Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 4, Problem 1ATC
a.
To determine
Describe the manner in which the cash equivalents are defined.
b.
To determine
Describe the names of the given reports and define the page number in which they are located.
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Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021.
2019
2020
2021
Cash receipts from sales:
On 2019 sales
$295,000
$160,000
$ 30,000
On 2020 sales
–0–
355,000
90,000
On 2021 sales
408,000
Cash payments for expenses:
On 2019 expenses
185,000
67,000
25,000
On 2020 expenses
40,000a
160,000
55,000
On 2021 expenses
45,000b
218,000
a Prepayments of 2020 expenses.
b Prepayments of 2021 expenses.
Instructions
a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis.
b. Using the data above, prepare abbreviated income statements for the years 2019…
Additional data related to the first quarter of 2016for HaneyCompany:
(Click the icon to view the data.)
Read the requirements.
Data table
Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and sched
Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016.
Cash Receipts from Customers
Total sales
Cash Receipts from Customers:
Accounts Receivable balance, December 31, 2015
1st Qtr.-Sales
Total cash receipts from customers
First Quarter
2016
Total sales
$
210,000
Budgeted purchases of direct materials
Budgeted direct labor cost
40,600
36,900
Budgeted manufacturing overhead costs:
Variable manufacturing overhead
1,225
Depreciation
1,400
Insurance and property taxes
6,850
Budgeted selling and administrative expenses:
Salaries expense
7,000
Rent expense
1,800
Insurance expense
Depreciation expense
Supplies expense
1,400
500
10,500
More info
Accounts Receivable balance, March 31, 2016:
1st Qtr.-Sales, collected in 2nd Qtr.
s…
Required information
[The following information applies to the questions displayed below.]
The cash records and bank statement for the month of July for Glover Incorporated are shown below.
GLOVER INCORPORATED
Cash Account Records
July 1, 2021, to July 31, 2021
Cash Balance
Cash Balance
July 1, 2021
+
Cash Receipts
−
Cash Disbursements
=
July 31, 2021
$7,390
$8,630
$10,140
$5,880
Cash Receipts
Cash Disbursements
Date
Desc.
Amount
Date
Check#
Desc.
Amount
7/9
Sales
$
2,630
7/7
531
Rent
$
1,570
7/21
Sales
3,210
7/12
532
Salaries
2,030
7/31
Sales
2,790
7/19
533
Equipment
4,200
7/22
534
Utilities
970
7/30
535
Advertising
1,370
$
8,630
$
10,140
P.O. Box 123878
FIDELITY UNION
Member FDIC
Gotebo,…
Chapter 4 Solutions
Survey Of Accounting
Ch. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - What is meant by separation of duties? Give an...Ch. 4 - 9. What are the attributes of a high-quality...Ch. 4 - 10. What is a fidelity bond? Explain its purpose.Ch. 4 - Prob. 10Q
Ch. 4 - Prob. 11QCh. 4 - Prob. 12QCh. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - Prob. 16QCh. 4 - Prob. 17QCh. 4 - Prob. 18QCh. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 21QCh. 4 - Prob. 22QCh. 4 - Prob. 23QCh. 4 - Prob. 24QCh. 4 - Prob. 25QCh. 4 - Prob. 26QCh. 4 - Prob. 27QCh. 4 - Prob. 28QCh. 4 - Prob. 29QCh. 4 - Prob. 30QCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Prob. 19PCh. 4 - Prob. 20PCh. 4 - Prob. 21PCh. 4 - Prob. 22PCh. 4 - Fraud triangle Sam Sharp is an accountant with a...Ch. 4 - Prob. 24PCh. 4 - Prob. 25PCh. 4 - Prob. 26PCh. 4 - Prob. 1ATCCh. 4 - Prob. 3ATCCh. 4 - Prob. 4ATCCh. 4 - ATC 6-7 Ethical Dilemma I need just a little extra...
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