Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $18,620 cash in the company on December 1. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable Common stock $ 11,000 5,700 7,700 4,080 18,620 Dividends Services revenue Rent expense Wages expense The company began operations on December 1. QS 2-15 (Algo) Preparing an income statement LO P1 LAWSON CONSULTING Income Statement Use the above information to prepare a December income statement for the business. < Prev $ 2,700 15,600 3,200 8,000 S 10 11 12 of 12 Next >

Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $18,620 cash in the company on December 1. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable Common stock $ 11,000 5,700 7,700 4,080 18,620 Dividends Services revenue Rent expense Wages expense The company began operations on December 1. QS 2-15 (Algo) Preparing an income statement LO P1 LAWSON CONSULTING Income Statement Use the above information to prepare a December income statement for the business. < Prev $ 2,700 15,600 3,200 8,000 S 10 11 12 of 12 Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…
In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
Ming Company presented you the following information regarding its Cash in bank account for the monthof May of the current year:a) Balances per bank statements: April 30, P1,250,000 and May 31, P1,350,000b) Balances of cash in bank account in company’s books: April 30, P1,251,000 and May 31, 1,051,000c) Total charges in the bank statement during May were P1,300,000d) Undeposited receipts were: April 30, P200,000 and May 31, P153,000e) Outstanding checks as of April 30, P150,000f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 inMayi) NSF not entered in the books were: April 30, P110,000 and P75,000 in Mayj) Customer’s check deposited in April amounting to P21,000 was erroneously entered in the booksas P12,000. Assumed this was corrected in May.REQUIRED:a) How much were the cash disbursements per books in May and…
Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during October were $282,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $103,000 balance in Accounts Receivable. During October, the company collected $103,390 from its credit customers. The October 31 balance in Accounts Receivable was $90,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $103,500 of cash receipts and $104,150 of cash disbursements. The October 31 Cash balance was $19,100. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on…
a) The cash transactions and cash balances of XYZ, Inc., for December were as follows:1. The ledger account for Cash showed a balance at December 31 of $114,800.2. The December bank statement showed a closing balance of $104,078.3. The cash received on December 31 amounted to $15,950. It was left at the bank in the nightdepository chute after banking hours on December 31 and therefore was not recorded by thebank on the December statement.4. Also included with the December bank statement was a debit memorandum from the bank for$50 representing service charges for December. 5. A credit memorandum enclosed with the December bank statement indicated that a non-interest bearing note receivable for $4,028 from Johnson, left with the bank for collection, had been collected and the proceeds credited to the account of XYZ, Inc.6. Comparison of the paid checks returned by the bank with the entries in the accounting recordsrevealed that check no. 821 for $520, issued December 15 in payment for…
Forest Company had the following transactions during the month of December. What is theDecember 31 cash balance?
The following information relates to M Park Corporation for the month of March 2022:1. Cash balance per books, March 31 was $20,647.002. Deposits in transit, March 31 were $8,140.003. The March bank service charge was $34.00 and has not been recorded by the company.4. Outstanding checks, March 31 were $3,905.005. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation.6. The bank made an error and recorded a $3,000 deposit twice.7. Cash balance per bank, March 31 was $19,968.00 After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first and list items that increase the cash balance first. Also, round amounts to two decimal places.
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
An analysis of the cash book and other records of Byle Corporation shows the following data: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on the accounts payable during the year |Purchase discounts taken How much purchases should be reported on the statement of comprehensive income 160,000 300,000 500,000 800,000 7,000 for the year?
Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $67,300 on August 31. The balance in the Cash account in the company's accounting system at that date was $72,628. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1. 2. 3. After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding at the end of July were processed by the bank in August. However, five cheques written in August, totalling $4,500, were outstanding on August 31. A review of the deposits showed that a deposit made by the company on July 31 for $11,532 was recorded by the bank on August 1, and an August 31 deposit of $13,300 was recorded in the company's accounting system but had not yet been recorded by the bank. The August bank statement also showed: a service fee of $24 a…
Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. .Compute for the outstanding checks on July 31 a.1,100,000b.1,800,000c.1,851,000d.1,000,000
Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. Compute for the deposit in transit on July 31: a.1,100,000b.1,800,000c.2,800,000d.1,600,000