Genovia Corp. had the following on December 31, 2020:
1.
Genovia Corp. had the following on December 31, 2020:
Cash on hand (physical bills in a safe): $9,000
Checking account balance: $4,500
One-year certificate of deposit (CD): $7,500
Checks received but not yet deposited: $2,500
Checks sent by customers that are still in the mail: $6,000
Stock investments: $4,000
How much cash will Genovia report on its December 31, 2020, balance sheet? (just enter the number, without any commas or a dollar sign)
3.
During 2020, Florin Corp. collected $5,000 from a customer who had purchased a product on account during the prior year. How will this $5,000 collection affect Florin's 2020 financial statements?
increase cash, increase accounts receivable
increase cash, decrease accounts receivable
increase cash, increase accounts payable
increase cash, decrease accounts payable
increase cash, increase sales revenue
increase cash, decrease sales revenue
4.
Which of the following amounts does company include with its assets on a balance sheet?
Gross accounts receivable-the amount contractually owed by customers
Net accounts receivable-gross accounts receivable less estimated sales returns
Net accounts receivable-gross accounts receivable less estimated nonpayment
Net accounts receivable-gross accounts receivable less estimated returns and nonpayments
Homework Answers
Answere.1
$29500.
ie. Stock investments are not included in cash and cash equvivalants.
Cash in transit is cash and checks you've received and recorded on your income statement, but it hasn't shown up on the bank statement yet due to timing differences.
Investments in liquid securities, such as stocks, bonds, and derivatives, are not included in cash and equivalents.The assets are listed as investments on the balance sheet.
Answer.3
Option B is correct.
ie. Cash collection from Account receivable effects the following two accounts :
First, increase in cash , as we have received cash.
Second, decrease in accounts receivable., As previously on sale date we debited/raised the accounts receivable account and now when we received the payment due , we reversed it.
As in the double entry book keeping, one transaction affects two accounts.
Answer.4
Option D is correct.
ie in the balance sheet, net of Accounts receivable should be shown.
Net means adjustments after allowance for doubtful debt , any sales return etc.
( Gross Accounts receivable - allowance for doubtful debt - any sales returns )
Please feel free to comment in case of any query.
Thank you ?.
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