Flint Corp. reported the following items on its June 30, 2020 trial balance and on its comparative trial balance one year earlier: June 30, June 30, 2020 2019 Cash in bank $12,050 $9,770 Petty cash 680 540 Investment in shares of GTT Ltd. (to be sold within 60 days) 7,000 -0- Investment in Canada 60-day treasury bills 20,400 -0- Accounts payable 66,505 69,310 Temporary bank overdraft, chequing account 13,000 1,300 Determine the June 30, 2020 cash and cash equivalents amount for the 2020 statement of cash flows, and calculate the change in cash and cash equivalents since June 30, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cash and Cash Equivalents 2$ Net Increase/(Decrease)

Analysis of Loss Allowance Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2021, the credit balance in Loss Allowance was $130,000. During 2022, credit sales totaled $10,000,000, $90,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $15,000. An aging of accounts receivable at December 31, 2022, showed the following Classification of Receivable Current 1-30 days past due 31-60 days past due. Over 60 days past due Accounts Receivable Balance Percentage Estimated As of December 31, 2022 $1,140,000 600,000 400,000 120,000 $2,260,000 Uncollectible 2% 10 23 75 Required: 1. Prepare the journal entry to record expected credit loss for 2022, assuming that the aging of the receivable method is applied. 2. Record journal entries to account for the write-off of $90,000 uncollectible accounts receivable and the collection of $15,000 in receivables that had…

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Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $50,783 $46,169 $44,073 $45,750

10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou