Problem 8-2 (IAA) Exemplar Company provided the following account balances on December 31, 2020: Accounts receivable Advances to officers-not currently collectible Sinking fund Building Long-term refundable deposit Cash and cash equivalents Cash surrender value Equipment Patent Accrued interest on notes receivable 400,000 100,000 400,000 5,000,000 50,000 500,000 60,000 1,000,000 100,000 10,000 Inuontories 000 000
Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…
A: Connector accounts are those accounts which connects or joins two particular financial statements.
Q: The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable,…
A: Solution: Double entry accounting system is system of accounting which ensures that every financial…
Q: How to help improve or increase the current ratio of a rural bank? How to increase ROA and ROE?
A: Current ratio tells about the liquidity status of the organization, it can be ascertained…
Q: Requirement Complete the chart for each of the following independent distributions. Assume that all…
A: Solution: 1) Partner's Fund Loss/Gain Property Shared Property's Basis to Partner…
Q: Brown Printing, a small family-owned business, began operations on March 1, manufacturing premium…
A: Solution:- 1)Definition and explaining the concept absorption and variable costing as follows…
Q: On January 1, 2021, ABC Company enters into a 4-year lease of a machinery. Annual rental is P200,000…
A: The lease is a type of financing in which the owner of the asset provides the right to use the asset…
Q: What is the account used to record amounts withdrawn for personal use (not for business use) by an…
A: revenue: Revenue is used for recording the earnings of the business. capital: Capital is the…
Q: which of the following transactions and events would result in an improvement in Days Purchases…
A: B. the identification of an uninsured inventory loss C. Selling gods for cash at the normal markup…
Q: Bonita Corporation’s December 31, 2020 balance sheet showed the following: 9% preferred stock, $10…
A: Stockholders' equity represents the difference of total assets and total liabilities of the company.…
Q: 10 In a liquidating distribution Ann receives cash of $3,000, inventory in which the partnership's…
A: A corporation is liquidated by selling its assets and using the proceeds to pay creditors &…
Q: The four major financial reports that summarize the effects of economic events (like the results of…
A: Economic events are the financial transactions that are occurring in the regular course of business.…
Q: What is the correct cash in bank balance as of November 30?
A: The answer for the multiple choice question and relevant working are presented hereunder : Bank…
Q: On March 1, 2021, a Philippine company sold merchandise to a foreign customer in Singapore dollars…
A: Foreign currency transaction should be recorded using the exchange rate prevailing on the date of…
Q: Save-Mart was a retail store. Its account balances on February 28 (the end of its fiscal year),…
A: You have posted multiple questions so as per our policy only 1st question along will all of its…
Q: Answers only please. 1. While determining the most profitable company from the given number of…
A: Profitability is the measure of success with which the business operates.
Q: ABC Corporation has recently completed a project to reduce total production costs by 5%. Net income…
A: Part A: Cost of Quality: Cost of quality (COQ) is defined as a methodology that allows an…
Q: the lease liability be recognized at January 1, 2020, after making the first payment of P260,000 to…
A: Explanation of Concept "A person or a firm who gives asset on lease to another person or a firm…
Q: 26) The statement of cash flows will not report the A) uses of cash in the current period. B) amount…
A: A cash flow statement is sometimes known as a cash flow statement or a statement of cash flows. It…
Q: The following information pertains to questions 14.1 to 14.3. Mediocre Manufacturing Company…
A: Introduction: A costing method is used for tracking the company's expenses. The system is made up of…
Q: Waterway Corporation began business by issuing 649600 shares of $5 par value common stock for $25…
A: Common stock Outstanding = Number of shares issued × par value per share.
Q: Lace Company provided the following information during PROBLEMS Problem 10-1 (AICPA Adapted) the…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: 220,900| Bank of Ukraine currentaccount (in peso equivalent) Federal Bank of Arizona-Time deposit…
A: Cash and Cash Equivalent It is important for the business entity maintain the cash and cash…
Q: The following information pertains to Havana Corporation's defined benefit penslon plart 2022…
A: Introduction: The process of determining the expenses connected with developing, sustaining, and…
Q: A Corporation purchased a 70% interest in B Company on January 1, 2013 for P140,000, when B’s…
A: B total income = P55000 A’ s share = 70% x P55000 = P38500
Q: How to increase ROA and ROE in a rural bank? Explain thoroughly
A: ROA = NET INCOME /TOTAL ASSETS. NET INCOME. is the net earnings for the period of time that we want…
Q: Realization Test Principle/Theory.
