Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the followi Assets Cash 10,000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 80,000 30,000 70,000 60,000 10,000 12,000 36,000 46,000 Held for trading securities Financial assets designated at FVPL Investment in equity securities at FVOCI Investment in bonds measured at amortized cost (due in 3 years) Prepaid assets Deferred tax asset (expected to reverse in 2020) Investment in Associate Investment property Sinking fund 38.000

Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the followi Assets Cash 10,000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 80,000 30,000 70,000 60,000 10,000 12,000 36,000 46,000 Held for trading securities Financial assets designated at FVPL Investment in equity securities at FVOCI Investment in bonds measured at amortized cost (due in 3 years) Prepaid assets Deferred tax asset (expected to reverse in 2020) Investment in Associate Investment property Sinking fund 38.000

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.
If Accounts Payable has debit postings of P170,000 credit postings of P140,000 and a normal ending balance of P60,000 which of the following was its beginning balance? Group of answer choices P30,000 Cr. P30,000 Dr. P90,000 Dr. P90,000 Cr.
Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000
engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000
. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5
(Accounts receivable and uncollectible accounts) The following information relates to Bedford Company’s accounts receivable: Accounts receivable balance on December 31, 2023 $ 900,000Allowance for expected credit losses balance on December 31, 2023 55,000Credit sales made in 2024 5,800,000Collections from customers on account in 2024 4,900,000Accounts receivable written off in 2024 70,000Accounts previously written off that were recovered in 2024(not included in the collections above) 6,000After grouping its receivables by geographic region, the credit risk characteristic identified as being best for determining credit losses, and estimating the expected rate of credit losses for each group, the company estimates that the total expected credit losses at December 31, 2024, will be $80,000. The allowance account is to be adjusted accordingly. Required Calculate the ending balance in Accounts Receivable, as at December 31, 2024.Calculate the Allowance for Expected Credit…
a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: Accounts Receivable Control: Dr $25,000 Cr $2,000 Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit customers 1,000 Interest charged on credit customers account 1,500 Receipts from credit customers 78,500 Balances in sales ledger set off against 4,000 balances in purchases ledger Discounts Allowed 500 Bad Debts 1,000 Dishonoured Cheque 1,500 Sales returns 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO possible reasons for the credit balance in the Sales Ledger Control Account. c. State three uses of a control accounts.
Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.
At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is $19610 credit $19610 debit $12770 debit $46970 debit