xyx, atonyey at law, manitain it books on cash basis, during 2012 ldueing 2021 law firm...

xyx, atonyey at law, manitain it books on cash basis, during 2012 ldueing 2021 law firm collect $545,000 foe services rendto its clients and pai out $412,000 in expense. you are able to determine the following information about accounts received, prepaid rent,

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ekkarill92 answered 1 year ago

1. X corp is closing its books for year and asks the law firm for the...

1. X corp is closing its books for year and asks the law firm for the amount they should accrue for their legal work performed for the year that won’t be billed until next year. The law firm estimates $100,000 of 2019 legal fees that will be billed after year-end. X corp accrues the full $100,000 in December. In January, the law firm bills x corp 60,000 for 2019 legal work and indicates that the remaining $40,000 will be billed in...

On October 31, 2021, Blossom Company had a cash balance per books of $8,967. The bank...

On October 31, 2021, Blossom Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,150. A comparison of the statement with the Cash account revealed the following: When the accountant of Pharoah Company prepared the bank reconciliation on May 31, 2021, there were three outstanding cheques: #690 for $306, #693 for $176, and #694 for $266. There were no deposits in transit as at May 31, 2021. The bank balance...

On October 31, 2021, Cullumber Company had a cash balance per books of $8,967. The bank...

On October 31, 2021, Cullumber Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,174. A comparison of the statement with the Cash account revealed the following: 1. The statement included debit memos of $54 for the printing of additional company cheques and $49 for bank service charges. 2. Cash sales of $528 on October 12 were deposited in the bank. The journal entry to record the cash receipt and...

Cash Budget Cash budgeting for Nichole Mango, a merchandising firm, is performed on a quarterly basis....

Cash Budget Cash budgeting for Nichole Mango, a merchandising firm, is performed on a quarterly basis. The company is planning its cash needs for the third quarter of 2017, and the following information is available to assist in preparing a cash budget. Budgeted income statements for July through October 2017 are as follows: July August September October Sales . . . . . . . . . . . . . . . . . . . . ....

4 Bea, a cash basis taxpayer, operates a small retail store. Her books show the following...

4 Bea, a cash basis taxpayer, operates a small retail store. Her books show the following income items for the year: Sales – paid, $72,000. Sales – unpaid, $3,500. Sale of cardboard packaging to recycling company, $2,500. What does Bea report as her gross income on her Schedule C?

Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2021. Her employer...

Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2021. Her employer offered to pay her $21,000 per month in 2021 for a total of $252,000. Freda countered that she would accept $10,000 each month for the 12 months in 2021 and the remaining $132,000 in January 2022. The employer accepted Freda’s terms for 2021 and 2022. Did Freda actually or constructively receive $252,000 in 2021? What could explain Freda’s willingness to spread her salary over...

Below are financials for XYX Corporation (in million $): Sales $330 Cash $ 6 Accounts Payable...

Below are financials for XYX Corporation (in million $): Sales $330 Cash $ 6 Accounts Payable $ 64 COGS 260 Accounts Receivable 72 Long term debt 119 SG&A 12 Inventory 40 Common stock 50 EBIT 58 Net fixed assets 241 Retained earnings 126 Interest 11 Total assets $359 Total Equity & Liab. $359 EBT 47 Tax 14 Net Income $ 33 The firm's inventory conversion period is 56 days. Its new CFO wants to decrease the cash conversion cycle by...

Below are financials for XYX Corporation (in millions $): Sales $350 Cash $ 5 Accounts Payable...

Below are financials for XYX Corporation (in millions $): Sales $350 Cash $ 5 Accounts Payable $ 63 COGS 270 Accounts Receivable 74 Long term debt 125 SG&A 10 Inventory 40 Common stock 50 EBIT 70 Net fixed assets 239 Retained earnings 120 Interest 10 Total assets $358 Total Equity & Liab. $358 EBT 60 Tax 18 Net Income $ 48 The firm's inventory conversion period is 54 days. Its new CFO wants to decrease the cash conversion cycle by...

Below are financials for XYX Corporation (in million $): Sales $350 Cash $ 5 Accounts Payable...

Below are financials for XYX Corporation (in million $): Sales $350 Cash $ 5 Accounts Payable $ 63 COGS 270 Accounts Receivable 74 Long term debt 125 SG&A 10 Inventory 40 Common stock 50 EBIT 70 Net fixed assets 239 Retained earnings 120 Interest 10 Total assets $358 Total Equity & Liab. $358 EBT 60 Tax 18 Net Income $ 48 The firm's inventory conversion period is 54 days. Its new CFO wants to decrease the cash conversion cycle by...

2012 2011 Assets Cash &nbsp

2012 2011 Assets Cash $174,000 $117,000 Accounts Receivable 93,000 81,000 Merchandise Inventory 609,000 534,000 Equipment 333,000 297,000 Accumulated Depreciation- Equipment (156,000) (102,000) Total Assets $1,053,000 $927,000 Liabilities & Equity Accounts Payable $69,000 $96,000 Income taxes payable 27,000 24,000 Common Stock, $2 par value 582,000 558,000 Paid-in capital in excess of par value, common stock ...

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