Homework Answers
Answer to Question 1.
Cash and Cash Equivalents, December 31 = Money Market Fund Balance + Cash in Bank account + Cash in Petty Cash Fund + U.S. Treasury Bill
Cash and Cash Equivalents, December 31 = $2,880 + $23,331 + $290 + 10,900
Cash and Cash Equivalents, December 31 = $37,401
Answer to Question 2.
Days' sales uncollected = 365 * Accounts Receivable/ Net Sales
Days' sales uncollected = 365 * $4,200/ $30,000
Days' Sales Uncollected = 51.10 days
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2
e following information is available for Birch Company at December 31 Money market fund balance...
The following information is available for Holland Company at December 31: Money market fund balance Certificate...
The following information is available for Holland Company at December 31: Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,900 $ 16,100 $ 1,750 $ 23,531 760 $ 310 29 $ 11,100 Based on this...
As of December 31, Year 1, Valley Company has $13,670 cash in its checking account, as...
As of December 31, Year 1, Valley Company has $13,670 cash in its checking account, as well as several other items listed below: Bank credit card slips signed by customers $ 1,200 Money market fund balance $ 19,000 Investment in U.S. Treasury bills, mature within 90 days $ 40,000 Checks received from customers, but not yet deposited in the bank $ 1,560 Investment in 4,500 shares of Coca-Cola capital stock $ 48,000 What amount should be shown in Valley's December...
On November 1, Year 1, Salem Corporation sold land priced at $380,000 in exchange for a...
On November 1, Year 1, Salem Corporation sold land priced at $380,000 in exchange for a 3%, six-month note receivable. 35 Salem's balance sheet at December 31, Year 1, includes which of the following as a result of the sale of land on November 1? Multiple Choice eBook Notes Receivable of $380,000 and Interest Receivable of $5,700. Notes Receivable of $380,000 only. Notes Receivable of $380,000 and Interest Receivable of $1,900. Notes Receivable of $385,700 and Interest Receivable of $1,900....
Negros Island Navigation has the following information for bank reconciliation Bank Balance as of December 1,...
Negros Island Navigation has the following information for
bank reconciliation
Bank Balance as of December 1, 2020 —————————50,000.00
Deposits—————————————————————————-90,000.00
Checks Issued ———————————————-——————-45,000.00
Bank Service Charge ————————————————-————500.00
Note Collected, including interest of
P300.00,0—————-5,600.00
A check amounting to 1,000.00 was recorded by the bank as
disbursement for 10,000.00.
All outstanding checks in November was negotiated while on
December, P65,000.00. is still outstanding.
December Deposit in transit is P10,000.
Collection of P6,000.00 was deposited but not recorded by the
company.
A check dated...
Tropical Inc. is preparing its December 31 financial statements, and it must determine the proper balance...
Tropical Inc. is preparing its December 31 financial statements,
and it must determine the proper balance sheet classification of
financial statement items. Complete the table as follows:
1. Indicate whether each amount would be classified as cash.
2. Indicate an alternative classification if the amount is
excluded from cash.
(and please also explains No. 5, 10, 14, 15, 16 in details.
Thank you)
Financial Statement Item Include in Cash Amount Classification 1. Coins and currency, $1,000. 1000 Cash 2. Checks...
Brief Exercise 7-1 Indigo Enterprises owns the following assets at December 31, 2017. Cash in bank—savings...
Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
What amount should be reported as cash?
Cash to be reported
$
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
1. Checking account balance $925,100;...
Negros Island Navigation has the following information for bank reconciliation Bank Balance as of December 1,...
Negros Island Navigation has the following information for bank reconciliation Bank Balance as of December 1, 2020 -50,000.00 Deposits--- --90,000.00 Checks issued --45,000.00 Bank Service Charge --500.00 Note Collected, including interest of P300.00,0------5,600.00 A check amounting to 1,000.00 was recorded by the bank as disbursement for 10,000.00 All outstanding checks in November was negotiated while on December, P65,000.00. is still outstanding. December Deposit in transit is P10,000. Collection of P6,000.00 was deposited but not recorded by the company. A check...
What is the correct amount of cash? 1-2. The statement of financial position of Money Company...
What is the correct amount of cash?
1-2. The statement of financial position of Money Company on December 31, 2019 shows Cash of P330,820. The following items were found to comprise this total amount: Checking account in Metrobank, (outstanding checks as of year-end totaled P15,200) Savings account at Far East Bank Petty cash fund (including expense receipts for P250) Cash on hand (undeposited sales receipts Sinking fund cash Cash in foreign bank (in equivalent pesos) Customers' checks on hand: P105,200...
Pharoah Company has the following information available for accruals for the year ended December 31, 2020.
Pharoah Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $525 was unrecorded on December 31. Pharoah paid the bill on January 11. 2. Pharoah is open 7 days a week and employees are paid a total of $4,340 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
The following information is available for Holland Company at December 31: Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,900 $ 16,100 $ 1,750 $ 23,531 760 $ 310 29 $ 11,100 Based on this...
On November 1, Year 1, Salem Corporation sold land priced at $380,000 in exchange for a 3%, six-month note receivable. 35 Salem's balance sheet at December 31, Year 1, includes which of the following as a result of the sale of land on November 1? Multiple Choice eBook Notes Receivable of $380,000 and Interest Receivable of $5,700. Notes Receivable of $380,000 only. Notes Receivable of $380,000 and Interest Receivable of $1,900. Notes Receivable of $385,700 and Interest Receivable of $1,900....
Negros Island Navigation has the following information for
bank reconciliation
Bank Balance as of December 1, 2020 —————————50,000.00
Deposits—————————————————————————-90,000.00
Checks Issued ———————————————-——————-45,000.00
Bank Service Charge ————————————————-————500.00
Note Collected, including interest of
P300.00,0—————-5,600.00
A check amounting to 1,000.00 was recorded by the bank as
disbursement for 10,000.00.
All outstanding checks in November was negotiated while on
December, P65,000.00. is still outstanding.
December Deposit in transit is P10,000.
Collection of P6,000.00 was deposited but not recorded by the
company.
A check dated...
Tropical Inc. is preparing its December 31 financial statements,
and it must determine the proper balance sheet classification of
financial statement items. Complete the table as follows:
1. Indicate whether each amount would be classified as cash.
2. Indicate an alternative classification if the amount is
excluded from cash.
(and please also explains No. 5, 10, 14, 15, 16 in details.
Thank you)
Financial Statement Item Include in Cash Amount Classification 1. Coins and currency, $1,000. 1000 Cash 2. Checks...
Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
What amount should be reported as cash?
Cash to be reported
$
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
1. Checking account balance $925,100;...
Negros Island Navigation has the following information for bank reconciliation Bank Balance as of December 1, 2020 -50,000.00 Deposits--- --90,000.00 Checks issued --45,000.00 Bank Service Charge --500.00 Note Collected, including interest of P300.00,0------5,600.00 A check amounting to 1,000.00 was recorded by the bank as disbursement for 10,000.00 All outstanding checks in November was negotiated while on December, P65,000.00. is still outstanding. December Deposit in transit is P10,000. Collection of P6,000.00 was deposited but not recorded by the company. A check...
What is the correct amount of cash?
1-2. The statement of financial position of Money Company on December 31, 2019 shows Cash of P330,820. The following items were found to comprise this total amount: Checking account in Metrobank, (outstanding checks as of year-end totaled P15,200) Savings account at Far East Bank Petty cash fund (including expense receipts for P250) Cash on hand (undeposited sales receipts Sinking fund cash Cash in foreign bank (in equivalent pesos) Customers' checks on hand: P105,200...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
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