.ABC Corp held the following items on Dec 31, 20X1: Cash on hand, P50,000 Petty cash fund (currencies and coins P3,000) , P5,000 Customers check #453 dated Dec 30, P45,000 Customer check #7600 dated Jan 2, 20X2, P23,000 NSF check (received from the bank dated Dec 28, 20X1), P4,000 Cash in bank (per bank statement) P37,000 Outstanding checks for the month, P4,800 What amount should ABC Corp. show as cash at Dec 31, 20X1? 130,200 132,200 137,000 179,000
Q: 4
A: The range of Valuation is between $393598.9 to $897052.8 Proposal 1 Parameters store size 7500…
Q: Question 7 ABC Inc., registered with BIR in 2X12, has the following data for the year 2018: Gross…
A:
Q: On Oct 1, 20X1 ABC Co. discounted a one year 12% P600,000 note received from a customer on January…
A: Note discounting: Note discounting means selling or pledging of the notes to the bank prior to the…
Q: Helpful pic is a finance company. It purchased computer equipment for R78 500 and leased it to…
A: The balance sheet shows the financial position of the company. It includes the assets, liabilities…
Q: State five strategies to ensure the EKSA implementation meets the auditing elements.
A: Answer: Audit meaning:- An audit is when an auditor examines or inspects the various books of…
Q: Karen Company reported net incomes for a three-year period as follows: 2019, $191,800; 2020,…
A: When ending inventory is overstated , it will result in over statement of net profit , therefore to…
Q: The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals.…
Q: Merchandising companies have financial statements that are more complex than manufacturing…
A: Merchandising companies are companies engaged in buying and selling goods. Manufacturing companies…
Q: Running Company had the following information for the month of June: Work in process beginning…
A: Process costing is used in an organization where a similar product is produced and goods are…
Q: Assume you are currently a shareholder who owns cumulative preferred stock with preemptive rights.…
A: Answer:- Shareholder meaning:- A shareholder is any individual, corporation, or organization who…
Q: . The GROSS INCOME is: 1. . • The TAXABLE INCOME (LOSS) is: 2. • The INCOME TAX DUE AND . PAYABLE…
A: The gross income means the income that is the total of all the receipts of the company. On the other…
Q: ABC Co. factored P100,000 accounts receivable to B Bank on a without recourse basis on January 1,…
A: Total service and interest charges on factoring=Service charges on factoring+Interest charges on…
Q: Capital Gains Rates Individuals taxed at: Rate Single Taxable income MFJ Taxable Income Up to…
A: The marginal tax rate is the slab -rate at which the individual's income falls and it is taxed.…
Q: Effect of the errors in 2020 Effect of the error # 1 for the year 2020 Effect of the error # 2 for…
A: The overstatement of beginning inventory in the income statement leads to lower-income because it…
Q: The following information is from the materials requisitions and time tickets for Job 9-1005…
A: A job cost sheet is a document prepared by the entity to determine the total cost that is incurred…
Q: Revenue... Expenses: Vera Bradley, Inc. Income Statements For the Years Ended January 31 (in…
A: An income statement showing the income and expenses of a company. It also displays if a corporation…
Q: Proposal A: Jessica will contribute to the partnership $45,000 of cash, as well as equipment that…
A: Proposal A : Contribution by Jessica = $45,000 (cash) + $15,000 (equipment) = $60,000 Capital…
Q: ful economic life of 12 years was acquired for $72,000. In addition, paired. amount box does not…
A: Amortization is an accounting approach for lowering the book value of a loan or intangible asset…
Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and…
A: Their taxable income is $63,382 ($38,840+$49,642-$25,100). Remember that you need to subtract the…
Q: 1. How did you calculate the depreciation? 2. How did you calculate the profit in the partner's…
A: Depreciation is calculated by various methods like the straight-line method, declining balance…
Q: 16. Q Company has the following information on December 31, 20x1 before any year-end adjustments:…
A: Doubtful accounts expenses for the year are calculated by adding to the doubtful account balance at…
Q: Give atleast 5 Accounting Software and brief description about it
A: Acounting software in the preparation of financial statement cash flow and many type of accounts…
Q: counts Payable counts Receivable paid Insurance sh awing al assets are . $7,934 p. $3,947 $434 Fees…
A: Total assets are the value of everything a person has after all assets and obligations have been…
Q: Accounts Balances Equipment $16,000 Accounts payable 1,000 23,000 Salaries expense Common stock Land…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: Bello are subject to a tax rate of 40%. What is the effect of recognizing the deferred tax in…
A: Deferred tax is the tax amount which either increase or decreases the tax liability of the company…
Q: Requirements 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct…
A: 1. To record the sale of goods on credit and for cash. Dr. Accounts Receivable... $122,000 Dr. Cash…
Q: mpany has a 7% profit margin and discovered employee fraud of $770,000 for the year. Calculate the…
A: Explanation of Concept Profit margin is the amount which is calculated as follows Profit Margin =…
Q: ncome on December 31, 20x1? Karen Co. purchased the following equity securities on January 1, 2…
A: As per IFRS If investment in equity shares other than those held for trading is measured at Fair…
Q: 44.The following data were available for ABC Corp at Nov 7, 20X2: Net purchases ( Jan 1-Nov 7)…
A: The Value of Closing Inventory will be ascertain by preparing Trading Account for the period.
