Reference no: EM133000747
Question - You are provided with the following information:
Sales for the year $400,000
Discounts provided during the year to customers for early payment $10,000
Doubtful debts expense for the year $5,000
Opening balance of accounts receivable $90,000
Closing balance of accounts receivable $80,000
Opening balance of the provision for doubtful debts $9,000
Closing balance of the provision for doubtful debts $8,000
Cost of goods sold for the year $60,000
Purchases for the year (on credit terms) $80,000
Discounts received for early payment to suppliers $2,000
Stock write-offs owing to water damage caused by melting ice in the Antarctic $5,000
Opening balance of trade creditors $40,000
Closing balance of trade creditors $35,000
Opening balance of inventory $10,000
Closing balance of inventory $25,000
Required -
(a) Calculate the cash receipts from customers during the year.
(b) Calculate the cash payments to suppliers during the year.
Calculate common sized value for inventory
: A firm has sale of $1,510, current assets of $240, property, plant and equipment (net) of $450, and inventory of $90. Calculate common sized value for inventory
|
Post the various journals
: Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.)
|
How much cca tax deduction can the business claim
: The equipment qualifies for the Accelerated Investment Incentive. How much CCA tax deduction can the business claim in the third year?
|
Calculate the net present value
: Calculate the net present value (NPV), internal rate of return (IRR) and the payback period for each project. Indicate which project is best using NPV
|
Calculate the cash payments to suppliers during the year
: Stock write-offs owing to water damage caused by melting ice in the Antarctic $5,000. Calculate the cash payments to suppliers during the year
|
Create your personal portfolio website
: Express Portfolio Site - Create your Personal Portfolio Website using ExpressiS and Implementing the US temptating engine. Your site must be hosted live
|
Calculate the person income taxes payable
: Calculate the person's income taxes payable. A person has taxable income of $96,700 for the year. The personal tax rate is 15% on the first $44,100.
|
Can an entity include an asset in its balance sheet
: Can an entity include an asset in its balance sheet that it does not legally own? Explain your answer in relation to the definition of the assets
|
Compute the cumulative tax benefit
: Susanna a businesswoman is in 33% tax bracket. She asks her clients to bill her in February of the following year instead of December of the current year.
|