Question
In: Accounting
The following information is taken from the cash records of Grouper Delivery Services: 1 The June...
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Expert Solution
| Deposit in transit June 30 | 7,650 |
| Cash deposit as per ledger | 98,620 |
| Less: cash dep. As per bank | (94,500) |
| Add: Beg. Deposit in transit | 3,530 |
| Total deposit in transit | 7,650 |
| Outstanding check at June 30 | 13,052 |
| Checks issued as per ledger | 103,322 |
| Less: check cleared as per bank | (104,450) |
| Add: Beg. Outstanding check | 14,180 |
| Outstanding check at June 30 | 13,052 |
| June Bank Balance-Ending | 25,316 |
| Add: Deposit in transit | 7,650 |
| Less: Outstanding check | (13,052) |
| Adjusted balance | 19,914 |
ekkarill92 answered 1 year agoRelated Solutions
The following information was taken from the records of Adams, Inc.. 2016 2017 ASSETS: Cash ...
The following information was taken from the records of Adams,
Inc..
2016
2017
ASSETS:
Cash $ 25,000
$ 43,000
Accounts Receivable 120,500
115,000
Prepaid Rent 3,000 4,000
Accounts Payable 89,000 95,000
Utilities Payable 8,000 6,500
Income Statement
For the Year ended December 31, 2017
REvenue $ 160,000
Expenses:
Operating Expenses $ 123,000
Utilities Expenses 12,000
Rent Expense 16,000 (151,000
Net Income $ 9,000
REQUIRED: Prepare the Operating Activities section of the cash
flow statement under the...
The following information was taken from the books and records of Ludwick, Inc.: 1. Income from...
The following information was taken from the books and records
of Ludwick, Inc.:
1. Income from Continuing Operations $ 480,000
Discontinued Operations (net of tax) 70,000
2. Capital structure:
a. Convertible 6% bonds. Each of the 300, $1,000 bonds is
convertible into 50 shares of common stock at the present date and
for the next 10 years. 300,000
b. $10 par common stock, 200,000 shares issued and outstanding
during the entire year. 2,000,000
c. Stock warrants outstanding to buy 16,000...
Spreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records:...
Spreadsheet and Statement of Cash Flows
The following information was taken from Lamberson Company's
accounting records:
Account Balances
Account Titles
January 1,
2016
December 31,
2016
Debits
Cash
$ 1,400
$ 2,400
Accounts Receivable (net)
2,800
2,690
Marketable Securities (at cost)
1,700
3,000
Allowance for Change in Value
500
800
Inventories
8,100
7,910
Prepaid Items
1,300
1,710
Investments (long-term)
7,000
5,400
Land
15,000
15,000
Buildings and Equipment
32,000
46,200
Discount on Bonds Payable
—
290
$69,800
$85,400
Credits
Accumulated Depreciation...
Spreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records:...
Spreadsheet and Statement of Cash Flows
The following information was taken from Lamberson Company's
accounting records:
Account Balances
Account Titles
January 1,
2016
December 31,
2016
Debits
Cash
$ 1,400
$ 2,400
Accounts Receivable (net)
2,800
2,690
Marketable Securities (at cost)
1,700
3,000
Allowance for Change in Value
500
800
Inventories
8,100
7,910
Prepaid Items
1,300
1,710
Investments (long-term)
7,000
5,400
Land
15,000
15,000
Buildings and Equipment
32,000
46,200
Discount on Bonds Payable
—
290
$69,800
$85,400
Credits
Accumulated Depreciation...
The following information was taken from the books and records of Wildhorse, Inc.: 1. Net Income...
The following information was taken from the books and records
of Wildhorse, Inc.:
1.
Net Income
$360,000
2.
Capital structure:
a.
Convertible 6% bonds. Each of the 330, $1,000 bonds is
convertible into 50 shares of common stock at the present date and
for the next 10 years.
330,000
b.
$10 par common stock, 180,000 shares issued and outstanding
during the entire year.
1,800,000
c.
Stock warrants outstanding to buy 15,840 shares of common stock
at $20 per share.
3....
The following production data were taken from the records of the Finishing Department for June: Inventory...
The following production data were taken from the records of the
Finishing Department for June:
Inventory in process, June 1 (30%
completed)
4,000 units
Completed units during June
65,000 units
Ending inventory (60% complete)
7,000 units
What is the number of material equivalent units of production in
the June 30, Finishing Department inventory, assuming that the
first-in, first-out method is used to cost inventories and
materials were added at the beginning of the process?
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
units @ $11.00
Purchases:
9/7
4,200
units @ $11.60
9/25
10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
7,000
units @ $10.00
Purchases:
9/7
3,000
units @ $11.00
9/25
10,000
units @ $11.50
Sales:
9/10
4,000
units
9/29
5,000
units
11,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
1. The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000...
1.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price
$10,000
Expected selling cost
$1,500
Normal profit margin
10% of selling price
Under U.S. GAAP, what should be the impairment loss for
inventory (assuming LCM method is used)?
A.
$0
B.
$3,500
C.
$2,000
D.
$1,500
2.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price...
The following information was taken from the accounting records of JBD Company as of December 31,...
The following information was taken from the accounting
records of JBD Company as of December 31, 2020:
Inventory ................. $17,000
Accounts Payable .......... $36,000
Common Stock .............. $78,000
Accounts Receivable ....... $11,000
Retained Earnings ......... $24,000 (at January 1, 2020)
Copyright ................. $20,000
Salaries Expense .......... $28,000
Supplies .................. $12,000
Mortgage payable .......... $80,000 (due March 1, 2040)
Land ...................... $93,000
Notes Payable ............. $17,000 (due November 1, 2022)
Trademark ................. $37,000
Sales Revenue ............. $97,000
Equipment ................. $85,000
Income...
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