None Required:Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated bya minus sign.)Quarter (000 omitted)(000 omitted)1234YearCash balance, beginning$7Add collections from customers109392Total cash available89Less disbursements:Purchase of inventory485832Selling and administrative expenses4530127Equipment purchases1192353Dividends2222Total disbursementsExcess (deficiency) of cash available over disbursements114(2)7Financing:BorrowingsRepayments (including interest) *Total financingCash balance, ending*Interest will total $1,000 for the year.18(22)

Budgeting is the process of undertaking plans to spend money. This plan enables the business to…

Answered: Required: Fill in the missing amounts.…

Required: Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.)

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

None

Required:
Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by
a minus sign.)
Quarter (000 omitted)
(000 omitted)
1
2
3
4
Year
Cash balance, beginning
$
7
Add collections from customers
109
392
Total cash available
89
Less disbursements:
Purchase of inventory
48
58
32
Selling and administrative expenses
45
30
127
Equipment purchases
11
9
23
53
Dividends
2
2
2
2
Total disbursements
Excess (deficiency) of cash available over disbursements
114
(2)
7
Financing:
Borrowings
Repayments (including interest) *
Total financing
Cash balance, ending
*Interest will total $1,000 for the year.
18
(22)

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Accounting for Cash and cash equivalents

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