In 2018 Calvia Corporation had cash receipts of $35,000 and cash disbursments of $20,000. Calvia's ending cash balance at December 31,2018 was $65,000. What was Calvia's beginning cash balance?
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In 2018 Calvia Corporation had cash receipts of $35,000 and cash disbursments of $20,000. Calvia's ending cash balance at December 31,2018 was $65,000. What was Calvia's beginning cash balance?
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase of equipment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 76,800
- In its income statement for the year ended December 31, 2020, Angel Company reported revenue of P5,000,000. The accounts receivable at January 1 is P300,000; Uncollectible accounts written off is P20,000; and accounts receivable at December 31 is P200,000. How much revenue will be reported under the cash basis of accounting? *A. P4,900,000B. P4,920,000C. P5,080,000D. P5,100,000E. answer not givenHogan Company had the following account balances for 2021: Accounts receivable Accounts payable Prepaid insurance Multiple Choice Hogan reported net income of $350,000 for 2021. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2021 reported in the statement of cash flows? O $346,500. O $331,000. O $324,500. O Dec. 31 $42,500 62,000 17,500 $362,500. Jan. 1 $36,000 51,000 9,500The 2025 income statement of Wildhorse Corporation included the following items Service Revenue Interest Expense Unearned Service Revenue Interest payable All of Wildhorse's revenue is received in cash (no Accounts Receivable). The following items were taken from Wildhorse's balance sheet $367600 O $367600. O $370150. 4700 O $362900. O $394450. The cash received for services during the year is December 31, 2025 $26850 1250 December 31, 2024 $24300 1950
- On December 31, 2021, Wellstone Company reported net income of $73,000and sales of$201,000. The company also reported beginning end ending occounts recelvable at$18,500and$26,500, respectively Welistone wil feport cosh collected trom customers in its 2021 statement of cash flows (direct method) in the amount of:Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? *Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?
- On April 1, 2021, the cash balance was $13,000. During April, the company collected $4,000 and made disbursements totaling $16,00O. What is the cash balance at the end of April? O $1,000 debit balance O $15,000 debit balance O $14,000 debit balance O None of the aboveGRAY Company uses the direct method to prepare its statement of cash flows. GRAY had the following cash flows during 2021: Cash receipts from sale of an old van - P 160,000; Cash receipts from issuance of ordinary shares - P 2,000,000; Cash receipts from the issuance of 10%, 10-yr bonds - P 1,500,000; Cash receipts from customers - P 1,000,000; Cash receipts from repayment of loan made to another company - P 1,200,000; cash receipts from dividends - P 150,000; Cash receipts from interest - P 150,000; Cash payments for operating expenses - P 650,000; Cash payments for taxes - P300,000; Cash payments for equity securities bought classified as FVOCI - P 900,000; Cash payment for equipment purchased -P 300,000; Cash payments for land required - P 1,200,000. What is the net cash provided (used) from investing activities?On December 31, 2018, Coldstone Company reported net income of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Coldstone will report cash collected from customers in its 2018 statement of cash flows (direct method) in the amount of: a.$285,000 b.$215,000 c.$135,000 d.$205,000
