Calculate the revenues, expenses, net income that would be reported on the accrualbasis. (Enter loss amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)RevenuesExpensesNet Income /(Loss)$LA$tA106,00073,50032,500 Based on the following transactions, answer the following questions.i.ii.iii.iv.V.vi.vii.Purchased inventory with a cost of $28,300 on account.Sales on account to customers totalled $54,700.Payments made to employees for wages totalled $19,600.Cash collections from customers settling their accounts totalled $49,500.Invoice received from the utility company for $6,100 is due in 30 days.Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them.Received a deposit of $1,800 from a customer for goods to be delivered next month.

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Description: Calculate the revenues, expenses, net income that would be reported on the accrualbasis. (Enter loss amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)RevenuesExpensesNet Income /(Loss)$LA$tA106,00073,50032,

Accounting is done using the cash method or accrual method. The accrual method of accounting states…

Business

Accounting

Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income /(Loss) SA LA $ LA 106,000 73,500 32,500

Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income /(Loss) SA LA $ LA 106,000 73,500 32,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. (a) Purchased inventory with a cost of $24,200 on account. Sales on account to customers totalled $51,800. Payments made to employees for wages totalled $17,800. Cash collections from customers settling their accounts totalled $37,700. Invoice received from the utility company for $4,200 is due in 30 days. Payments totalling $17,100 were made to suppliers to settle part of the balance owing to them. Received a deposit of $4,200 from a customer for goods to be delivered next month. X Your answer is incorrect. Calculate the revenues, expenses, net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses LA tA Net Income /(Loss) $ 207,400 63,300 144,100
Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $ 24,800 on account. ii. Sales on account to customers totalled $57,800. iii. Payments made to employees for wages totalled $17,700. iv. Cash collections from customers settling their accounts totalled $41,700. v. Invoice received from the utility company for $3,800 is due in 30 days. vi. Payments totalling $16,900 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,200 from a customer for goods to be delivered next month. Calculate the revenue,expenses and net income
1. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, net income that would be reported on the cash basis. Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g (45).) Revenues Expenses Net Income / (Loss) $ $
A company recorded the following transactions: cash sales $10,000, credit sales $20,000, cash received from customers $15,000, and accounts receivable at the beginning of the period $5,000. Calculate the accounts receivable turnover ratio and the average collection period.
Provide solution for the following with proper explanation: a)Faith company provided the following information relating to current operations: Accounts Receivable, January 1 - 4,000,000 Accounts receivable collected - 8,600,000 Cash sales - 2,500,000 Inventory, January 1 - 4,800,000 Inventory, December 31 - 4,200,000 Purchases - 8,000,000 Gross Margin on sales - 5,400,000 What amount should be reported as accounts receivable on December 31? b) .When examining the accounts receivable of Boss company, it is ascertained that balances relating to both receivables and payables are included in the single controlling account called "receivables control" with a debit balance of 4,850,000. An analysis of the makeup of this account consist of the following: Accounts Receivable - customers - 7,500,000 Trade accounts receivables - officers - 600,000 Debit balance creditors - 300,000 Post-dated checks from customers - 400,000 Subscription receivable - 800,000 Accounts payable for merchandise -…
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash amounting to $2,950,000 was collected from customers' credit sales. Calculate the amount of sales on account during the period.
calculate the unknown amount. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October.