A private educational institution submitted the following data for the fiscal year ending April 30,2020: Tuition fees P9,500,000 Miscellaneous fees 1,200,000 Cash dividends from domestic 80,000 corporation Income from bookstore 350,000 Interests on peso bank deposit 70,000 Income of school canteen 280,000 Salary, allowances and bonus of employees 6,400,000 Other operating expenses 2,600,000 Other expenditures for improvement of school facilities: Construction of add'l class rooms 1,300,000 (depreciation; P75,000) Furniture and equipment of 400,000 library (depreciation; P50,000)
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- Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…
- FINANCIAL ACCOUNTING (a) Compute the amount of interest during 2020, 2021, and 2022 for the following notes receivable; on april 30, 2020, BCDE lent $170,000 to Abbot on a two-years 7% note. (b) Which party has a (an) a. notes receivable b. notes payable c. interest revenue d. interest expense (c) How much total would BCDE collect if Abbot paid off early, say on November 30, 2020?Pitman Hospital received interest payments of $6,000 during 2022. Its balance sheets reported accrued interest receivable as follows: 12/31/21 $3,000 12/31/22 1,000 What amount should be reported as interest income in the hospital’s 2022 statement of operations? 4,000 2,000 9,000 7,000A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information: Scholarships granted to academic scholars 100,000 Scholarships granted to faculty members in post-graduate programs 60,000 Refunds of class cancellations and withdrawal of enrolment 40,000 Estimated uncollectible amounts 160,000 Scholarships granted to student assistants 240,000 Scholarships granted to dependents of faculty members 120,000
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableIn your year end audit of A. Bonifacio Corporation, the Cashier showed a cashaccountability of P 240,000 as at December 31, 2019. The following transaction are summarized for theyear 2020:Disbursements for costs and expenses 15,000,000Income Tax Payable 200,000Payment of Notes Payable to BPI 800,000Proceeds of BDO borrowings – one year 2,000,000Ordinary Shares Subscribed 18,000,000Ordinary Shares Subscription Receivable 6,000,000Acquisition of various property and equipment 9,000,000Depreciation of property and equipment 600,000Accounts written off 100,000Collection from credit sales 11,200,000 What is the cashier’s accountability?Agency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.
- The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Debit Credit Cash $ 362,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 1,015,000 Expenditure Transfers out 20,000 Capital Outlay Debt service-principal 25,000 2,000 Debt service-interest 8,000 Allowance for uncollectible taxes $ 45,000 Accounts payable 50,000 Property tax revenues 950,000 400,000 50,000 Other revenues Proceeds from bonds Transfers in 8,000 1,085,000 Appropriations Estimated other financing uses Fund balance---unassigned 22,000 285.000 Totals $2,895,000 $2,895,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? Multiple Choice $380,000 $425,000 $475,000 $285,000The following is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?