Rizal Company had the following balances at December 31, 2022: Cash in checking account Cash in money market account - 60 days Treasury bill, purchased Dec. 1, 2022 maturing Feb 28, 2023 Treasury note, purchased Mar. 1, 2022 maturing Feb. 28,2023 P500,000 200,000 500,000 700,000 What amount should Rizal Company report as cash and cash equivalents in its December 31, 2022 statement of financial position?
Q: Eric Wilson works at Lime Inc. He used Lime Inc.'s Sam's Club card to make personal purchases.…
A: Answer:- Fraud meaning:- Fraud is a deliberate act or deception intended to give the offender an…
Q: [The following information applies to the questions displayed below.] In the current year, Randa…
A: Income statement is prepared by the business organizations so as to know how much amount of gross…
Q: Question 2: You are given the account balances at the end of 2020 before and after adjustments…
A: 1. Adjusted Trial balance Accounts Payable 6,000 Prepaid rent…
Q: Intraperiod tax allocation relates income tax expense to the items that affect the amount of tax. O…
A: Income tax is calculated on income of each year in total. Intraperiod means within one period.
Q: Inexperienced construction company Kevin Corp. signed a risky non-cancellable contract to build a…
A: Construction contract A contract that allows a person or company to develop a project is called a…
Q: 2. Wrestling Corp hes the following shares, taken from the shareholders' equity section of its…
A: Dividend - Dividend is the amount distributed by the organization to the shareholders of the…
Q: 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: Derrick Bostrom is an accounting clerk at Puppet Company. He recently entered an invoice for payment…
A: Fraud : It is an intentional act by one or more individuals among management, those charged with…
Q: A company had stock outstanding as follows during each of its first three years of operations: 3,000…
A: Preference Share Preference Shares are the shares which have been issued with preference right…
Q: Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were…
A: FOB New York is the FOB Shipping point which means that the title to the goods will pass from the…
Q: Exploit media has three members: WACS Partners, Elyse O'Reily, and Encounter Newspaper, LLC. On…
A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…
Q: Maria Clara Company has a balance of P100,000 in cash & cash equivalents account as of December 31,…
A: Cash ad cash equivalent represents the amount that is highly liquid and can be easily converted into…
Q: The following information was taken from the records of Monty Inc. for the year 2023: Gain from…
A: Solution: Income statement :…
Q: federal income tax.
A: The IRS warrants every taxpayer to clear their tax dues on time. However, various exemptions and…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The sales-value-at-split-off technique allocates joint costs in accordance with each product's…
Q: On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59…
A: Trade discount is given at the time of selling goods and cash discount is given at the time of…
Q: On May 20, Indy Landscapers received $3,000 cash in advance from one of its customers for lawn…
A: Journal entries refers to the entries which are passed by the business into the books of account and…
Q: Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented…
A: Shareholders Equity is one of the important section of balance sheet of the business. It shows…
Q: Current Assets $225,000 $250,000 Land $320,000 $350,000 Building $450,000 $650,000 Accum Dep…
A: FMV (Fair Market Value) The price a product would sell for on the open market, provided that both…
Q: Madison Corp. has a hurdle rate/required rate of return of 9%. Operating Average income $115,000…
A: The residual income is the amount of income earned in excess as compared to minimum required return…
Q: ces Elsa Products processes Chem-Z into two products: Chem-A and Chem-B. Chem-Z costs $41,200 per…
A: Physical Method of Joint Cost Allocation :— It is one of the method used to allocate joint cost…
Q: Hagerty, Inc. a manufacturer of computer diskettes, currently uses a conventional process cost…
A: One of the cost accounting techniques known as "conventional costing" entails allocating…
Q: Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library.…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the…
A: Paid-in capital refers to the amount of money a company has acquired through the sale of shares to…
Q: On April 1, 9,000 shares of $8 par common stock were issued at $26, and on April 7, 2,000 shares of…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a…
A: Activity-based costing offers a more accurate method of figuring out how much products and services…
Q: Elaines inflatables earn service revenue by providing party, planning services and inflatable place…
A: a. Increase Assets (Cash); Increase Equity (Gibson Capital) b. Increase Assets (Equipment);…
Q: Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed…
A: Please fallow the answer below: 3) True Detailed explanation for the above solution : If certain…
Q: Fondren Machine Tools has total assets of $3,420,000 and current assets of $803,000. It turns over…
A: Return on stockholders' equity represents the earnings of the company held in hands of the…
Q: What are some common current liabilities
A: DISCLAIMER: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Why did the SOX act make it so consultants for audit firms cannot give legal advice? What could be a…
A: Introduction An auditing company is one that is listed in the special register mentioned in Article…
Q: (f) On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice…
A: FOB (Freight on Board) Destination seems to be a shipment terminology that signifies the supplier…
Q: Given the following information for Computech, compute the firm’s degree of combined leverage…
A: Combined leverage is the combination of operating leverage and financial leverage and it show change…
Q: Corporation's predetermined overhead rate is $18.00 per direct labor-hour its direct labor wage rate…
A: Predetermined overhead rate: To calculate manufacturing overhead, cost accountants estimate a rate…
Q: On January 1, a company borrowed $3,000 from the bank by signing a 12%, 3-month note payable. The…
A: Notes payable is one of the liability of the business. It can be short term or long term in the…
Q: What is the rxample of activity based costing?
