Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600

Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600

Name: nta 22Coronado has the following assets at December 31, 2019.Cash in
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Description: nta 22Coronado has the following assets at December 31, 2019.Cash in bank-savings account 134,000Certificates of deposit (270-day) 226,000spondera comoCash on hand 1,600Postdated checks 6,000Cash refund due from State Taxing Authority 32,100Checking

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
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