Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 16, Problem E16A.29E
Computing
Learning Objective 4 Appendix 16A
- Cash Receipts from Oust. $72,000
Consider the following facts:
- Beginning and ending
Accounts Receivable are $24,000 and $20,000, respectively. Credit sales for the period total $68,000. - Cost of goods sold is $77,000.
- Beginning Merchandise Inventory balance is $29,000, and ending Merchandise Inventory balance is $26,000.
- Beginning and ending Accounts Payable are $12,000 and $16,000, respectively.
Requirements
- Compute cash collections from customers.
- Compute cash payments for merchandise inventory.
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Chapter 12 Homework
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Journalizing Cash Payments
Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter.
Record the following payments for merchandise purchased:
Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period.
19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received
from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12.
21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30.
29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period.
Page:
POST, GENERAL…
Lesson 4: Cash Discounts: Ordinary Dating
6. Complete the table.
Terms
Date Paid Net Price Cash
Last Date Last Date
to Pay
Invoice
Invoice
Cash Price
Date
to Take
Discount
Discount
|May 25
| 2/10, n/30
May 30
$806.50
March 13
| 6/10, n/30
March 24
$941.22
Problem 8-24 (Algo) Cash Budget with Supporting Schedules (LO8-2, LO8-4, LO8-8]
Garden Sales, Ic., sells garden supplies. Management Is planning Its cash needs for the second quarter. The company usually has to
borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following Information
has been assembled to assist in preparing a cash budget for the quarter:
a. Budgeted monthly absorption costing Income statements for April-July are:
April
$ 650, e09 $ 820,000
455, eee
July
$ 430, eee
May
June
Sales
$ 530,000
Cost of goods sold
Gross margin
Selling and administrative expenses:
Selling expense
Administrative expense*
Total selling and administrative expenses
574, e00
371,800
159, 000
301,000
195,e08
246, 000
129, 000
83,e00
102, 800
64, 000
43,000
46, 500
129,5e9
62,489
39,200
41,000
164, 480
193, 20e 84, 000
Net operating income
$ 65,se0 $
81,600 $
55,800 $
45,eee
*Includes $25,000 of depreclation each month.
b. Sales are 20% for cash…
Chapter 16 Solutions
Horngren's Accounting (12th Edition)
Ch. 16 - Prob. 1QCCh. 16 - Prob. 2QCCh. 16 - Prob. 3QCCh. 16 - Prob. 4QCCh. 16 - Prob. 5QCCh. 16 - The Plant Assets account and Accumulated...Ch. 16 - Mountain Water Corp issued common stock of $28,000...Ch. 16 - Prob. 8QCCh. 16 - Maxwell Furniture Center had accounts receivable...Ch. 16 - Prob. 10BQC
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Prob. 10RQCh. 16 - Prob. 11RQCh. 16 - Prob. 12RQCh. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15ARQCh. 16 - Prob. 16BRQCh. 16 - Prob. S16.1SECh. 16 - S16-2 Classifying items on the statement of cash...Ch. 16 - Prob. S16.3SECh. 16 - Prob. S16.4SECh. 16 - Prob. S16.5SECh. 16 - Prob. S16.6SECh. 16 - Prob. S16.7SECh. 16 - Prob. S16.8SECh. 16 - Prob. S16.9SECh. 16 - Prob. S16.10SECh. 16 - Preparing a statement of cash flows using the...Ch. 16 - Prob. S16A.12SECh. 16 - Prob. S16A.13SECh. 16 - Prob. S16A.14SECh. 16 - Prob. S16B.15SECh. 16 - Prob. E16.16ECh. 16 - Prob. E16.17ECh. 16 - Classifying items on the indirect statement of...Ch. 16 - Prob. E16.19ECh. 16 - Prob. E16.20ECh. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Prob. E16.22ECh. 16 - E16-23 Computing the cash effect Learning...Ch. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Identifying and reporting non-cash transactions...Ch. 16 - Prob. E16.26ECh. 16 - Prob. E16A.27ECh. 16 - Prob. E16A.28ECh. 16 - Computing cash flow items—direct method Learning...Ch. 16 - Prob. E16A.30ECh. 16 - Prob. E16B.31ECh. 16 - Prob. P16.32APGACh. 16 - Prob. P16.33APGACh. 16 - Prob. P16.34APGACh. 16 - Prob. P16.35APGACh. 16 - Preparing the statement of cash flows—direct...Ch. 16 - Prob. P16A.37APGACh. 16 - Prob. P16B.38APGACh. 16 - Prob. P16.39BPGBCh. 16 - Prob. P16.40BPGBCh. 16 - Prob. P16.41BPGBCh. 16 - Prob. P16.42BPGBCh. 16 - Prob. P16A.43BPGBCh. 16 - Prob. P16A.44BPGBCh. 16 - Prob. P16B.45BPGBCh. 16 - Prob. P16.46CTCh. 16 - Prob. P16.47CPCh. 16 - Prob. 16.1TIATCCh. 16 - Decision Case 16-1 Theater by Design and Show...Ch. 16 - Ethical Issue 16-1 Moss Exports is having a bad...Ch. 16 - Prob. 16.1FSC
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