Juniper Company has the following items at year-end: Cash in bank Cash on Hand Petty cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Juniper Company has the following items at year-end: Cash in bank Cash on Hand Petty cash του Commercial paper with maturity of 2 months Postdated checks Unreleased checks Juniper should report cash and cash equivalents of? Problem 2. Covid 19 Co. uses the gross method to record sales made on credit. On June 10, 2021, it made sales of P150,000 with terms 3/10, n/30 to NCov, Inc. On June 17, 2021, Rosalie received payment for 1/3 the amount due from NCov. Covid 19's fiscal year end is on June 30, 2021. What amount will be reported in the statement of financial position for the accounts receivable due from NCov, Inc.? Problem 3. Laluca, Inc had net sales in 2021 of P850,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable P145,000 debit, and allowance for doubtful accounts P2,000 debit. Laluca estimates that 4% of its net accounts receivable will prove to be uncollectable. What is the carrying amount of the receivables reported on the statement of financial position at December 31, 2021? Individually significant receivables Finley Company P 135,000 Rios, Inc. P24,000 16,000 3,000 2,000 Problem 4. Crimson Corporation is located in Binalonan but does business throughout Region 1. The company builds and sells equipment used in manufacturing pharmaceuticals. On December 31, 2021, Crimson's accounts receivable are as follows: Rafael Co. Hunter, Inc. 5,500 1,400 1,500 235,000 160,000 180,000 500.000 P1,210,000 All other receivables Total Crimson Corporation determines that Rio Inc.'s receivable is impaired by P45,000 and Rafael Co's receivable is totally impaired. The other receivables from Finley and Hunter are not considered impaired. Rosalie determines that a composite rate of 3% is appropriate to measure impairment on all other receivables. What is the total impairment of receivables for Rosalie Corporation for 2021? Problem 5. Remington Corp. has outstanding accounts receivable totaling P2.54 million as of December 31 and sales on credit during the year of P12.8 million. There is also a debit balance of P6,000 in the allowance for doubtful accounts. If the company estimates that 2% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? Juniper Company has the following items at year-end: Cash in bank Cash on Hand Petty cash του Commercial paper with maturity of 2 months Postdated checks Unreleased checks Juniper should report cash and cash equivalents of? Problem 2. Covid 19 Co. uses the gross method to record sales made on credit. On June 10, 2021, it made sales of P150,000 with terms 3/10, n/30 to NCov, Inc. On June 17, 2021, Rosalie received payment for 1/3 the amount due from NCov. Covid 19's fiscal year end is on June 30, 2021. What amount will be reported in the statement of financial position for the accounts receivable due from NCov, Inc.? Problem 3. Laluca, Inc had net sales in 2021 of P850,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable P145,000 debit, and allowance for doubtful accounts P2,000 debit. Laluca estimates that 4% of its net accounts receivable will prove to be uncollectable. What is the carrying amount of the receivables reported on the statement of financial position at December 31, 2021? Individually significant receivables Finley Company P 135,000 Rios, Inc. P24,000 16,000 3,000 2,000 Problem 4. Crimson Corporation is located in Binalonan but does business throughout Region 1. The company builds and sells equipment used in manufacturing pharmaceuticals. On December 31, 2021, Crimson's accounts receivable are as follows: Rafael Co. Hunter, Inc. 5,500 1,400 1,500 235,000 160,000 180,000 500.000 P1,210,000 All other receivables Total Crimson Corporation determines that Rio Inc.'s receivable is impaired by P45,000 and Rafael Co's receivable is totally impaired. The other receivables from Finley and Hunter are not considered impaired. Rosalie determines that a composite rate of 3% is appropriate to measure impairment on all other receivables. What is the total impairment of receivables for Rosalie Corporation for 2021? Problem 5. Remington Corp. has outstanding accounts receivable totaling P2.54 million as of December 31 and sales on credit during the year of P12.8 million. There is also a debit balance of P6,000 in the allowance for doubtful accounts. If the company estimates that 2% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense?
