Solution-Compute company December cash balance

Compute company December cash balance

Assignment Help Managerial Accounting

Reference no: EM132935528

Question - Your company's net income for calendar year 2020 was reported at $300,000 and its cash balance on January 1, 2020 was reported at $400,000. Compute your company's December 31, 2020 cash balance, assuming that the only transactions during the year that result in a difference between net income and cash flow are as follows:

-The company purchased land for cash in the amount of $100,000.

-The company accrued wages payable on December 31 of $25,000.

-The company received an advance payment for services on December 31 in the amount of $10,800, which was properly recorded by the company.

-The company recorded an accrual for interest receivable on December 31 in the amount of $10,000 for a loan the company made during the year.

-The company recorded depreciation for the year in the amount of $30,000.

Reference no: EM132935528

Questions Cloud

What is the difference between actual and budgeted costs : It had actual overhead costs of $314800 for 16000 units produced; what is the difference between actual and budgeted costs

Please explain the reaction of hydrogen with helium : Please explain the reaction of hydrogen with helium?

Calculate the depreciation amount : Calculate the depreciation amount. All the equipment in use currently was bought on 1 March 2020. The estimated residual value of the equipment is R20 000.

What forms of accommodation might be useful in scenario : What forms of accommodation might be useful in this scenario? Be specific and remember to address each of the challenges that Gwen faces that are related to her

Compute company December cash balance : Question - Your company's net income for calendar year 2020 was reported at $300,000. Compute company December cash balance

What need to do to understand internal controls : What you need to do to understand internal controls. What you will do once you have documented your understanding of internal controls.

Role of human resource management in organizations : Your paper should consider various models of Human Resources and the variety of roles HRM plays within an organization.

Why does represent a possible control problem : Does it represent a possible control problem? If yes, why does it represent a possible control problem? If no, why is it not a potential control problem?

What amount that should be reported by Blossom Corporation : Assuming the first payment is made on time, what the amount that should be reported by Blossom Corporation as the lease liability

User Account

All Pages

Compute company December cash balance

Reference no: EM132935528

Reference no: EM132935528

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Record as sales certain software awaiting sale

Calculate total additional sales revenue needed to support

Small dreams management control systems

What is the contribution margin of sigma

Can the selling division and buying division negotiate

Explain how goodwill is determined under each practice

What is the relevant cost of materials for special contract

Calculate the amount of tax liability

Determine variable cost per manicure

Find what would be cost per equivalent unit for conversion

What are rego-fix uses

What financial information would you think would be relevant

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT