Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2022 December 31, 2021 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 24 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 154050 (d) Total assets at December 31, 2022 2$ %24 %24

Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2022 December 31, 2021 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 24 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 154050 (d) Total assets at December 31, 2022 2$ %24 %24

Name: Bonita Corporation experienced a fire on December 31, 2022, in which
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Description: Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been ableto salvage some of the records and has ascertained the following balances.December 31, 2022December 31, 2021Cash$ 33

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bonita Industries’s checkbook balance on December 31, 2020 was $84500. In addition, Bonita held the following items in its safe on December 31.(1) A check for $1880 from Carla Vista Co. received December 30, 2020, which was not included in the checkbook balance.(2) An NSF check from Martinez Corp. in the amount of $3400 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2021. The original deposit has been included in the December 31 checkbook balance.(3) Coin and currency on hand amounted to $5650.The proper amount to be reported on Bonita's balance sheet for cash at December 31, 2020 is $81830. $88630. $86900. $85230.
18. Dole Corp.'s accounts payable at December 31, 2012, totaled $650,000 before any necessary year-end adjustments relating to the following transactions: On December 27, 2012, Dole wrote and recorded checks to creditors totaling $350,000 causing an overdraft of $100,000 in Dole's bank account at December 31, 2012. The checks were mailed out on January 10, 2013. On December 28, 2012, Dole purchased and received goods for $150,000, terms 2/10, n/30. Dole records purchases and accounts payable at net amounts. The invoice was recorded and paid January 3, 2013. Goods shipped f.o.b. destination on December 20, 2012 from a vendor to Dole were received January 2, 2013. The invoice cost was $65,000. At December 31, 2012, what amount should Dole report as total accounts payable? a. $1,212,000. b. $1,147,000. c. $900,000. d. $800,000.
8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…
The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following: Petty cash fund-P50,000 Undeposited receipts, including a postdated customer check of P100,000-P1,400,000 Cash in bank-P1,300,000 Cash in sinking fund-P500,000 Vouchers paid out of collections, not yet recorded-P250,000 IOUS signed by employees-P150,000 What total amount should be reported as cash in the December 31, 2023 statement of financial position?
Brewer Company’s controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is $350,000, the company collected $900,000 cash during August 2020 and paid $1,000,000 cash during August 2020. What was the 8/1/20 Cash balance? a. $550,000 b. $350,000 c. $250,000 d. $450,000
A company’s draft financial statements for 2021 showed a profit of $630,000. However, the trial balance did not agree, and a suspense account appeared in the company’s financial statements.Subsequent checking revealed the following errors:1 The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.2 Bank charges of $440 appeared in the bank statement in December 2021 but had not been entered in the company’s records.3 One of the directors paid $800 due to a supplier in the company’s payables ledger by a personal cheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entry for the transaction.4 The payments side of the cash book had been understated by $10,000. Which of the above items would require an entry to the suspense account in correcting them? What would the company’s profit become after the correction of the above errors?
Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…
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At December 31, 2018, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2019, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realializable value of accounts receivab;le after the Brown account is written off?
Safari Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2022. The following items were found to be included in this balance. a. Compensating balance of P5,000 which is legally restricted as to withdrawal b. A negative bank balance of P10,000 from one of its bank accounts from just one bank. c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2023. d. A certified check received from one customer last March 24, 2022. How much is the cash and cash equivalents to be presented in the 2022 Financial Statements?