A: The term "activity-based costing," also referred to as "ABC," describes a technique for calculating…
Q: a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in…
A: Answer:- Journal entry meaning:- Direct entries into the main diary are referred to as journal…
Q: Sandhill Limited is a company that produces machinery to customer orders, using a normal job-order…
A: Overhead is applied on the basis of predetermined overhead rate calculated at the beginning of the…
Q: Cash collected from clients Cash disbursements; Salaries paid to employees for services rendered…
A: As per the information given in the question, utilities cost incurred in year 1 is $37000 and actual…
Q: BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales…
A: Cost refers to the amount spend or required to have someting in hand. For example, under…
Q: Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Q: Required: 1. Provide all 20X5 entries. (Do not round intermediate calculations and round your final…
A: The portion of shares that a company keeps in its own treasury is called treasury stock. It is also…
Q: Imprest amount Coins and currency Petty cash receipts Required: Prepare all the necessary journal…
A: Imprest Petty cash method is a method wherein petty cash expense incurred which is supported by…
Q: In using the average method how many units were completed from process 1 and transferred to process…
A: One of the accounting techniques that is frequently employed by businesses that produce identical…
Q: The following balances are included in the subsidiary records of Thistlewood: Town hall building…
A: Capital assets are assets used in business operations to generate income over a longer period of…
Q: USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: The records of a company show the…
A: RETAINED EARNINGS Retained Earning is the amount of Accumulated Profit over the Period left after…
Q: following transactions occurred, and the accountant asked your help in determining whether they…
A: Since there are multiple sub-parts to the question only first 3 sub-parts will be answered as per…
Q: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial…
A: Employee compensation can take any forms, wages and salaries as well as retirement benefit plans.…
Q: The following are independent situations. a. A company orders and receives 10 personal computers for…
A: You have asked more than three subparts, as per guidelines we are able to solve first three subparts…
Step by step
Solved in 3 steps with 1 images
- Cash 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.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 ExpenseLast year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
- Paciano Company had the following balances at December 31, 2023: Cash in checking account Cash in money market account - 60 days Treasury bill, purchased Dec. 1, 2023 maturing Feb 28, 2024 Treasury note, purchased Mar. 1, 2023 maturing Feb. 28, 2024 P500,000 200,000 500,000 700,000 What amount should Paciano Company report as cash and cash equivalents in its December 31, 2023 statement of financial position?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.…1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
- Johnson Company had the following balances on December 31, 2019: Cash in checking account 250,000 Cash in money market account 500,000 Treasury bill, purchased November 1, 2019 maturing January 31, 2020 4,500,000 Time deposit purchased December 1, 2019 maturing March, 31, 2020 3,000,000 What amount should be reported as “cash and cash equivalents” on Dec. 31, 2019?Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and…10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…
- Tranvia Company had the following balances on December 31, 2019: Cash in checking account P350,000 Cash in money market account 750,000 Treasury bill, purchased Nov. 1, 2019 maturing Jan. 31, 3,500,000 2020 Time deposit purchased Dec. 1, 2019 maturing Mar. 31, 4,000,000 2020 What amount should be reported as cash and cash equivalents on December 31, 2019? A P4,600,000 B P8,600,000 c) P3,850,000 (D P1,100,000Using the following information: Accounts receivable Allowance Cash realizable value 12/31/20 $47500 increase. $44180 increase. $39620 increase. $43520 increase. $538000 (36300 ) $501700 During 2021, sales on account were $146400 and collections on account were $98900. Also during 2021, the company wrote off $3980 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40200. The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was aOn January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…