Are each of the following a Source or Use of Cash. Assume the fiscal period is one year ending 12/31/22. Explain your answers. a. Increase of $50,000 in Account Receivable b. Decrease in Salaries Payable of $50,000
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- A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivableIncome tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: QI $ 210 Sales 02 $ 270 Beginning receivables Sales Cash collections Ending receivables Q3 $ 330 a. Accounts receivable at the beginning of the year are $480. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 210 Q1 04 $480 210 Q2 Q2 270 b. Accounts receivable at the beginning of the year are $480. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. 270 Q3 Q3 330 330 Drair Q4 Q4 480 480 21.10 H
- 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 yearSpecter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ∙ $3,000 cash deposit in checking account. ∙ $200, 3-year loan to an employee. ∙ $20,000 bond investment due in 20 years. ∙ $1,000 of currency and coins. ∙ $5,000 U.S. Treasury bill due in 1 month. ∙ $500 of accounts receivable.NOTE: You may not provide an explanation. How much would be the cash collected on July? A. ₱125,000 B. ₱158,000 C. ₱250,000 D. ₱330,000 How much would be the cash disbursement on August? A. ₱150,000 B. ₱202,000 C. ₱250,000 D. ₱330,000 How much would be the total cash collected at the end of August? A. ₱150,000 B. ₱165,000 C. ₱313,000 D. ₱496,000 How much would be the total cash disbursement at the end of August? A. ₱330,000 B. ₱202,000 C. ₱102,000 D. ₱100,000
- 7. Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as outstanding accounts receivable if Company Z has a total sale of $1,800,000 of which $200,000 are cash sales and the beginning and ending accounts receivable balances are $30,000 and $50,000, respectively. 11.40 days O 9.13 days 6.84 days 8.11 daysRatio of Cash to Monthly Cash Expenses Financial data for Bonita Company follows: For Year EndedDecember 31 Cash on December 31 $187,180 Cash flow from operations (458,400) a. Compute the ratio of cash to monthly cash expenses. Round your answer to one decimal place.fill in the blank 1 months b. Interpret the results computed in (a).what is the correcting entry for... cash revenue amounting to $20,000
- c. Accounts receivable at the beginning of the year are $335. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables $ Q1 335 750 Q2 810 I Q3 890 Q4 980Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. $13,000 cash deposit in checking account. • $40,000 bond investment due in 20 years. $10,000 U.S. Treasury bill due in 1 month. $700, 3-year loan to an employee. $3,000 of currency and coins. $1,000 of accounts receivable. Included in Cash and Cash Equivalents Equivalents? Cash and Cash Amount Amount Checking account $4 13,000 Bond investment 40,000 U.S. Treasury bill 10,000 700 Loan to an employee Currency and coins 3,000 Accounts receivable 1,000 Total Cash and cash equivalentsConsider the following information taken from the cash account. Assume cash payments were 80% of collections. Cash ?? Beginning balance $115,375 Collections ?? Disbursements $80,275 Ending balance How much was the beginning balance of the cash account? $35,100 $92,300 $57,200 $103,350