Prepare Classified Balance Sheet as at 31 December 2021.
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxAlex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…On August 1, 2022, Colombo Company’s treasurer signed a note promising to pay $122,700 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. What is the discount on notes payable and what is the interest expense?
- Phoebe Corporation signed a six-month note payable on October 23, 2018. What accountsrelating to the note payable will be reported on its financial statements for the fiscal yearending December 31, 2018?a. Notes payable and interest payable will be reported on the balance sheet.b. Notes payable will be reported on the balance sheet and interest payable will be reportedon the income statement.c. Notes payable, interest payable, and interest expense will be reported on the balancesheet.d. Interest receivable will be reported on the balance sheet and notes payable will bereported on the income statement.Liberty Corporation reported the following financial statements: Assume all sales are on credit. During 2019, Liberty’s days’ sales in receivables ratio Was (amounts rounded) a. 34 days. b. 30 days. c. 32 days. d. 28 daysOn January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
- On July 1 of the current year, an entity received a one-year note receivable bearing an interest rate at the market rate of interest. The face amount of the note receivable and the entire amount of interest are due in one year. This note should be recorded at A. Discounted value of cash flows B. Face value C. Fair value D. Maturity valueMadison Company issued an interest-bearing note payable with a face amount of $25,800 and a stated interest rate of 8s to the Metropolitan Bark on August 1, Year 1. The note carried a one year term. Based on this information alone, the amount of total liablities appearing on Madisoris Year 1 balance sheet would be Select one O A $25,800 OB $27864 OC $26,660 OD $27,004 Denver Co. issued bonds with a face value of $79,000 and a stated interest rate of 7% The bonds have a life of five years and were sold at 103.50. If Denver amortizes discounts and premiums using the straight ine method, the amount of interest expense each full year would be Select one O A S6083. OB. $5530. OC S4977. OD $5724. Victor Company issued bonds with a $400,000 face value and a 3% stated rate of interest on January 1, Year 1. The bonds carried a Syear term and sold for 93. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. The carrying value of the bond…On May 18, Rodriguez Co. issued an $84,000, 6%, 120-day note payable on an overdue account payable to Wilson Company. Assume that the fiscal year of Rodriguez ends on June 30. Which of the following relationships is true? a.Wilson is the creditor and debits Accounts Receivable b.Rodriguez is the borrower and debits Accounts Payable c.Rodriguez is the creditor and credits Accounts Receivable d.Wilson is the borrower and credits Accounts Payable