Homework Answers
| Answer: | |
| Particulars |
Amount (in $ millions ) |
| Sales | $ 40 |
| Add: Decrease in Accounts Receivables | $ 5.5 |
| Amount of Cash Horton Received from Customers | $ 45.50 |
| Event | General Journal |
Debit (in $ millions ) |
Credit (in $ millions ) |
| 1 | Cash | $ 45.50 | |
| Accounts receivable | $ 5.50 | ||
| Sales revenue | $ 40 | ||
| (To record the net effect of selling and Collection Activities ) |
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Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount...
Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane...
Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane paid to employees during the reporting period if its salaries payable increased by $4.5 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is the amount of cash Sherriane paid to employees during the reporting period if...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $39 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
Telfer, Inc. reported net income of $2.6 million in 2020. Depreciation for the year was $157,700, accounts receivable decreased $375,000, and accounts payable decreased $267,200.
Telfer, Inc. reported net income of $2.6 million in 2020. Depreciation for the year was $157,700, accounts receivable decreased $375,000, and accounts payable decreased $267,200.Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Telfer, Inc.Statement of Cash Flows-Indirect Approach For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020 Cash at Beginning of PeriodCash at End of PeriodCash Flows...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. FederalWay, Inc., is one of America's most prestigious retailers. Each Christmas season, FederalWay builds up its inventory to meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, FederalWay often collects cash from the sales several months after Christmas. Assume that on November 1 of this year, FederalWay borrowed $4.7 million cash from Third Fifth...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.8 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):...
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: Customers Interest on notes receivable Collection of notes receivable Sale of land Issuance of common stock Cash paid for: Interest on notes payable Purchase of equipment operating expenses Dividends to shareholders $750,00 24, eee 220, eee 52.ee 320,00 30, ce 180,eee See.ee 42.ee Prepare a statement of cash flows according to International Financial Reporting Standards. (Amounts to be deducted should be...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $960,000. Lonergan needs approximately $590,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $590,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the...
Required information Exercise 7-1 Accounts receivable subsidiary ledger; schedule of accounts receivable LO C1 [The following...
Required information
Exercise 7-1 Accounts receivable subsidiary ledger; schedule of
accounts receivable LO C1
[The following information applies to the questions
displayed below.]
Vail Company recorded the following transactions during
November.
Date
General Journal
Debit
Credit
Nov.
5
Accounts Receivable—Ski Shop
4,314
Sales
4,314
10
Accounts Receivable—Welcome Enterprises
2,274
Sales
2,274
13
Accounts Receivable—Zia Natara
1,333
Sales
1,333
21
Sales Returns and Allowances
344
Accounts Receivable—Zia Natara
344
30
Accounts Receivable—Ski Shop
4,741
Sales
4,741
Exercise 7-1 Part 1
1....
Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane paid to employees during the reporting period if its salaries payable increased by $4.5 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is the amount of cash Sherriane paid to employees during the reporting period if...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $39 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
Telfer, Inc. reported net income of $2.6 million in 2020. Depreciation for the year was $157,700, accounts receivable decreased $375,000, and accounts payable decreased $267,200.Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Telfer, Inc.Statement of Cash Flows-Indirect Approach For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020 Cash at Beginning of PeriodCash at End of PeriodCash Flows...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.8 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: Customers Interest on notes receivable Collection of notes receivable Sale of land Issuance of common stock Cash paid for: Interest on notes payable Purchase of equipment operating expenses Dividends to shareholders $750,00 24, eee 220, eee 52.ee 320,00 30, ce 180,eee See.ee 42.ee Prepare a statement of cash flows according to International Financial Reporting Standards. (Amounts to be deducted should be...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $960,000. Lonergan needs approximately $590,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $590,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the...
Required information
Exercise 7-1 Accounts receivable subsidiary ledger; schedule of
accounts receivable LO C1
[The following information applies to the questions
displayed below.]
Vail Company recorded the following transactions during
November.
Date
General Journal
Debit
Credit
Nov.
5
Accounts Receivable—Ski Shop
4,314
Sales
4,314
10
Accounts Receivable—Welcome Enterprises
2,274
Sales
2,274
13
Accounts Receivable—Zia Natara
1,333
Sales
1,333
21
Sales Returns and Allowances
344
Accounts Receivable—Zia Natara
344
30
Accounts Receivable—Ski Shop
4,741
Sales
4,741
Exercise 7-1 Part 1
1....
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