Expert Answer:
Answer rating: 100% (QA)
Problem 1 To determine the cash and cash equivalents for Juniper Company we need to consider the items that qualify as cash and cash equivalents Cash equivalents are shortterm highly liquid investment... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
AG Inc. made a $25,000 sale on account with the following terms: 1/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as revenue? David Company...
-
The following data were selected from the records of Tunga Company for the year ended December 31, 2015: The company sells merchandise for cash and on open account with credit terms 2/ 10, n/ 30....
-
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...
-
Svetlana (45) and Petro (43) are both employed and each have their own group benefit plan that provides family coverage. Svetlana's birthday is in June and Petro's is in December. The couple has one...
-
Photo Gallery, Inc., works weddings and prom-type parties. The balance of Retained earnings was $17,000 at December 31, 2011. At December 31, 2012, the businesss accounting records show these...
-
Determine whether each of the graphs in Problems 512 is a tree. If it is not, explain why.
-
An investment is guaranteed to have a unique value of IRR if which of the following is true? a. Alternating positive and negative cash flows b. An initial negative cash flow followed by all positive...
-
Mullet Technologies is considering whether or not to refund a $75 million, 12 percent coupon 30-year bond issue that was sold 5 years ago. It is amortizing $5 million of flotation costs on the 12...
-
Briefly list the major administration tasks you can handle to manage a database in cloud. . QUESTION 12 List the major components of email system. QUESTION 13 In a job interview, you are...
-
An international graduate student will receive a $28,000 foundation scholarship and reduced tuition. He must pay $1,500 in tuition for each of the autumn, winter, and spring quarters, and $500 in the...
-
Given f(x)dx= 12 and g(x)dx = -2, find the following: 6 S_13f(x) + 2g(x)]dx + f(x)dx
-
We can express the area of the shaded region in this graph: 3 2 1 as this definite integral: f(x) dx = I where: a = b= f(x) = and I
-
Outline the purpose of an organization's mission, vision, and values. Explain why an organization's mission, vision, and values are significant to nurse engagement and patient outcomes.Explain what...
-
BX is a 40% shareholder of CBA Corporation. She sells 50 shares of his stock to ABC for $100,000. Her basis in the shares sold was $65,000. After the sale she owns 30% of CBA. How much income does BX...
-
Outline the process of planning a group activity to the implementation of the activity. What considerations are essential through this process? why are each of the following steps important to the...
-
Outline the top 2 challenges organizations in china are facing?
-
1. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) 2. Prepare an income...
-
The Heese Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Heeses purchased and used 101,000 pounds of potatoes at a price of $ 0.70 per...
-
Lili Corporation acquires new equipment at a cost of $ 100,000 plus 7% provincial sales tax and 5% GST. (GST is a recoverable tax.) The company paid $1,700 to transport the equipment to its plant....
-
The president of Plain Corp., Joyce Lima, is thinking of purchasing Balloon Bunch Corporation. She thinks that the offer sounds fair but she wants to consult a professional accountant to be sure....
-
Prepare the following adjusting entries at December 31 for Karpai Ltd: 1. Interest on notes receivable of $600 is accrued. 2. Fees earned but unbilled total $1,800. 3. Salaries earned of $ 1,200 have...
-
Oxford Corporation began operations in 2015 and reported pretax financial income of 225,000 for the year. Oxfords tax depreciation exceeded its book depreciation by 40,000. Oxfords tax rate for 2015...
-
At December 31, 2015, Suffolk Corporation had an estimated warranty liability of 105,000 for accounting purposes and 0 for tax purposes. (The warranty costs are not deductible until paid.) The...
-
State whether each of the following events will result in a movement along General Motors (GMs) demand curve for labor in their U.S. automobile factories or whether it will cause its demand curve for...
Study smarter with the SolutionInn App