Cfs exercise 1
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The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, including sales, drawings, purchases, expenses and ending balance. For The Sprite Way Ltd., similar cash transaction data is provided for 2013, to prepare a cash flow statement analyzing changes in cash position.
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CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, resulting in a final balance of $8,000. For The Sprite Way Ltd., cash transactions for 2014 are provided, with a ending balance of $20,370.
Kayak and canoes example
The cash flow statement summarizes the cash inflows and outflows for Canoes and Kayaks for the year ended 30 June 2014. It shows a net cash inflow from operating activities of $27,640, a net cash outflow from investing activities of $29,800, and a net cash outflow from financing activities of $4,600, resulting in an overall decrease in cash of $6,760 for the year.
Cfs exercise 2
The cash flow statements show:
1) In 2014, cash decreased from $2,400 to -$12,720 due to negative net cash flows from investing and operating activities.
2) In 2015, cash increased from -$12,720 to -$4,200 because positive net cash flows from operating ($12,220) and financing ($17,300) activities exceeded negative cash flows from investing.
3) To improve 2014 cash flow, the business could cut salaries by firing extra workers, use machinery longer before replacing, and reduce drawings.
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CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, resulting in a final balance of $8,000. For The Sprite Way Ltd., cash transactions for 2014 are provided, with a ending balance of $20,370.
Kayak and canoes example
The cash flow statement summarizes the cash inflows and outflows for Canoes and Kayaks for the year ended 30 June 2014. It shows a net cash inflow from operating activities of $27,640, a net cash outflow from investing activities of $29,800, and a net cash outflow from financing activities of $4,600, resulting in an overall decrease in cash of $6,760 for the year.
Cfs exercise 2
The cash flow statements show:
1) In 2014, cash decreased from $2,400 to -$12,720 due to negative net cash flows from investing and operating activities.
2) In 2015, cash increased from -$12,720 to -$4,200 because positive net cash flows from operating ($12,220) and financing ($17,300) activities exceeded negative cash flows from investing.
3) To improve 2014 cash flow, the business could cut salaries by firing extra workers, use machinery longer before replacing, and reduce drawings.
Present Value of Uneven Cash Flows
The document discusses calculating the present value of uneven cash flows. It provides a formula to calculate the present value of cash flows that vary in amount and timing over multiple periods. The formula discounts each cash flow back to the present period using the discount rate. An example applies the formula to calculate the present value of a company's uneven cash flows over 5 years as $6,843.27.
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This invoice document lists quantities, unit prices, and totals for various items. The total before tax is €277,900 and the 16% value added tax amount is €44,464, bringing the grand total to €322,364. The customer and payment details are listed at the bottom.
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The document provides financial information for the company X Ltd for the years 2007-2008. It states that the net profit before tax and dividend for 2007-08 was Rs. 63,000. A provision for tax of Rs. 23,000 was made, though actual tax paid was Rs. 18,000. Proposed dividend was Rs. 15,000 but only Rs. 10,000 was paid. Depreciation charged was Rs. 80,000 and bonus shares of Rs. 50,000 were issued from share premium.
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The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each business for the year ended 2014 based on the information given. It also asks to describe the overall cash position of each business and explain why their cash has increased or decreased during the period.
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The cash flow statement summarizes the cash inflows and outflows for Canoes and Kayaks for the year ended 30 June 2014. It shows a net cash inflow from operating activities of $27,640, a net cash outflow from investing activities of $29,800, and a net cash outflow from financing activities of $4,600, resulting in an overall decrease in cash of $6,760 for the year.
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The cash flow statements show that Los Huevos Ltd had negative cash flows in 2013 but positive cash flows in 2014. Cash balances increased from $-12720 to $-4200 due to positive operating cash flows of $12220 and financing cash flows of $13300 in 2014. To further improve cash flows, the company could use machinery for longer, reduce drawings, and reduce salary expenses. A cash flow statement serves to evaluate a business's ability to generate cash flows, service debts, and expand operations. It is possible for a business to be profitable but have negative cash flows or vice versa due to the impact of investing and financing activities.
Cfsexercise2 150623144517-lva1-app6891
Los Huevos Ltd's cash flow statement for 2013 showed a net cash outflow of $4,550 despite ending the year with $4,200 more cash than at the beginning. In 2014, there was a net cash outflow of $7,520 and the ending cash balance decreased to $4,200. To improve 2014 cash flow, Los Huevos could collect debts more aggressively, pay creditors later, and reduce inventory levels and discretionary expenses.
Class Exercise - Topic 4
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CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each business for the year ended 2014 based on the information given. It also asks to describe the overall cash position of each business and explain why their cash has increased or decreased during the period.
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Cfsexercise2 150623144517-lva1-app6891
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1)At July 31, Ramirez Company has the following bank information.docx
1)
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2)
Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
June 1
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
July 1
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
July 10
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
3)
At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To reverse write-off)
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record collection from Gray)
4)
Presented below are data on three promissory notes.
