The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash Accounts Receivable 700,000 Allowance for doubtful accounts -50,000 Accounts Payable Choi, Capital 450,000 200,000 Choi, Withdrawal -60,000 Expenses 700,000 Revenue 1,000,000 1,140,000 Total 1,800,000 How much is the correct credit balance? Blank 1 Blank 1 Add your answer
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1JEY-4322 Inc. reported the following data for last year: JEY-4322 Inc.Balance Sheet Beginning BalanceEnding BalanceAssets Cash$ 128,000$ 139,000Accounts receivable331,000481,000Inventory567,000471,000Plant and equipment, net894,000869,000Investment in Tesla Inc.400,000428,000Land (undeveloped)246,000249,000Total assets$ 2,566,000$ 2,637,000Liabilities and Stockholders' Equity Accounts payable$ 382,000$ 341,000Long-term debt981,000981,000Stockholders' equity1,203,0001,315,000Total liabilities and stockholders' equity$ 2,566,000$ 2,637,000 JEY-4322 Inc.Income StatementSales $ 3,880,000Operating expenses 3,336,800Net operating income 543,200Interest and taxes: Interest expense$ 111,000 Tax expense197,000308,000Net income $ 235,200 JEY-4322 Inc. paid dividends of $123,200 last year. The “Investment in Tesla Inc.” item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company’s residual income…
- Blue Corporation requires a P150,000minimum cash balance on its:checkingaccount. Based on the control limit model, itsspread should be P120,000. If as of the end ofthe day, the cash balance is P30,000, it shouldinfuse cash or (invest in marketablesecurities) amounting to : a. 160,000b. 190,000c. 240,000d. 120,000Considering the financial statement information below for the The C’mon Cam! Co., how long is the cash cycle? Item Beginning EndingInventory $9,338 $11,550Accounts Receivable 5,670 6,947Accounts Payable 7,689 9,625 Net Sales $82,544Cost of Goods Sold $58,638 a. 28 daysb. 39 daysc. 65 daysd. 93 daysSan Antonio Corporation’s current assets and current liabilities section of the statement of financial position as of December 31, 20x1 appear as follows: Current assets Cash Accounts receivable P5,340,000 P2,400,000 Less: Allowance for doubtful accounts 420,000 4,920,000 Inventories 10,260,000 Prepaid expenses 540,000 Total current assets P18,120,000 Current liabilities Accounts payable P3,660,000 Notes payable 4,020,000 Total current liabilities P7,680,000 The following errors in the corporation’s accounting have been discovered: January 20x2 cash disbursements entered as of December 20x1 included payment of accounts payable amounting to P2,340,000, on which a cash discount of 2%…
- Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C.…Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?
- The Balance Sheet for Consolidated Industrial shows the following balances: accounts payable = $315,000; prepaid rent = $504,000; accounts receivable = $472,000; property plant and equipment = $2,709,000; inventory = $756, 000; notes payable = $486, 000; retained earnings = $945, 000; long-term debt = $2,520,000; common stock = $427,500. What must the value for Cash be?How can I translate the following balance sheet using the current-noncurrent method and the monetary nonmonetary method when: re-evaluates from $0.15 = CNY1 to $0.1875 = CNY1 re-evaluates from $0.15 = CNY1 $0.1125 = CNY1 Shanghai Corporation Balance Sheet (000's CNY) Assets Liabilities Cash 5,000 Acc. Payable 21,000 Acc. Receivables 14,000 Long-Term Debt 27,000 Inventories (cost = 24,000) 22,000 Fixed Assets, net 39,000 Stockholder's equity 32,000 Total Assets 80,000 Total Liab & SE 80,000 ThanksThe data listed below are taken from a balance sheet of Trident Corporation at December 31, 2018. Someamounts, indicated by question marks, have been intentionally omitted.($ in thousands)Cash and cash equivalents $ 239,186Short-term investments 353,700Accounts receivable (net of allowance) 504,944Inventories ?Prepaid expenses (current) 83,259Total current assets 1,594,927Long-term receivables 110,800Property and equipment (net) ?Total assets ?Notes payable and short-term debt 31,116Accounts payable ?Accrued liabilities 421,772Other current liabilities 181,604Total current liabilities 693,564Long-term debt and deferred taxes ?Total liabilities 956,140Shareholders’ equity 1,370,627Required:1. Determine the missing amounts.2. Prepare Trident’s classified balance sheet.