Kingbird Import Company had credit sales of $1824000. The beginning accounts receivable balance was $188000 and the ending accounts receivable balance was $319000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? O $2069000. Ⓒ$1824000. O $2012000. $1402000
Q: Assume the following information: Milling Department Materials Beginning work in process Units…
A: Lets understand the basics.Equivalent units can be calculated using,(1) FIFO basis (2) Weighted…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…
Q: A company currently sells 8,280 basketballs (units) per year for $25 each. The company can make up…
A: Cost volume profit analysis is one of the Important Cost Management Accounting Tool.Under Cost…
Q: Record the preceding events in horizontal statements models for Year 1. Close overapplied or…
A: CashCommon StockRetained EarningsRaw Materials InventoryWork in Process InventoryFinished Goods…
Q: William and Kate made a $70,000 cash contribution to the children's research hospital in 2023. If…
A: Itemized deductionAn expense that can be deducted from your adjusted gross income to lower your tax…
Q: Required: Based on Exhibit 12-4, prepare a March performance report. For the year-to-date columns in…
A: A flexible budget is prepared by considering the outcome or quantity of actual performance but by…
Q: An individual buys 100 shares of common stock for $8,000 in February. The value of the stock…
A: "Since you have asked multiple questions, the first question was answered for you. If you want the…
Q: Elena recognize after subtracting her maximum allowed Section 121 exclusion?
A: Since they have owned and used the home as principal residence for more than 5 years until Nathan's…
Q: The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's…
A: A partnership is a contract between two or more persons to form a business and share profits and…
Q: Construct a balance sheet using the following information: Gross fixed assets $75,000 Cash…
A: Balance sheet is one of the financial statement being prepared in business. This shows all assets,…
Q: Partnership Income Allocation Whitman and Greene are partners in a real estate venture. At January…
A: Individual capital accounts for each partner show their original contributions as well as any…
Q: 1. Social Insurance Numbers o A. are issued to permanent residents but not Canadian citizens. B. has…
A: A Social Insurance Number (SIN) is a nine-digit number issued in Canada by the government. It is…
Q: The following information is related to December 31, 2024 balances. • Accounts receivable •…
A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…
Q: what is the labor cost that should be charged to each company?
A: The learning rate, often used in production and learning curve theory, denotes the rate at which…
Q: Account Number 101. 126 130 157 201 301 400 610 726 732 Other data 1 2 3 Cash Supplies Prepaid…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: After an unseasonably hot summer, Willow received a call from her tenant that the AC was no longer…
A: The objective of the question is to determine the date on which the HVAC unit would be considered…
Q: LMN Corp incurred the following costs during the production of 1,000 units of a product: - Direct…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: A company began operations in 2021. During the year, sales totaled $500,000. The company expects…
A: Net sales, a crucial financial metric, reflects a company's revenue after subtracting sales returns.…
Q: On December 31, 2020, the City of Oliver leases a large piece of construction equipment with a…
A: Journal entries typically use source papers such contracts, invoices, and receipts as evidence of…
Q: determine the amount of gross profit earned during the year.
A: Cost of goods sold are deducted from sales revenue to calculate the amount of gross profit earned…
Q: Lamar Corporation purchased land for $142,000. Later in the year, the company sold land with a book…
A: The Cash Flow Statement is the statement that shows the cash inflow and outflow of the company. This…
Q: Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: The objective of the question is to journalize the given transactions in the sales journal of Caesar…
Q: Crane Corporation gathered the following information for the fiscal year ended December 31, 2020:…
A: Income statement The income statement is an important financial statement of a company. It is also…
Q: Crane's Boards sells a snowboard. Xpert, that is popular with snowboard enthusiasts. Information…
A: Inventory valuation refers to the process of computing the value of the inventory. It includes…
Q: Use the following information to answer the next four questions. A company begins operations on…
A: A balance sheet is a financial statement that represents the financial position of a company as on a…
Q: Cullumber Ltd., a public company following IFRS, recently signed a lease for equipment from Costner…
A: The practice of identifying and disclosing lease transactions in a company's financial statements is…
Q: The following information is available for Birch Company at December 31: $ 2,820 $ 15,300 $ 1,550 $…
A: The cash and cash equivalents are the most liquid assets of the business. These assets are to be…
Q: Burger Queen offers a lunch meal deal for its customers. The customer will get a burger, fry, soft…
A: Cost allocation is the distribution of the cost to the appropriate activities based on the cost…
Q: What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit?
A: Qualified Business Income:Qualified business income is the income from qualified trade or business…
Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried…
A: The variance is the difference between the actual and standard cost of production data. The variance…
Q: What is its approximate internal rate of return? (Round answer to O decimal place, e.g. 13%.)
A: The internal rate of return (IRR) is the rate at which the present value of cash inflow becomes…
Q: ndy company invests $300,000 in equity securities on November 30, 2019, and classifies them as…
A: Financial statements are essential because they offer important information about an entity's…
Q: 2. The following Trial Balance obtained from Mr. Sofi business in baby clothes on 31st December…
A: Financial statements means trading, profit and loss account, balance sheet, cash flow statement or…
Q: At December 31, 2022, available-for-sale debt securities for Cullumber, Inc. are as follows. The…
A: When available for sale debt securities are adjusted to fair value, the difference between fair…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Revenue and spending variance is computed as Actual results less flexible budget amounts.