Determine the missing amounts.
(Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
[removed]
(b)
July 2
30 days
64,080
[removed]
%
$534
(c)
March 7
6 months
134,400
9
%
$
5)
Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for.
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The document discusses forecasting and managing cash flow, including calculating gross profit and cash balance based on sample transactions. It defines cash inflows and outflows, and provides examples of cash flow forecasts and identifying transactions as inflows or outflows. Managing cash flow is important as lack of planning or unexpected events can cause problems, while improving inflows and reducing outflows through accounts receivable, payable, inventory and cash can help.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Chapter 12 Cash Flow Statements – Test
This document contains a 25 question multiple choice test on cash flow statements for a VCE Accounting unit. It provides the questions, multiple choice answers, and some additional context and explanations of cash flow statement concepts. The test covers topics like classifying transactions into operating, investing and financing activities on a cash flow statement and calculating net cash flows in each section. It also includes some numerical cash flow statement questions involving calculating net cash flows and ending bank balances.
1) At July 31, Ramirez Company has the following bank information.docx
1) At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
June 1
July 1
July 10
3) At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To reverse write-off)
(To record collection from Gray)
4) Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
(b)
July 2
30 days
64,080
%
$534
(c)
March 7
6 months
134,400
9
%
$
5) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 15
Jan. 20
Feb. 10
Feb. 15
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.
Nov. 1
Loaned $10,000 cash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to R ...
AC1220 ACCOUNTING ILab 2.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 2.2
AC1220 Lab 2.2
Introduction
Jake’s Computer Repair Service was profitable in February 20x1 and continued to operate in March 20x1. The ending balances for assets, liabilities, and the capital account of Jake’s Computer Repair Service on February 28, 20x1 are listed here. These account balances are also the beginning balances for March 20x1.
Account
Balance
Debit
Credit
Cash
$7,760
Accounts Receivable
$1,630
Supplies
$260
Prepaid Advertising
$1,000
Equipment
$6,200
Accounts Payable
$490
Wages Payable
$30
Interest Payable
$120
Note Payable
$10,000
Unearned Revenue
$120
Capital, Jones
$6,090
Total
$16,850
$16,850
The following transactions occurred during March 20x1:
a. March 1, 20x1. Purchased supplies (on account): $640
b. March 4, 20x1. Service revenues for the first week of March: $1,420 (cash)
c. March 18, 20x1. Received cash from customers on accounts receivable: $1,600
d. March 25, 20x1. Paid interest expense on note payable: $120
e. March 31, 20x1. Service revenues for the rest of March: $5,680 ($5,000 cash, $680 on account)
f. March 31, 20x1. Paid rent: $500
g. March 31, 20x1. The cash payment for wages totaled $1,100. The journal entry includes debit to the wages payable account.
h. March 31, 20x1. Jake withdrew $2,000 in cash from the business for personal use.
Requirement 1
Journalize the transactions occurring during March, 20x1. The first transaction has been journalized and posted to the related ledger account.
DATE
REF
DEBIT
CREDIT
3/1/11
Supplies
$640
Accounts Payable
a
$640
To record purchase of supplies
a
3/4/x1
b
b
3/18/x1
c
c
3/25/x1
d
d
DATE
REF
DEBIT
CREDIT
3/31/x1
e
e
e
3/31/x1
f
f
3/31/x1
g
g
g
3/31/x1
h
h
Requirement 2
Post the journal entries made for March 31, 20x1, to the appropriate T-accounts. Use the journal entries for March 31 made in Requirement 2. All other entries have been posted.
CASH
ACCOUNTS RECEIVABLE
Bal.
$7,760
Bal.
$1,630
SUPPLIES
PREPAID ADVERTISING
Bal.
$260
Bal.
$1,000
Mar 1
$640
EQUIPMENT
Bal.
$6,200
ACCOUNTS PAYABLE
WAGES PAYABLE
Bal.
$490
Bal.
$30
Mar 1
$640
INTEREST PAYABLE
UNEARNED REVENUE
Mar 25
$120
Bal.
$120
Bal.
120
NOTES PAYBALE
Bal.
$10,000
CAPITAL, JONES
DRAWINGS, JONES
Bal.
$6,090
SERVICE REVENUES
WAGES EXPENSE
RENT EXPENSE
INTEREST EXPENSE
Requirement 3
Use the following unadjusted trial balance for Jake’s Computer Repair Service as on March 31, 20x1, to check the ending balances you computed for Requirement 2 above.
Account
Unadjusted Balance
Debit
Credit
Cash
$12,060
Accounts Receivable
$710
Supplies
$900
Prepaid Advertising
$1,.
Bsw keeping financial recors v4_170616
Course material for the World Economic Forum Global Shapers Lagos hub's June Business Skills Workshop for Small and Medium sized Enterprises
Bsw keeping financial recors v4_170616
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Ac Counting For Business
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
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