Q: You are examining the financial statements of DON JOHN CORPORATION which ends on December 31. DON…
A: Inventory: The word "inventory" is a term that is used in the field of accounting and refers to all…
Q: The Arcade Company entered into a 10 year lease under which it made payments of R26 720 annually in…
A: As per IFRS 16, the single lease payment for the land and building should be allocated in the ratio…
Q: A piece of machinery costs P50,000 and has an anticipated P8,000 salvage value at the end of its…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Consider a 00 par valu vertible semiannually, which will convertible semiannually. Consti
A: Bond refers to the fixed income financial documents which reflect the loan taken by a borrower from…
Q: Effect of the error # 6 for the year 2020 Answer the ff: O-Overstated U-Understated X-No effect…
A: An overstatement means the company made an error in recording the transaction and the amount is more…
Q: Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the…
A: Predetermined overhead rate= Budgeted Overhead CostBudgeted Direct materials costs×100 Overhead…
Q: B. An inexperienced bookkeeper prepared the following which contains several errors: Trial Balance…
A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…
Q: 2. The inventory at December 31, 2019 is understated as a result of errors in physical count.
A: Opening Inventory, Purchases, Sales, Closing Inventory and Direct Expenses are the items which are…
Q: Evaluate the two alternatives A and B and decide the economic justified alternative using: Present…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Journal entries????? 1. PKR 700,000 in raw materials were purchased on account. 2. 600,000 in raw…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Excel Online Structured Activity: Dividend Policy Boehm Corporation has had stable earnings growth…
A: The dividend can be defined as the distribution of earnings to the shareholders of the company. The…
Q: (CMA, adapted) Marcus Fibers, Inc., specializes in manufacturing synthetic fibers,which the company…
A: Net Income- Net income is the balance left over after deducting a company's cost of goods sold and…
Q: January 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each. DR. Cash…
A: The contributed surplus is the amount that is different between the par value of the stock and the…
Q: Multiple Choice O O O O $312,000 $224,000 $189,800 $213,800
A: Operating income is the amount of income earned by an entity from the day to day activities. It…
Q: 1. PKR 700,000 in raw materials were purchased on account. 2. 600,000 in raw materials were used in…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: How much is the Unearned Revenue for Unredeemed Premiums at December 31, 2021? 2. How much is the…
A: Solution of the problem uploaded in the second step
Q: RPI, Inc. Balance Sheets for 12/31/02 and 12/31/03 2002 $16,000 7,000 42,000 50,000 1,200 $116,200…
A: Financial statement analysis is done to analyze the overall performance of a business entity.
Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date…
A: On the maturity date, the journal entry will be passed for the payment of the principal amount of…
Q: Salman, capital Advertising expense Accounts payable Sales commission revenue Land Supplies expense…
A: Introduction: Trial balance: All the final ledger accounts balances are posted in Trial balance to…
Q: At the end of the accounting period ending December 31 of the current year, the following totals…
A: Requirement: Calculation of adjusted income and adjusted total assets from the given information.…
Cash on hand, P50,000
Petty cash fund (currencies and coins P3,000) , P5,000
Customers check #453 dated Dec 30, P45,000
Customer check #7600 dated Jan 2, 20X2, P23,000
NSF check (received from the bank dated Dec 28, 20X1), P4,000
Cash in bank (per bank statement) P37,000
Outstanding checks for the month, P4,800
What amount should ABC Corp. show as cash at Dec 31, 20X1?
