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- Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$4B. Draw up a cashbudget for Amal showing the balance at the end of each month, from the following information for the six months from July to December 2020: (a) Opening cash (including bank) balance on 1 July 2020 OMR 8000 (b) Production in units: Jan Feb March April May June July Aug Sep Oct Nov Dec 600 720 810 900 960 1,050 1,110 1,140 1,020 930 780 750 (c) Raw materials used in production cost OMR 30 per unit. Of this, 60 per cent is paid in the month of production and remaining balance in the month after production (d) Direct labour costs of OMR 15 per unit are payable in the month of production. (e) Variable expenses are OMR 5 per unit, payable 40 per cent in the same month as production and remaining balance in the month after production (f) Sales at OMR 70 per unit: Jan Feb March April May June July Aug Sep Oct Nov Dec 500 600 700 960 870 1,000 900 1,050 1,200 950 850 800 Debtors to pay…Write up the Fasihatul Enterprise two-column cashbook for the following details and balance it off at the end of the month. Cash Date (2020) Details RM Date Details RM Jul-01 Capital 30000 Jul-02 Bank 25000 11 Sales 150 7 Purchases 400 29 Sales 300 15 Plus SdnBhd 600 21 Carriage outwards 160 30 Salary expenses 850 31 Balance c/d 3440 30450 30450 Aug-01 Balance b/d 3440 Bank Date (2020) Details RM Date Details RM Jul-02 Cash 25000 Jul-05 Equipment 3000 23 Sales 180 19 Rent expense 450 27 Electricity expense 45 31 Balance c/d 21685 25180 25180 Aug-01 Balance b/d 21685 Prepare two column cash book. Close the account.
- Week 7Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June. b) Post from cash receipts and…History Bookmarks Window AOL Mail (... eBook Q U Help Mail - Fait... Portal hos.. b. What is the amount recorded for the day's sales? How should the difference be recorded? of v2.cengagenow.com Chapter 5... Check My Work 10 more Check My Work uses remaining. should be recorded as Recording Cash Sales; Cash Over/Short The actual cash received from the day's cash sales was $14,346, and the amount indicated by the cash register total was $14,300. a. What is the amount deposited in the bank for the day's sales? d. If a cashier is consistently over or short, what action should be taken? C Cengage... MacBook Pro 8 JC 4+1 W Activity I... My Drive.. <₁ Save and Exit SubDirections: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…
- The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?following amounts: a. Total cash paid during December. Additional Data Account 1. Cash 2. Accounts Receivable 3. Notes Payable Balance Nov 30 $ 14,500 $ 29,000 13,000 Print jort nal data you need to analyz (Click the icon to view the additional data Additional Information. Dec 31 for the Month of December Done 7,250 Cash receipts, $96,000 27,000 Sales on account, $51,000 21,000 New borrowing, $33,000 X compute each amo or transaction descrYou were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY:Cash on hand P 500,000Petty cash fund 10,000BPI current account 1,000,000Security Bank current account No. 1 1,080,000Security Bank current account No. 2 (80,000)PNB savings account 1,200,000PNB current account 500,000 Cash on hand includes the following items: Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 Postal money orders received from customers 30,000The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against the BPI current…
- Use the information from the attached image to answer questions 10 – 14. This is Mason's monthly bank statement and check register. What is the ending balance on the statement? Answers A. $1,352.61 B. $1,257.23 C. $1,241.66 D. $747.61 Question11. What is the total of the outstanding deposits? Answers A. $20 B. $625 C. $605 D. $8 Question12. What is the total of the outstanding withdrawals? Answers A. $130.95 B. $87.38 C. $8.00 D. $43.57 Question13. What is the revised statement balance? Answers A. $1,241.66 B. $1,277.23 C. $1,233.66 D. $1,352.61 Question14. What is the revised balance of the check register? Answers A. $1,198.09 B. $1,257.23 C. $1,233.66 D. $1,291.66Use the following items to prepare a balance sheet and a cash flow statement Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month Monthly take-home salary. Cash in chequing account Savings account balance. Spending for food. Balance of educational loan Current value of automobile Telephone bill paid for month Credit card balance Loan payment picture Click here for the Excel Data File Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ $ $ $ $ $ 1,038 2,850 1,828 2,360 470 2,978 8,490 85 301 163 Auto insurance Household possessions stereo equipment Payment for electricity Lunches/parking at work. Donations Home computer Value of stock investment Clothing purchase Restaurant spending $ 248 3,478 3,148 144 199 135 2,220 1,080 157 2274. The bank column in the cash book for December 2020 and the bank statement for that month for King Trading are as follows: Cash Book (Bank Account only) 2020 RM 2020 RM Dec Dec 6 Peуpei Balance b/d 1,900 304 230 1 20 Ceria 265 10 Luna 31 Baiti 325 19 Wilson 261 31 Balance c/d 1,682 29 Cikmah 37 2,502 2,502 Bank Statement Date Items Debit Credit Balance 1,900 1,670 Dec 1 Balance 6 Cheque 230 1,974 1,709 13 Luna 304 20 Cheque 265 22 Wilson 30 Tox : Standing Order Rina : Trader's Credit 31 Bank charges 261 1,970 94 2,064 31 102 1,962 72 2,034 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020.