Part3 Hi, I have an accounting practice test I answered all of them but I'm not sure if there are any mistakes... plz take a look at the pictures and tell me if there are .. + tell me the formula ...( if you are not totally sure plz do not answer) thank you !
arate not appear as its own separate on a companys cash budget? 21, Which of the following does O Financing B. Cash A. Cash receipts on D. Cash sales 22. lf Tulip offered terms of 2/10, N30 on a $400 sale and Daffodil pays the ninth how much cash does Tulip receive? day, B. $392 $399 AJ $400 outstanding 50.000 Balance per books cheos 10,000 interest earned 2000 Service charge 23. How much interest did Tulip earn? 152,000 Adjusted balance 24 What would be the net increase in Tuip's account as a result of the above bank reconciliation? $140 25 $100 $200 Given the following information about Spring Rain's Cash Budget, what would be the excess cash or needed borrowing? Estimated Disbursements A. $1,000 800 Estimated Receipts excess cash B. $1,000 needed cash borrowing seoo needed borrowing D, $600 excess Umbrella Company expects to collect cash from in 50% in the month and 20% in the third month. customers the following manner: 30% in the month of sale, as $20,000 November $24.000 January. 22.000 December What would be the expected (cash) collections from customers in November? $24.200 $22,200 $26,800 The following credit sales are budgeted by Tulip Company: February s100; March s140, April $120 following the sale. The anticipated cash inflow for the month of April is $124 D, $112 $120 Break uses the alowance method to account for losses from sales on credit, sales on credit for the year were cash sales were S25,000, and Spring Break estimates its uncollectible accounts as $3,000 at year end using the aging recorded S1.000 balance in the account Allowance for Doubful Accounts, how much should be as an expense due to uncollectible accounts for the year? $1,000 C $2,000 D. $10,000 Daffodil after analyzing the customers' accounts receivable accounts, determines that $2,000 of the accounts are probably uncollectible. The balance in the account Allowance for Doubtful Accounts is a s150 debit balance. What would be the debit entry for the necessary adjusting 29. A. Bad debts expense, $2,000 C. Bad debts expense, $1,850 B. Bad debts expense, $2,150 D. No adjusting entry is necessary
