Reference no: EM132772289

HAZE was organized on January 2, 2018. The following items are form the company's trial balance on December 31, 2018.

Ordinary share capital        1,500,000
Share premium                   150,000
Merchandise inventory          69,000
Land                                1,000,000
Building                             1,400,000
Furniture and fixtures                367,000
Accounts receivable                165,400
Accounts payable                    389,650
Notes payable - bank                500,000
Sales                                        6,235,200
Operating expenses (including depreciation of P400,000)    1,005,150

Additional information is as follows:

1. Deposits in transit, Dec 31 384,660
2. Service charge for December 2,000
3. Outstanding checks, December 31 475,000
4. HAZE's mark up on sales is 30%

Problem 1: Total collections from sales___________

Problem 2: Total payments for merchandise purchases ______________

Problem 3: Cash receipts per books _______________

Problem 4: Cash disbursements per books ________________

Problem 5: Cash balance per books on December 31 ______________

Problem 6: Adjusted cash balance on December 31