Calculate cash? Calculate Accounts Payable? Please show formulas and calculations in spreasheet
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A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.
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A: Compound interest is interest on principal + interest on accumulated interests.
Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable
A: Solution.... Sales on Account results in debit of ?
Q: Describe and use the cash payments journal. What steps are followed in posting from cash payments…
A:
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A: Every feild had its own terminology. Same is with Accounting. Accounting has its own terminology,…
Q: 1. What is a compensating balance?
A: Hi student Since there are multiple questions, we will answer only first question.
Q: What steps are followed in posting from the cash payments journal to the general ledger?
A: Cash payments journal: Cash payments journal refers to the journal that is used to record the all…
Q: Calculate the ending balance of the Cash account.
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…
A: Answer: If a journal entry includes a debit or credit to the Cash account, it is most likely an…
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A:
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A: Given is the information about all the data about trial balance and other points:
Q: What was the balance of the cash account after these transactions were posted?
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A:
Q: What is the balance in cash after these transactions are journalized and posted?
A: Only cash transactions are to be considered. We will start with the opening balance of cash. We…
Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.
A: Receipts and payment account is a real account. It records all the cash and bank transactions made…
Q: what is procedure to posting account payab
A: Answer : The cash disbursement Journal is an Accounting Form used to record all the cash outflow.…
Q: Explain the posting process of the cash payments journal.
A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…
Q: Make a cash receipts journal using the following transactions and also include the total debits and…
A: A cash receipts journal is a special type of accounting journal which records all the transactions…
Q: When cash is debited, a typical credit is to O Accounts receivable Withdrawals O Expenses O Accounts…
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…
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A: answer c Account Payable is right answer.
Q: what is procedure to posting account payable ledger in cash disbursements system
A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…
Q: Explain the effect of adjusting journal entries on cash.
A: Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the…
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A: Solution:- The following item is perfect link as follows under:-
Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…
A: Account’s receivables can be defined as the payment which is yet to be received by the business in…
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Q: Prepare Cash Disbursement for purchases
A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…
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A: False
Q: Explain how a worksheet may be helpful in preparing a statement of cash flows.
A: Setting up a cash flow statement includes the examination of changes in various balance sheets…
Q: Which of the following account is debited when account payable is converted into note payable?…
A: Liabilities have a credit balance, So when liabilities converted then they should be debited.
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A: A Cash Flow Statement is a part of the Financial Statement of a company. It literally means a…
Q: Please calculate the amount for cash and Accounts payable
A: Cash = Total Assets - (Accounts Receivable + Buildings + Equipment + Fixtures + Inventory + Land +…
Calculate cash?
Calculate Accounts Payable?
Please show formulas and calculations in spreasheet
A cash Budget is a schedule used to calculate the total receipts and total disbursement of cash estimated during a financial and accounting period. A cash budget is consistent with the cash basis of accounting, which states that only cash transactions of a business are recorded.
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- Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, respectively. All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the…You are provided with the following information taken from Sage Hill Inc's March 31, 2027, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1 2 3. 5. 6. 7. Additional information concerning Sage Hill Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April $18.840 $47.100 $62460 $12,280 72.700 23.120 37,100 123,400 22,910 Sales are both cash and credit, Cash collections expected in April are: 152.900 12.320 (40% of $47.100) (60% of $72,700) Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expecte Purchases March Purchases April $22,910 28,910 $51820 Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2,530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An…Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 94,000 145,000 59,400 222,000 $520,400 $ 83,000 331,000 106,400 $ 520,400 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000 $350,000, $340,000, and $360,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the…
- Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown in the picture provided: Beech's managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $360,000, $380,000, $370,000, and $390,000, respectively. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of…2 Arrangon Ltd. is a company that manufactures and sells a single product called Zoltar. For planning and control purposes they utilize a monthly master budget, which is developed in advance of the budget year. Their fiscal year end is September 30. A listing of the estimated ledger balances for the company's current year of September 30, 2024 is given below: Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) $370,058 674,730 420,090 453,122 2,632,000 $4,550,000 The sales forecast consisted of these few lines: Accounts payable $719,488 Income tax payable 42,000 Capital stock Retained earnings 2.000.000 1,788,512 $4,550,000 • For the year ended September 30, 2024: 450,000 units at $42.00 each* For the year ended September 30, 2025: 475,000 units at $43.00 each . For the year ended September 30, 2026: 500,000 units at $44.00 each *Sales for the year ended September 30, 2024 are based on actual sales to date and budgeted sales for the duration…You are provided with the following information taken from Wildhorse Inc.'s March 31, 2025, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1. 2. 3. 4. 5. Additional information concerning Wildhorse Inc. is as follows. 6. 7. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April Purchases March $48,200 $19,280 42,420 $61,700 Purchases April $11,600 70,700 20,180 36,010 Sales are both cash and credit. Cash collections expected in April are: (40% of $48,200) (60% of $70,700) 120,800 22,560 154,500 11.680 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte $22,560 28,320 $50,880 Cash operating costs are anticipated to be $12,630 for the month of April. Equipment costing $2,560 will be purchased for cash in April. The company wishes to maintain a minimum cash balance…
- Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit $ 52,200 122, 200 66, 200 127,200 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses 362,200 10, 200 12, 200 124, 200 $ 876,600 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. $ Credit 0 0 $ 27,200 36,200 24, 200 205,500 61,300 522, 200 $ 876,600Required Information TES-417 Inc. is a retaller. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Accounts receivable Inventory 129,880 52, see 217,000 Plant and equipment, net of depreciation. Total assets $ 480.500 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 55, see Total liabilities and stockholders' equity $ 480.500 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for…
- Prepare a Budgeted Statement of Financial Position as at 31 December 2022 using the below information: Statement of comprehensive income for the year ended 31 December 2021Sales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses (500 000)Net profit 2 250 000 Statement of financial position as at 31 December 2021ASSETSNon-current assets 800 000Property, plant and equipment 800 000Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000 4 200…Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April $238,000 May $289,000 June Sales $323,000 Cost of goods sold* Gross profit 163,200 193,800 214, 200 $ 74,800 $ 95, 200 $108,800 Operating expenses" Operating income 37,400 42,500 45,900 $ 37,400 $ 52,700 $ 62,900 Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead). I Includes all period costs (i.e., selling, general, and administrative expenses). The company expects about 30% of sales to be cash transactions. Of sales on account, 60% are expected to be collected in the first month after the sale is made, and 40% are expected to be collected in the second month after sale. Depreciation, insurance, and property taxes represent $20,400 of the estimated monthly cost of goods sold and $13,600 of the estimated monthly operating expenses. The annual insurance premium is paid in January, and the annual property taxes are paid in August. Of the remainder…Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Cash Accounts receivable 129,808 Inventory 52,508 217,000 Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity ps payable 347,808 Retained earnings Total liabilities and stockholders' equity 488,508 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise…