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Prepare the bank reconciliation and adjusting entries for Mac Moose Company for April 30 2

Prepare the bank reconciliation and adjusting entries for Mac Moose Company for April 30 2011 using the following information:

?The balance per the April 30, 2011 bank statement is $25,500.01.

?Outstanding cheques as of April 30, 2011, amount to $13,655.00.

?Deposits in transit as of April 30, 2011, amount to $8,730.00.

?The balance per the April 30, 2011 per books is $20,652.01.

?The bookkeeper mistakenly recorded a $330.00 cash disbursement for utilities as $303.00.

?The bank statement indicated bank service charges of $15.00 for April.

?The bank statement indicated a NSF return of $25.00 plus additional services charges of $10.00.

13) Pup Collar Corporation is in the process of preparing its cash budget for 2011. The beginning Cash balance is estimated to be $40,700. Sales on account during 2011 are estimated to be $500,000. Cash sales during 2011 are estimated to be $225,000. In July 2011, equipment will be purchased for cash; the cost of the equipment is estimated to be $145,000. Purchases of inventory on account during 2011 are estimated to be $265,000. Total operating expenses for 2011 are estimated to be $300,000. Ten percent of this amount represents Amortization Expense. All cash operating expenses are paid as incurred. The January 1, 2011, balance in Accounts Receivable is estimated to be $15,000; the January 1, 2011, balance in Accounts Payable is estimated to be $12,000. Accounts Receivable on December 31, 2011, is estimated to be 60% of the January 1, 2011, balance. Accounts Payable on December 31, 2011, is estimated to be 75% of the January 1, 2011, balance.

Prepare a cash budget for Pup Collar Corporation for 2011.

14) From the following information, prepare a cash budget for Quick Turtle Ltd. for the year ended December 31, 2011.

Proceeds from sale of equipment$22,000

Purchases of inventory for cash150,000

Receipts from customers315,000

Proceeds from issuing short-term note payable50,000

Payments for operating expenses125,000

Payments for interest and taxes37,000

Payments for dividends22,000

Debt payments38,000

The Cash balance on January 1, 2011, is $100,300. The budgeted cash balance for December 31, 2011, is $90,000.

15) Given the following information prepare the 2011 cash budget for Better Salmon Inc.The Cash balance on January 1, 2011, is $101,000. The budgeted cash balance for December 31, 2011, is $20,500.

Additional information:

Payments for operating expenses53,000

Payments for interest and taxes3,000

Payments for dividends4,500

Debt payments18,000

Proceeds from sale of equipment8,000

Purchases of inventory for cash29,000

Receipts from customers73,00

Dec 07 2019 View more View Less

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