FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne
Crosby, describes the events that occurred during the last two months:
a. I established the fund by cashing a check from HHC for $300 made payable to me.
b. Tom Canuck provided a $88 receipt for repairs to the club's computer, so I paid $88 cash to him.
c. Kim Harra provided a receipt for $68 for various supplies she planned to use to decorate the arena later this year. I paid
$68 cash to her.
d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I
paid him $98.
e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received
and cashed a check from HHC for $254, placing the cash into a locked cash box.
f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $143 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $48 for telephone calls made to contact referees for the
annual tournament. I paid her $48 cash.
h. Gutty McTavish submitted a receipt for $53 for a haircut he received. I did not pay him.
i. On the last day of the month, I received and cashed a check from HHC for $191, placing the cash into the locked cash
box.](https://content.bartleby.com/qna-images/question/9cd6e338-e1a2-4e8d-9ba8-c09d1940c415/240446db-add7-4864-9b3f-78e92490b85d/fzm3qbr_processed.png)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne
Crosby, describes the events that occurred during the last two months:
a. I established the fund by cashing a check from HHC for $300 made payable to me.
b. Tom Canuck provided a $88 receipt for repairs to the club's computer, so I paid $88 cash to him.
c. Kim Harra provided a receipt for $68 for various supplies she planned to use to decorate the arena later this year. I paid
$68 cash to her.
d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I
paid him $98.
e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received
and cashed a check from HHC for $254, placing the cash into a locked cash box.
f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $143 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $48 for telephone calls made to contact referees for the
annual tournament. I paid her $48 cash.
h. Gutty McTavish submitted a receipt for $53 for a haircut he received. I did not pay him.
i. On the last day of the month, I received and cashed a check from HHC for $191, placing the cash into the locked cash
box.
Transcribed Image Text:2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers'
compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"?
Cash and Cash Equivalents
$ (1,320)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year? A) $4,740,000 B) $4,480,000 C) $4,060,000 D) $4,220,000arrow_forwardThis Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…arrow_forwardThe companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the yeararrow_forward
- The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?arrow_forward2. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalentsarrow_forwardThe balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end of the year. Credit sales for the year totaled $4,120,000. During the year, $450,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $3,550,000 B) $4,000,000 C) $4,450,000 D) $4,690,000 10arrow_forward
- Sparks Corporation has a cash balance of $17,700 on April 1. The company must maintain a minimum cash balance of $14,500. During April, expected cash receipts are $65,000. Cash disbursements during the month are expected to total $77,500. Ignoring interest payments, during April the company will need to borrow: Multiple Choice O $9,300 $5,200 $14,500 $12,500arrow_forwardQuestion: Presented below is the information for Skysong Company. Beginning of the year Accounts Receivable balance was $23600. Net sales (all on account) for the year were $103100. Skysong does not offer cash discounts. Collections on accounts receivable during the year were $90300. Skysong is planning to factor some accounts receivables at the end of the year. Accounts totaling $14100 will be transfered to Credit Factors, Inc with recourse. Credit Factor will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1021. Prepare the journal entry to record the sale of the receivables. Compute Skysongs accounts receivable turnover for the year, assuming the receivables are sold.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education