Question 26-32 Use the following to answer questions 26 – 32Below is a summary of all transactions of KEV Consultingfor the month of October.Cash transactionsCash collections from:Sale of unused office furniture$45,000Borrowing from bank125,000CustomersCash payments for:Employee salaries600.000275,000Dividends to stockholders25,000Advertising expense250,000Utilities expense8.000Purchased an office equipment| 155,000office supplies2,000Noncash TransactionsIssue note payable for equipment S750,000Services to customers on account 125,000Purchase supplies on account300Prepare a statement of cash flows for the month of October,properly classifying each of the transactions into operating,investing, and financing activities. The cash balance at thebeginning of October is $50,000.26.$What is the amount of cash inflowsfrom operating activities?$from operating activities?27.What is the amount of cash outflows28. $Operating Activities (if cash used, use "-“)?What is the Net Cash Flows from Prepare a statement of cash flows for the month of October,properly classifying each of the transactions into operating,investing, and financing activities. The cash balance at thebeginning of October is $50,000.26.$What is the amount of cash inflowsfrom operating activities?27.$What is the amount of cash outflowsfrom operating activities?28. $What is the Net Cash Flows fromOperating Activities (if cash used, use "-“)?29. $What is the Net Cash Flows fromInvesting Activities (if cash used, use "-")?30. $What is the Net Cash Flows fromFinancing Activities (if cash used, use "-")?31. $How much did cash change (if decrease,use “-“)32. $What is the ending cash balance for thecompany?

Answered: Question 26-32

Business

Accounting

Question 26-32

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

See similar textbooks

Similar questions

Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Help Save A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list А Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %3D Record entry Clear entry View general journal EX:
June 30 Cash sales, 3110. June 30 Bought stationery paying by cash, $60. 17.5X You are to write up a three-column cash book for M. Pinero from the details that follow, Then balance off at the end of the month and post to the discount accounts in the general ledger. 2006 Balances brought forward: cash in hand, $58 bank overdraft, $1,470 May 1 May 2 M. Pinero paid further capital into the bank, $1,000. May 3 Bought office fixtures by cheque, $780. May 4 Cash sales, $220. May 5 Banked cash, $200. May 6 We paid the following by cheque, in each case deducting 22% cash discount: B. Barnes, $80; T. Horton, $240; T. Jacklin, $400. Cash sales, $500. Paid motor expenses in cash, $77. May 8 May 12 May 15 Cash withdrawn from the bank, $400. May 16 Cash drawings, $120. May 18 The following firms paid us their accounts by cheque, in each case deducting a 5% discount: L. Graham, $80; B. Crenshaw, $140; H. Green, $220. May 20 Staff paid in cash, $210. May 22 T. Weiskopf paid us his account in cash,…
Home * CengageNOWv2 | Online teachin x "takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $210,000 February 300.000 March 440,000 All sales are on account. 60% of sales are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash…
Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $36,690 $40,310 Collections on account 10,875 9,813 Total receipts $47,565 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?