Step by step
Solved in 2 steps
- What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DRThe bank statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following:a. An NSF check for Dec was for P4,000.b. Bank credit memo for Dec was P3,500c. Deposit in transit, P5,000d. Outstanding checks, P3,400e. Undeposited collections P10,000Adjusting entry at Dec 31 should include: dr Cash in bank 5,000 dr Cash in bank 500 cr Cash in bank 3,400 cr Cash in bank 500[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 11 17 23 36, 800 26 960 NSF Interest earned 30 19, eee $300 5e 19, 200 31 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 48, e00 28,e00 36, e00 19,e09 13, еев Checks written during December: 7,620 550 13,900 960 23 30 31 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $300 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the…
- The books of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following: a. An NSF check for Dec was for P4,000. b. Bank credit memo for Dec was P3,500 c. Deposit in transit, P5,000 d. Outstanding checks, P3,400 e. Undeposited collections P10,000 How much is the correct cash balance at Dec 31? 686,500 687,000 698,600 679,5003. Athena Co. held the following items on Dec. 31, 20x1: Petty cash fund (currencies and coins, P6,000) 10,000 65,000 Cash on hand (per cash count sheet on Dec. 31, 20x1) Cash in bank (per ledger) 2,890,000 190,000 Customer's check #109 - dated Dec. 29, 20x1. Customer's check # 392 - dated Jan. 8,20x2 20,000 Athena Co.'s check # 567 - dated Dec. 29, 20x1 54,000 NSF check (received from the bank on Dec. 30, 20x1) 40,000 All the checks were recorded when they were collected (drawn) by a debit (credit) to the Cash in bank account. The NSF* check was recorded when it was received from the customer. However, the return of the NSF check from the bank was not yet recorded. In its Dec. 31, 20x1 financial statements, what amount of cash should Athena Co. report? a. 2,695,000 b. 2,735,000 c. 2,955,000 d. 3,085,000 *NSF (No Sufficient Funds) means that the check has "bounced" or has been rejected by the bank because the drawer's account (i.e., the customer) has an insufficient balance to pay for…H7. What is ABC Company, Inc.'s cash balance as of March 31? Cash balance on depositor's books: $15,000 checks in circulation: $2,500 interest earned on account balance: $15 customer check returned for non-sufficient funds (“NSF”): $100 multiple choice a)$12,500 b)$14,885 c)$14,915 d)$17,385
- [The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. After the reconciliation journal…5. The AA Company’s cash in bank for the year ended December 31, 2022, following information are available: November 30 December 31 Cash per books P530,500 ? Cash per bank statements 510,000 520,500 Deposits in transit 260,100 ? Outstanding checks 162,600 220,400 Bank service charges 2,500 2,700 Insufficient fund check 10,500 12,000 Company's notes receivable collected by bank 130,000 125,000 The bank statement and the company’s cash records show the following totals: Checks and debit memos per bank statement P470,500 Cash receipts per cash record 490,500 Cash disbursements per cash records 450,000 Deposits and credit memos per bank statement 481,000 Additional information: A P40,000 book debit error in November was corrected in December. A P25,000 withdrawal of AB Corporation…7.The following information is from the records of ABC Corp at June 30:Deposit in transit, June 1 18,000Outstanding checks, June 1 9,000Bank credits (which includes notes collection of P4,000) 78,000Bank debits (which includes service charge of P500) 67,000Deposits per books 85,000Checks issued per books 75,000The bank statement had a balance of P56,000 at June 1How much is the correct cash balance at June 30? 36,000 78,000 78,500 82,500
- 14. The books of Hotsilog Service Inc. disclosed a cash balance of P48,757 on June 30. The bank statement as of June 30 showed a balance of P54,780. Additional information that might be useful in reconciling the two balances follows: a. Outstanding checks totaled P9,885 as of June 30. b. Deposit in transit totaled P13,425 as of June 30. C. There were bank service charges for June of P210 not yet recorded on the books. d. Hotsilog's account had been charged on June 26 for a customer's NSF check for P1,296. e. A bank memo stated that a customer's note for P9,000 and interest of P164 had been collected on June 27. f. Check payable to creditors for P3,000 was erroneously recorded on the books as P4,500. g. The deposit of June 24 was recorded on the books as P2,895, but it was actually a deposit of P2,700. h. Hotsilog's account had been credited by the bank for P600. This amount should have been credited to Langsilog. How much is the correct cash balance at the end of the month? A. 57,720…6. Yerojin Company provide the following data on December 31, 2022: Petty cash fund P 12,500 Cash on hand 250,000 Current account 625,000 Cash in sinking fund 750,000 Money market placement 500,000 Savings deposit – set aside for dividend payable on June 30, 2022 125,000 The petty cash fund included unreplenished petty cash vouchers of P5,000. The cash on hand included a customer check of P100,000 received on December 15, 2021 but dated January 15, 2022. The sinking fund is restricted for the payment of bonds payable that is due on July 31, 2023. What is the amount of cash and cash equivalents should be reported on December 31, 2022? А. 907,000 C. 1,657,500 В. 1,407,500 D. 2,157,50011.The following information is from the records of ABC Corp at June 30:Deposit in transit, June 1 18,000Outstanding checks, June 1 9,000Bank credits (which includes notes collection of P4,000) 78,000Bank debits (which includes service charge of P500) 67,000Deposits per books 85,000Checks issued per books 75,000How much is the deposit in transit at June 30? 36,000 35,500 33,000 29,000