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Category > Management Posted 07 Dec 2017 My Price 9.00

Ghose Company.

a) While examining cash receipts information, the accounting department determined the following information: opening cash balance $208, cash on hand $1,562.53, and cash sales per register tape $1,372.20.

Prepare the required journal entry based upon the cash count sheet.

 

 

 

b) The following information pertains to Ghose Company.

 

1.   Cash balance per bank, July 31, $8,094.
2.   July bank service charge not recorded by the depositor $50.
3.   Cash balance per books, July 31, $8,130.
4.   Deposits in transit, July 31, $3,466.
5.   Note for $2,766 collected for Ghose in July by the bank, plus interest $48 less fee $32. The collection has not been recorded by Ghose, and no interest has been accrued.
6.   Outstanding checks, July 31, $698.

 


(a) Prepare a bank reconciliation at July 31, 2012.

 

c) Merrick Company expects to have a cash balance of $60,690 on January 1, 2012. These are the relevant monthly budget data for the first two months of 2012.

 

1.   Collections from customers: January $85,690, February $160,690
2.   Payments to suppliers: January $54,690, February $89,690
3.   Wages: January $31,997, February $41,997. Wages are paid in the month they are incurred.
4.   Administrative expenses: January $22,997, February $25,997. These costs include depreciation of $1,000 per month. All other costs are paid as incurred.
5.   Selling expenses: January $16,997, February $21,997. These costs are exclusive of depreciation. They are paid as incurred.
6.   Sales of short-term investments in January are expected to realize $13,997 in cash. Merrick has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $34,690.


Prepare a cash budget for January and February.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Dec 2017 08:12 AM My Price 9.00

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