A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…
Q: explain .After documenting internal control in an audit engagement, the auditor may perform tests on…
A: The following tests that the auditor might perform are presented in the order of the evidence that…
Q: Identify which category of shareholder's equity is affected by the item and briefly explain how it…
A: Treasury Stock or Securities or reacquired shares or treasury Shares are one which are repurchased…
Q: Expound the following two physical control for cash received by cashiers in a grocery 1) The cash…
A: Since cash is the most liquid of all assets, a business cannot survive and prosper if it does not…
Q: a. How much is the amortization expense for the year 2021? b. How much is the franchise fee expense…
A: Purchase amount of franchise = 3,125,000 The estimated useful life of the franchise = 10 years…
Q: Montana manufactures bookcases for colleges and universities to use in dorm rooms. Each bookcase…
A: Solution: Budgeted sales revenue for a month can be determined using formula = Budgeted Sales Units…
Q: In what way is compensation similar to payment? Explain each by giving examples or cases that you…
A: Compensation : It a payment given in exchange of services. It is a form of a payment. It can only…
Q: ADJUSTED TRIAL BALANCE Account Account Debit Credit no. title 101 cash 83,400 асcounts 102…
A: Financial statements are the reports prepared for the purpose of showing the business transactions…
Q: Dream Corporation is trying to improve its inventory control system and has installed an online…
A: As per Given Question, Ordering Cost = P4 per unit Carrying Cost = P1.008 per unit If Company…
Q: The resources of value owned by a business are called _____________. Group of answer choices…
A: Business means the activity or occupation that is done to earn the revenues.
Q: Use the following Unadjusted Trial Balance for Monroe Entertainment Company for questions 44 - 49:…
A: Net income is the amount of money earned by an entity after deducting the expenses from the…
Q: What is a business owned by one individual called and the easiest legal form of business to organize…
A: Solution: Limited liability company, partnership and corporation needs more than one individual to…
Q: A) publicly held
A: An entity that is separate from its owners is known as a corporation. A corporation can be public or…
Q: reate a new company in Microsoft office Accouting
A: STEP.1 OPEN MISCROSOFT OFFICE ACCOUNTING SOFTWARE. STEP2. SELECT START A NEW COMPANY STEP3.A NEW…
Q: a) Prepare the absorption costing and marginal costing income statements for 1st quarter, 2021 b)…
A: a) Income Statement under absorption costing method for the first quarter: Particulars Amount…
Q: A building owned and previously occupied by the company was vacated and was being negotiated for…
A: As per the provision contain in PFRS 5, it applies to the following non current asset. Property…
Q: Honesty Company has been experiencing a decrease in sales for the past three months since its…
A:
Q: In 2021, Dan Davis, age 85 and single, received Social Security benefits of $14,000, dividend and…
A: Social Security Benefit: It is the benefit which an individual get at the time or retirement or for…
Q: 4. Fly Away Air Lines (a resident international carrier) has the following data for the current…
A: International – Carrier. — An international carrier doing business in the Philippines shall pay a…
Q: The chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable,…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Other matters to which the auditor may wish to refer in an Other Matter(s) paragraph but which are…
A: The Other Matter paragraph is the audit report is written to communicate all the necessary matters…
Q: 10 In a liquidating distribution Ann receives cash of $3,000, inventory in which the partnership's…
A: Gain / (Loss) on distribution= Interest - Cash received - Inventory - Land basis. = $25000 - $3000 -…
Q: At the beginning of the reporting period, it has $5 million of share capital and 1.5 million…
A: In order to determine the earning per share, the total earning available to the equity shareholder's…
Q: 630 is a common multiple of 8 and 20. 10. (1) 20 (3) 40 (2) 24 (4) 88 Which of the following is a…
A:
Q: Waterway, Inc., has 4900 shares of 3%, $100 par value, cumulative preferred stock and 39200 shares…
A: A dividend is the payment of a part of a company's value to a certain group of shareholders…
Prepare a properly classified
Step by step
Solved in 3 steps with 5 images
- termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required:2. Record the necessary cash adjustments.
- Crane Corp. owes $ 283,000 to Cheyenne Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Crane Corp. is in financial trouble, Cheyenne Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $ 236,000, and reduce the interest rate to 6%, payable annually on December 31. (a) Prepare the journal entries on Crane's books on December 31, 2020, 2021, 2022. (b) Prepare the journal entries on Cheyenne Trust's books on December 31, 2020, 2021, 2022. Click here to view factor tables. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)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?Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.
- Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balanceJoseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
- The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balanceQ L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.