Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?
Q: The accountant of Hanoi Traders completed the subsidiary journals for the entity. Extracts from the…
A: Bank A/c = R53,880 Debtors Control A/c = R37,539 Creditors Control A/c = R48,951
Q: The hehe Company sells widgets. The company breaks even at an annual sales volume of 75,000 units.…
A: This problem relates to Cost, Volume and Profit Analysis. Margin of Safety (Units) = Total Sales…
Q: Questions 6 and 7 are based on the following: On December 31,2018 A, B and C formed a partnership…
A: Closing capital = Beg capital + Salary +/- profit/loss- Drawings
Q: Belinda Furniture approached Melinda Accounting Services to audit its financial report for the year…
A: The purpose of any audit engagement is to provide audit opinion over the financial…
Q: The ledger of Kingbird Rental Agency on March 31 of the current year includes the following selected…
A: Adjusting entry was prepared at the end of the accounting. Adjusting entries are helpful for…
Q: ts accounting policy calls for inventory purchases to be recorded net of any discounts offered.…
A: Journal entries are those entries that involve the day-to-day transactions or events of a company…
Q: Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for…
A: Overapplied OH :— Overapplied overhead occurs when expenses incurred are actually less than what a…
Q: 4. How much is the increase in operating income if 150 units will be sold instead of 100 units?
A: Operating Income Operating income is the adjusted revenue of a business after all operating costs…
Q: Questions 2 and 3 are based on the following: Several years ago, Roel and Jek formed RJ Partnership.…
A:
Q: Wendle Corp. produces memory enhancement kits for DVR machines. Sales have been very erratic, with…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: The computer workstation furniture manufacturing that Santana Rey started is progressing well. As of…
A: >There are two methods of cost accumulation: #1: Process Costing, where each process has its…
Q: Problem 5-40 (LO. 2) Belinda spent the last 60 days of 2018 in a nursing home. The cost of the…
A: Amount of her Exclusion is Computed = Daily Statutory Amount - Medicare paid towards the Cost of…
Q: Entries for issuing par stock Instructions Chart of Accounts Instructions Journal Final Question On…
A: Common Stock :— It is one of the source of capital that is issued to shareholders for ownership…
Q: 27. Mollie operates her consultancy business as a sole trader. She is considering whether to…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: A) Can the government tax its own agencies or instrumentalities? Explain. PHILIPPINE GOVERNMENT
A: Answer:- Tax meaning:- A tax can be defined as the mandatory financial charge or other kind of levy…
Q: Included in Dwight Corporation's liability account balances at Dec. 31, 2021, were the following:…
A: Long-term liabilities, commonly referred to as noncurrent obligations, are sums of money that are…
Q: These are wrong except for net position restricted
A: Net position is the position which has been determined to the government so that the position of the…
Q: Which of the following statement is INCORRECT?
A: It is given in the question that the partnership business which has been established by the Daniel…
Q: Cost and sales information for the most recent fiscal year are shown below. WALLACE RIVER COMPANY…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Each fall and spring, the youth group puts together a yard clean-up day to help community members…
A: Fund Raise for Community Work A great method to enlist friends, family, and neighbors in a common…
Q: Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) manufacturing overhead…
A: Applied overhead is estimated overhead with actual hours. Estimated overhead rate is calculated…
Q: Explain how does the earning forecast is effective in assessing company performance?
A: In order to access the company performance it is important to understand the trend and analyse the…
Q: Assume that Sm's Auto Sales paid $45.000 for equipment with a 15-year ile and zero expected residual…
A: Depreciation :— It is the decrease in the value of assets due to continuos use of assets.…
Q: Chart of Accounts Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Office…
A: Journal entries: - Journal is a book of original entries in which transactions are first recorded in…
Q: The information presented here represents selected data from the December 31, 2022, balance sheets…
A: Assets, liabilities and equity all are components of balance sheet. Assets means the resources owned…
Q: Garcia Sports, Inc., produces high-quality sports equipment. The company’s Golf Division…
A: Lets understand the basics. Break even point is a point at which fixed cost equals to contribution…
Q: What are the best accounting practices for online businesses?
