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complete please Problem 2-12 Cash versus accrual accounting [LO2-8] Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2018 Cash receipts: $680,000 4,080 105,000e From customers Interest on note Loan from a local bank Total cash receipts $789,080 Cash disbursements: Purchase of merchandise $391,000 6,120 211,000 11,000 24,500 Annual...
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: Cash receipts: From customers $ 650,000 Interest on note 3,600 Loan from a local bank 125,000 Total cash receipts $ 778,600 Cash disbursements: Purchase of merchandise $ 385,000 Annual insurance payment 5,400 Payment of salaries 205,000 Dividends paid to...
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: $685,000 3,640 110,000 $798,640 Cash receipts: From customers Interest on note Loan from a local bank Total cash receipts Cash disbursements: Purchase of merchandise Annual insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment Total cash...
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: Cash receipts: From customers $ 665,000 Interest on note 3,840 Loan from a local bank 110,000 Total cash receipts $ 778,840 Cash disbursements: Purchase of merchandise $ 388,000 Annual insurance payment 5,760 Payment of salaries 208,000 Dividends paid to...
Please explain and show steps. Thank you. Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: Cash receipts: From customers $ 705,000 Interest on note 4,480 Loan from a local bank 95,000 Total cash receipts $ 804,480 Cash disbursements: Purchase of merchandise $ 396,000 Annual insurance payment 6,720...
Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the nece information to prepare accrual besis financial staterments. The following cash nows occurred during the year ended December 31 2018 Cash receipts: From customers Interest on note Issue of common stock $545,000 6,000 69,000 $628,8e0 6 Total cash receipts Cash disbursements: Purchase of merchandise Annual insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment $239,8 8,800 199,000...
4 Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $240,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: 3 $460,000 points Cash collected for Services to customers Cash paid for Salaries Supplies Rent Insurance Miscellaneous Net operating cash flow $199,000 39,000 23,000 6.000 34,000 eBook Hint 296.000 $164,000 Print References...
This window shows your responses and what was marked correct and incorrect from your previous attempt. Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021 ed $510,000 3,720 50.000 $563,720 Cash receipts Pron customers Interest on note Issue of common stock Total cash receipts Cash disbursements: Purchase of merchandise...
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2018, trial balances contained the following account information: Cr. Dr. Supplies Prepaid insurance Salaries and wages payable Deferred rent revenue Nov. 30 Dr. 3,000 7,500 17,500 5,000 Dec. 31 Cr. 4,500 5,250 16,500 2,500 The following information also is known: a. The December income statement reported $3,500 in supplies expense. b. No insurance payments were made in December. c. $17,500 was paid...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...