Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter 9, Problem 2YT
To determine
Calculate the amount of cash that is collected from customers by Company R during the year and show the way in which the amount of cash would be classified on the statement of
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How much were the cash disbursement per books in June?In connection with your examination, the ABC Company presented to you the following information regarding its Cash in Bank account for the month of June of the current year:
• Balance per bank statements: May 31, P1,250,000, and June 30, P1,350,000.
• Balances of cash in bank account in companys books: Moy 31, P1,251,000, and June 30, P1,051,000.
• Total charges in the bank statement during June were Pl,300,000.
• Undeposited receipts were: May 31, P200,000 and June 30, 53,000.
• Outstanding checks as of Moy 31, P150,000.
• Erroneous bank credits were: May 31, P45,000 and June 30, P17,000. • Erroneous bank charges were: May 31, P20,000 and June 30, P30,000.
• Collections by bank not recorded by Company were P125,000 in May and P150,000 in June.
• NSF not entered in company's books were: May 31, P110,000 and June 30, P75,000.
• Customer's check deposited in May amounting to P21,000 was erroneoushy entered in the books as P12,000.…
Sales for the year were $551,730. Accounts receivable were $107,769 and $86,221 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method.
Select the correct answer.
a-$573,278
b-$594,826
c-$659,499
d-$551,730
A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with the
monthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding
($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570),
and interest earned ($70).
Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
:X:
A
Record the entries that increase cash.
Record the entries that decrease cash.
Credit
Note :
= journal entry has been entered
%D
Record entry
Clear entry
View general journal
:X:
Chapter 9 Solutions
Financial Accounting
Ch. 9 - Prob. 1YTCh. 9 - Prob. 2YTCh. 9 - Prob. 3YTCh. 9 - Prob. 4YTCh. 9 - Prob. 5YTCh. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5Q
Ch. 9 - Which types of business transactions would result...Ch. 9 - Prob. 7QCh. 9 - Which types of business transactions would result...Ch. 9 - Prob. 9QCh. 9 - Prob. 10QCh. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - Prob. 1MCQCh. 9 - Prob. 2MCQCh. 9 - Prob. 3MCQCh. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Prob. 6MCQCh. 9 - Depreciation for the year was 50,000 and net...Ch. 9 - Accounts receivable decreased by 12,000....Ch. 9 - Prob. 9MCQCh. 9 - Prob. 10MCQCh. 9 - Prob. 1SEACh. 9 - Prob. 2SEACh. 9 - Calculate and identify cash flows. (LO 3, 6). A...Ch. 9 - Prob. 4SEACh. 9 - Prob. 5SEACh. 9 - Prob. 6SEACh. 9 - Prob. 7SEACh. 9 - Prob. 8SEACh. 9 - Prob. 9SEACh. 9 - Prob. 10SEBCh. 9 - Prob. 11SEBCh. 9 - Prob. 12SEBCh. 9 - Prob. 13SEBCh. 9 - Prob. 14SEBCh. 9 - Prob. 15SEBCh. 9 - Prob. 16SEBCh. 9 - Evaluate adjustments to net income under the...Ch. 9 - Prob. 18SEBCh. 9 - Prob. 19EACh. 9 - Prob. 20EACh. 9 - Prob. 21EACh. 9 - Prob. 22EACh. 9 - Prob. 23EACh. 9 - Prob. 24EACh. 9 - Prob. 25EACh. 9 - Prob. 26EACh. 9 - Prob. 27EACh. 9 - Prob. 28EACh. 9 - Prob. 29EACh. 9 - Calculate cash from operating activities using the...Ch. 9 - Prob. 31EACh. 9 - Prob. 32EACh. 9 - Prob. 33EACh. 9 - Prob. 34EBCh. 9 - Prob. 35EBCh. 9 - Prob. 36EBCh. 9 - Prob. 37EBCh. 9 - Prob. 38EBCh. 9 - Prob. 39EBCh. 9 - Prob. 40EBCh. 9 - Prob. 41EBCh. 9 - Prob. 42EBCh. 9 - Prob. 43EBCh. 9 - Prob. 44EBCh. 9 - Prob. 45EBCh. 9 - Prob. 46EBCh. 9 - Prob. 47EBCh. 9 - Prob. 48EBCh. 9 - Prob. 49PACh. 9 - Prob. 50PACh. 9 - Prob. 51PACh. 9 - Prob. 52PACh. 9 - Prob. 53PACh. 9 - Prob. 54PACh. 9 - Prob. 55PACh. 9 - Prob. 56PACh. 9 - Prob. 57PBCh. 9 - Prob. 58PBCh. 9 - Prob. 59PBCh. 9 - Prob. 60PBCh. 9 - Prob. 61PBCh. 9 - Prob. 62PBCh. 9 - Prob. 63PBCh. 9 - Prob. 64PBCh. 9 - Prob. 1FSACh. 9 - Prob. 2FSACh. 9 - Prob. 3FSACh. 9 - Prob. 1CTPCh. 9 - Prob. 2IE
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- Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).arrow_forwardSuppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year, and $267,653,000 at year-end. Sales revenue was $1,095,307,000 for the year.What is the amount of cash receipts from customers? what are the cash receipts from customers?arrow_forwardBourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Please do journal enteriesarrow_forward
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