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Category > Accounting Posted 17 Aug 2017 My Price 13.00

Zambrano Wholesale Corporation

Problem 2-12 Cash versus accrual accounting [LO2-8]

Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the companyA????1s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2013:
  
  Cash receipts:      
      From customers $ 660,000  
      Interest on note   3,760  
      Loan from a local bank   115,000  
        
          Total cash receipts $ 778,760  
        
  Cash disbursements:      
      Purchase of merchandise $ 387,000  
      Annual insurance payment   5,640  
      Payment of salaries   207,000  
      Dividends paid to shareholders   11,000  
      Annual rent payment   22,500  
        
          Total cash disbursements $ 633,140  
        
 
Selected balance sheet information:
  12/31/12 12/31/13
  Cash $ 23,500   $ 169,120  
  Accounts receivable   60,500     89,000  
  Inventory   77,000     60,500  
  Prepaid insurance   2,200     ?  
  Prepaid rent   10,700     ?  
  Interest receivable   2,820     ?  
  Note receivable   47,000     47,000  
  Equipment   85,000     85,000  
  Accumulated depreciationA????1equipment   (38,500 )   (47,000 )
  Accounts payable (for merchandise)   108,500     119,000  
  Salaries payable   19,700     23,500  
  Note payable   0     115,000  
  Interest payable   0     ?  
 
Additional information:
1.

On March 31, 2012, Zambrano lent a customer $47,000. Interest at 8% is payable annually on each March 31. Principal is due in 2016.
2. The annual insurance payment is made in advance on April 30. The policy period begins on May 1.
3.

On October 31, 2013, Zambrano borrowed $115,000 from a local bank. Principal and interest at 6% are due on October 31, 2014.
4. Annual rent on the companyA????1s facilities is paid in advance on June 30. The rental period begins on July 1.
Required:

1.

Prepare an accrual basis income statement for 2013 (ignore income taxes).
   

      
   

2. Determine the following balance sheet amounts on December 31, 2013:

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 09:08 PM My Price 13.00

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