Direction: Analyze the foregoing transactions and present the CFS using theindirect method. Use a separate sheet to show your answers.Prepare A CFS using the Indirect MethodMaria Leonora ServicesSeptember 20XX600,00030,0005,00015,0003,00025,0004,000100,000Net IncomeDepreciation ExpenseGain on sale of PPENet – trade and other receivablesNet – trade and other payablesProceeds from sale of PPELoan PaymentCash, Beg, Sep01

CFS is the financial statement prepared by the entities to know the cash position of the entity.

Answered: Direction: Analyze the foregoing…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 1M

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Using accrual accounting, when is revenue recognized?A. When cash transfers B. When the performance obligation is fulfilled C. When products is received FOB shipping point D. When the products is shipped FOB destin
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroads accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.
REQUIRED: • Income Statement using function of expense method (multi-step approach) • Answer the 10 items below. Note: • should have heading and title • currency sign and double spacing • identify respective amounts of the given data
Larkspur Golf Stores, Inc. operates a chain of golf equipment stores in the Western United States. In 2017 the company ran a promotion, providing customers with coupon each time a customer bought a dozen of a specific brand of golf balls. After accumulating five coupons, a customer could present the coupons to the store in exchange for a free golf hat. In 2017, Larkspur purchased 1,500 of the hats for the promotion at $7 each and sold 9,300 dozen golf balls eligible for the promotion at $50 per dozen. Customers presented 3,800 of the coupons for redemption in 2017. Customers have until June 30, 2018 to present coupons in exchange for a free hat. Estimates indicate that a total of 50% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of the golf balls included in the promotion and to the golf hat premium plan in 2017. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.…
Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
Q.2.1 Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current orcurrent asset, non-current or current liabilityYou are required to redraft the table in your assignment.(14)Name of account Dr/CrBalanceNon-currentassetCurrentassetNon-currentliabilityCurrentliabilityIncome Expense ProprietaryaccountsE.g. Land &BuildingsDebit XAdvertisingCreditors controlInterest on savingaccountCapitalFurnitureCash floatMortgage loan
Account for accountspayable and analyzeaccounts payableturnover
Which if the correct Journal Entry for 'Income Received in Advance' O a. Income A/c Debit, To Income Received in advance A/c O b. Income A/c Debit, To Trading A/c C Income Receivable A/c Debit, To Income A/c O d. Cash A/c Debit, To Income A/c
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
1. Compute the amount to be reported as trade &other receivables under current assets Please include solutions. Thank you!

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