A: Online business are more wide than offline business, because online business have large number of…
Q: 1. Robertson and Lloyd are partners. Their capital accounts during 2020 were as follows: Debit…
A: Net income in the partnership is distributed as per the conditions agreed and in the agreed ratio.…
Q: a. If Canace Company, with a break-even point at $461,500 of sales, has actual sales of $710,000,…
A: Margin of safety: A point after which profit will happen in the multiple of contribution margin…
Q: I am confused on #36 of 3.3 in Finite Math for Business. My teacher wants me to find the interest…
A: If you have a TI-83 Plus or TI-84 Plus, press APPS and then 1:Finance. Once you are at the finance…
Q: WINTER WHOLESALE COMPANY BEGAN OPERATIONSON AUGUST, 2021. THE FOLLOWING TRANSACTIONS TOOK PLACE…
A: Under income statement we get income income which will transfer to balance sheet under shareholders…
Q: For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data…
A: Current liabilities are the liabilities which are expected to be settled within one year of balance…
Q: Beginning work in process inventory: Units in process 200 Completion with respect to…
A: The cost of production report (CPR), which is a document utilized in process costing systems,…
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of…
A: Introduction: Operating leverage is a cost-accounting formula which calculates how much revenue can…
Q: A) Can the government tax its own agencies or instrumentalities? Explain. PHILIPPINE GOVERNMENT
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
Q: hy should emission allowance be recognised as an intangible asset and measured at f
A: Intangible assets are those which do not have any kind of physical existence and but they still have…
Q: Discuss how an organisation can effectively manage their cash flow during a project
A: Answer:- Cash flow meaning:- The net amount of cash and cash equivalents coming into and going out…
Q: ABC Partnership decided to admit D who purchased 20% interest from A whose capital balance was P…
A: Partnership is the form of business in which two or more person works together to achieve certain…
Q: Purchase various shop supplies from CAPA Auto Parts; the cost was $1400, due in 30 days. In accrual…
A: Lets understand the basics. There are one of the two type of accounting system is followed by the…
Q: question 4
A: Cost of Production Report - When the condensed information about the movement of costs and units is…
Q: Dwani Ltd acquired all the issued shares (cum div.) of Power Ltd for $653 000 on 1 January 2022. At…
A: Introduction: The extra acquisition price of another firm is accounted for by the intangible asset…
Q: JaJa m Manufacturing incurs annual fixed costs of P250,000 in producing and selling a single…
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: It refers to the risks that a material misstatement will even occur, that it would not be prevented…
A: Note: As per our guidelines, we will solve the first question. The risk created by a financial…
Q: Which of the following statement is INCORRECT?
A: Partnership business is one of the business formation in which like in this question Daniel and…
Q: Equity Method and Eliminating Entries Three Years After Acquisition Puffin Industries acquired all…
A: Solution Woking notes- Calculation of Stock holder equity jan 1 2014- Acquisition cost $7000000…
Q: Bledsoe Corporation has provided the following data for the month of November: Beginning $ 25,200 $…
A: The Cost of Goods Manufactured is the total manufacturing costs of goods that are finished during a…
Q: Problem#4 During the month of May, 2022, Candid Manufacturing Co. incurred P 30,000, P 40,000, and P…
A: Formula: Cost of goods manufactured=Beginning WIP inventory+Manufacturing costs-Ending WIP inventory
Q: Explain the arguments for and against using historical cost as a measurement base.
A: Historical Cost Accounting is a method of accounting in which the assets in the balance sheet are…
Q: Required information [The following information applies to the questions displayed below.] Victory…
A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…
Q: North Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, North Coast…
A: DEPLETION This Method is Specially Suited to mines, Oil wells, Quarries, Sandpits and Similar…
Tranvia Company revealed the following information on December 31, 20X1:
|
Cash in checking account |
350,000 |
|
Cash in |
750,000 |
|
Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 |
3,500,000 |
|
Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 |
4,000,000 |
What amount should be reported as cash and cash equivalents on December 31, 20X1?
Step by step
Solved in 2 steps
- Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of November 2023, the following data are summarized: Book debits for November, including October CM for note collected, P75,000-P850,000 Book credits for November, including NSF of P20,000 and service charge of P600 for October- P620,000 Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000-P700,000 Bank Debits for November including October outstanding checks of P200,720 and November service charge of P180- P650,000 What is the amount of outstanding checks for November?*
- 10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C.…[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…
- *P7.13 (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts…In reconciling the Cash in Bank of Inner Company with the bank statement balance for the month of November 2018, thefollowing data were summarized: Book debits for November, including October CM for note collected, P60,000 P800,000 Book credits for November, including NSF of P20,000 and service charge of P800 for October P620,000 Bank credits for November, including CM for November for bank loan of P100,000 andOctober deposit in transit for P80,000. P700,000 Bank debits for November including October outstanding checks of P170,800 and Novemberservice charge of P200 P600,000what is the amount for outstanding checks for november?Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and…
- 1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?On 30 September 2022, Piston Limited had a balance in its ‘Cash in Bank’ general ledger account of $13,034.30 debit. The bank statement from ANZ bank on that date showed a credit balance of $19,495.00. A comparison of the September 2022 bank statement with the ‘Cash in Bank’ general ledger account and the bank reconciliation for August 2022 revealed the following facts (ignore GST): Ref: (1) Electronic Funds Transfers (EFTs), totalling $1,770.10, from the August 2022 bank reconciliation has still not been presented to the bank. (2) Cash sales of $2,945 on 20 September 2022 were deposited in the bank. The general journal entry was incorrectly recorded as $2,954. Piston Limited’s bank statement showed the correct amount of $2,945 was recorded. (3) From the review of the September 2022 cash journals, it was established that outstanding EFTs totalled $3,567.10, and outstanding deposits were $1,190.40. (4) On 24 September 2022 Piston Limited made a payment (EFT…An entity reported the following data on December 31, 2020: Cash in bank, net of bank overdraft of P100,000 1,200,000 Petty cash, including unreplenished petty cash expenses P10,000 50,000 Accounts receivable, net customers’ accounts with credit balances of P200,000 2,000,000 Inventory, excluding unrecorded purchase of P300,000 on account in transit shipped FOB shipping point on December 31, 2020 2,500,000 Deferred charges 150,000 Accounts payable, net of suppliers’ accounts with debit balances of P400,000 3,000,000 Note payable, with annual installment of P500,000 payable every December 31 2,000,000 Accrued expenses 300,000 What amount should be reported as total current liabilities on December 31, 2020?
