The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain amounts were: Accounts receivable Inventory Accounts payable 20,000 increase 15,000 decrease 30,000 decrease Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on credit. Various expenses of 50,000 were paid in cash. 29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?

The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain amounts were: Accounts receivable Inventory Accounts payable 20,000 increase 15,000 decrease 30,000 decrease Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on credit. Various expenses of 50,000 were paid in cash. 29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?

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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15. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended December 31, 2011. Additional information is given below. Under the cash basis of accounting, what amount should be reported as sales revenue for 2011? 12/31/2010 12/31/2011 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Zeta wrote off uncollectible accounts totaling P20,000 during 2011. O a. 4,900,000 O b. 4,350,000 O c. 4,300,000 O d. 4,280,000
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