December 31,2020 payable to petty cash. The check book balance of…
A: Bank reconciliation statement: It is a statement of the deviation between the organization cash book…
Q: Mr. Jimin received his August 2020 bank statement. The ending cash be accounting books is P300,000…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: CPA Company’s “cash count” as of December 31, 2021, is composed of the following: · Cash on…
A: Adjusted demand deposit account=Demand deposit+Check undelivered+Post dated check-Collection=P…
Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash…
A: Working: Amount (P) Cash balance per books on Dec 31, 2022 1,570,000 Check…
Q: An entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank…
A: Cash and cash equivalent does not include = check book,sinking fund cash, time deposit and time…
Q: The correct balance of the Cash in Bank account on November 1,2020, was P40,000. Subsequent…
A: Bank reconciliation is prepared to reconcile the differences between the balance as per bank…
Q: .On December 31, 2021, Alfonso Company had the following cash balances: Cash in bank, 15,000,000…
A:
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand and…
A: Cash and cash equivalents include those items of assets which are able to be converted into cash…
Q: Tranvia Company revealed the following information on December 31, 2020: Cash in checking account…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Buffalo Enterprises owns the following assets at December 31, 2022. Cash in bank-savings account €…
A: Cash to be reported = Cash in bank savings account + Cash on hand + Checking account balance
Q: How much should be the adjusted Cash in Bank balance as of December 31, 2020? The December 31, 2020…
A: Answer: Cash equivalents are the total value of cash on hand that includes items that are similar to…
Q: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
A: Step 1 In cash the amount which is available immediate for use or highly liquid in nature is to…
Q: The cash account of the AA Corporation as of December 31, 2022 consists of the ff: On deposit in…
A: The bank reconciliation statement shows the reconciliation between the cash balance as per book…
Q: On December 31, 2020, Allan Company had the following cash balances: Cash on hand and in bank…
A: Answer : P5,913,000
Q: On December 31, 2022, Giyomier Company reported cash account balance per ledger of P3,600,000: Cash…
A: We have to check the effect of transaction on cash balance. Cash in Bank P 1500000 Time…
Q: On December 31, 2021, Erika Company reported "cash account" balance per ledger of P3,600 000 which…
A: Ledger: It is the second step of recording financial transactions. It is an account that record the…
Q: On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the…
A: Cash & cash equivalent is the most liquid asset of the company presented in the balance sheet…
Q: Johnson Company had the following balances on December 31, 2019: Cash in checking account…
A: Cash and Cash equivalents = Cash + Treasury bills + Cash in money market + Postage stamps (petty…
Q: Kraft Enterprises owns the following assets at December 31, 2020. Cash in bank—savings account…
A: Cash reporting in balance sheet: In balance sheet cash and cash equivalents should be reported. Cash…
Q: The statement of financial position of the Money Company on December 31, 2020 shows cash of…
A: Notes 1. Cheque recevied from customer but not yet deposited are includible in Cash A/c. Therefore…
Q: On December 31, 2020, ABC Company had the following cash balances: Cash in BDO per bank statement,…
A: Cash and Cash Equivalent It is the most liquid current assets and include commercial paper,…
Q: current assets should be presented on the statement of financial position
A: Current assets are assets that can be recovered within one accounting year.
Q: Love Company reported the follówing to cash on December 31, 2020: Checkbook balance, P4,000,000. *…
A: Cash balance refers to the desired sum of money present in the account, it is computed by adding up…
Q: The cash in bank account of Romeo Co. for april 2020 showed an ending balance of $193947. Deposit in…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: During 2021, its first year of operations, Pave Construction provides services on account of…
A: 1.
Q: The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand…
A: The term cash and cash equivalents mean the cash the company is having or such assets held by the…
Q: Below is information about Adam Ltd’s cash position for the month of May 2020.1. The general ledger…
A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…
Q: Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000…
A: Solution:- The amount of cash reported at 31, December 2019 as follows under:-
Q: BBB Company's check book balance on December 31,2020 was P5,000,000. addition, BBB Company held the…
A: Answer: Cash reported on December 31, 2020: P4,800,000
Q: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
A: Given: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
Q: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand…
A: Cash equivalent include marketable securities that can be converted into cash any time without…
Kindly answer in good accounting form. Preferably in table :)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseCash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
- What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DROn June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?