The balance per the bank statement on October 31, 2012, was $18,380. Outstanding checks were: No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No.
Sept. 1 | Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system. | Oct. 1 | Issued a $50,000, 12-month, 8% note to Orion in payment of account. | Oct. 1 | Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note. | * Instructions (a) Prepare journal entries for the selected transactions above.
Mable is in the business of factoring accounts receivable. Last year, she purchased a $20,000 account receivable for $15,000. This year, the account was settled for $18,000. How much loss can Mable deduct and in which year? a.|$2,000 for the current
| | | 5. | | | Click here if you would like to Show Work for this question E8-7 | | | | Correct. | | | James Hughes Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.75.
Traditionally, the company had kept its cash balances at St. Louis National Bank. Request The request is for the renewal of its term debt of $1 million, which originated in the end of December 1978 and would due in the end of September 1979. In additional to the extension of this loan, Hampton also requested another $350,000 to finance equipment purchases. This loan would be needed by the end of October and payable at the end of the year with monthly interest of 1.5% of principal. Cash Analysis Based on the information provided by Mr. Cowins, an analysis of cash funding and usage that Hampton had from November 1978 to August 1979 is below: Change in Cash Funding Usage Increase in bank debt $1,000,000 Stock repurchase $3,000 Increase in retained earnings $883,000 Increase in inventories 2,163 Decrease in cash $961,000 Decrease in accruals 9 Increase in customer advances $726,000 TOTAL USES OF CASH $5,172 Increase in accounts payable $600,000 Decrease in accounts receivable $561,000 Increase in taxes payable $329,000 Decrease in net fixed assets $92,000 Decrease in prepaid expenses $20,000 Total Cash Funding $5,172,000 According the analysis above, there is a large amount of cash disburses to inventories that drain out the cash on hand that Hampton has.
If the Company has to prepare financial statements on March 31st, what would the entry be? A Debit to the Put Option and a a. Credit Unrealized holding gain – Income Statement $805 b. Credit Unrealized holding gain – OCI $805 c. Credit Unrealized holding gain – Income Statement $95 d. Credit Unrealized holding gain – OCI $95 e. None of the above 3. Good Citizen, Inc. incurred their first loss during this fiscal year on both their financial statements and tax returns.
Answer: Total Assets - Total Debts Key Terms: Total assets - Total debts | Topic: Question: Which of the following would not be used to create a personal balance sheet? Answer: Slide presentation software Key Terms: Balance sheets | Topic: Question: Which of the following should you store in a safe deposit box? Answer: Your will Key Terms: Wills | Topic: Question: Which of the following would be considered a transaction account? Answer: checking account Key Terms: Transaction accounts | Topic: Question: Which of the following would be considered a savings alternative? Answer: certificate of deposit Key Terms: Certificate of deposit | Topic: Question: Which of the following is considered a cash outflow on your Personal Cash Flow Statement?
| Sales returns and allowances | 51,100 | 3. | Collections of accounts receivable | 2,893,400 | 4. | Write-offs of accounts receivable deemed uncollectible | 88,300 | 5. | Recovery of bad debts previously written off as uncollectible | 23,400 | | | | | | Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.
6. In addition to the three basic financial statements, which of the following is also a required financial statement? a. the "Cash Budget" b. the Statement of Cash Flows c. the Statement of Cash Inflows and Outflows d. the "Cash Reconciliation" 7. The statement of cash flows will not report the
Something they do not tolerate is inefficiency caused by cancelations that cost loss of profit, revenue, and consumers. 4. Implications of the problem. The limited amount of employees in office causes slow production and processing of training materials. If there's no new employing staff, the company's rates will continue to downgrade.