Q: Which of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is…
A: Unrelated Business Income Tax (UBIT) is a tax imposed by the Internal Revenue Service (IRS) on…
Q: Duval Company issues four-year bonds with a $101, 000 par value on January 1, 2021, at a price of…
A: The bonds are issued to raise the money from the market or investors. The bonds are issued at…
Q: If fixed costs are $1,300,000, the unit selling price is $208, and the unit variable costs are $105,…
A: The break-even units indicate the number of units required to sell to cover all the costs. It means…
Q: A company must decide between scrapping or reworking units that do not pass inspection. The company…
A: The incremental analysis is performed to compare the different alternatives available with the…
Q: Assume that the undiscounted sum of future cash flows is $18.2 million, instead of $16.5 million.…
A: When the carrying value of an asset exceeds its recoverable amount, an impairment loss occurs.…
Q: Doug's Custom Construction Company is considering three new projects, each requiring an equipment…
A: The payback period is the formula used by the investor to determine the number of years to be taken…
Q: Jacobson Company purchased a parcel of land for a new office building. The cost of the land was…
A: Fixed assets are the resources of a company that have been used in the business for more than one…
Q: An investor purchased 509 shares of common stock, $25 par, for $19,851. Subsequently, 108 shares…
A: When the sale value of shares is greater than the cost of shares, it results in gain on sale of…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…
Q: Horticultural Products Inc. reported $1,022,740 profit in 2020 and declared preferred dividends of…
A: Weighted average outstanding shares - It is the adjusted amount of shares of a company in a…
Q: Compute cost per equivalent unit for both direct materials and conversion.
A: Equivalent unit refers to the number of finished units of a product that a corporation could have…
Q: a. What is the amount of Net result? b. What is the amount of Operating result?
A: The income statement is a financial statement which shows the gross profit and net profit of the…
Q: Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: The objective of the question is to journalize the transactions that should be recorded in the cash…
Q: On August 1, Huff (part-time waitress) reported on Form 4070 the cash tips of $158.50 that she…
A: Social security tax: Employee's pension and disability benefits are secured through the social…
Q: Pronghorn's Medical operates three support departments and two operating units, Surgery and ER. The…
A: OverheadIn cost accounting, overhead refers to those expenses which occur during the operation of a…
Step by step
Solved in 3 steps with 1 images
- Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).Refer to the information for Cornett Company above. What amount should Cornett report on its statement of cash flows as net cash flows provided by investing activities? a. $(5,200) b. $55,200 c. $144,800 d. None of theseMatilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
- Skysong, Inc. had credit sales of $1312000. The beginning accounts receivable balance was $135000 and the ending accounts receivable balance was $230000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $1312000. $1447000. $1217000. $1487000.Find out the company's cash ratio which has cash of P7500, cash equivalents of P26,250, accounts receivables of P4,300. Its total current liabilities are P45,000. What are cash equivalents? Exe2.1Calculate cash balances based on the information provided in the chart below and show me how you did it Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales $24,198 $100,099 $122,460 Cash from Receivables $46,108 $217,218 $342,905 Subtotal Cash from Operations $70,306 $317,317 $465,366 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $40,000 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $70,306 $357,317 $465,366 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $167,000 $225,200 $229,200 Bill Payments $75,294 $124,114 $152,785 Subtotal Spent on Operations $242,294 $349,314 $381,985 Additional Cash Spent Sales Tax,…
- Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities ofrussell co reports sales revenue of 30000 and interest revenue of 5000. it comparative balance sheet show that accounts recievable decrease 4000 and interest recievable increased 1000 compute cash provided by operating activities using the direct methodCould you please explain to me how the cash balances are calculated???? Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales $24,198 $100,099 $122,460 Cash from Receivables $46,108 $217,218 $342,905 Subtotal Cash from Operations $70,306 $317,317 $465,366 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $40,000 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $70,306 $357,317 $465,366 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $167,000 $225,200 $229,200 Bill Payments $75,294 $124,114 $152,785 Subtotal Spent on Operations $242,294 $349,314 $381,985 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0…
- Crane Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2021, Crane Company reports the following activity: Sales on account Cash sales Decrease in accounts receivable Increase in accounts payable Increase in inventory Cost of good sold $2000000 $4010000 $2910000 O $2190000 O $3100000 1100000 910000 105000 70000 1570000 What is the amount of cash collections from customers reported by Crane Company for the year ended December 31, 2021?For each transaction, indicate how the item would appear on the cash flow 15. Treasury bills were purchased for P50,000 cash. , Indicate whether the items is: (I) (0) (N) a cash inflow = a cash outflow = neither a cash inflow or cash outflow L Indicate also how the item would be classified on the cash flow statement using the following symbols. (0) (I) (F) (N) = operating activity investing activity financing activity does not appear in the statement of cash flow %3D Transactions a b 1. Credit sales for the month are P240,000 2. Cash sales for the month are P200,000. 3. P40,000 of accounts receivable are collected. 4. Five-year bonds are issued at the face value of P600,000. 5. 2,000 shares of common stock are issued for P400,000. 6. Paid P4,000 in interest on a notes payable. 7. The company borrows P80,000 from the bank and signs a five-year note. 8. New equipment is purchased for P100,000 cash. 9. Repaid P20,000 in principal on a mortgage payable. 10. Paid P24,000 to employees for…River Company began the accounting period with a $79,000 debit balance in its Accounts Receivable account. During the accounting period, River Company earned revenue on account of $343,800. The ending Accounts Receivable balance was $73,000. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) Cash inflow from operating activities