You are watching: Which of the following might be classified as a cash equivalent?
n internal control system is draft to do all but which of the following?Promote operational efficiency.Safeguard assets.Encourage follow to agency policies.Assure the promotion of the most qualified employees.
Which that the adhering to is true about cash reporting under IFRS?Cash accounts are frequently viewed together investments, v overdrafts treated as unrealized losses.Overdrafts in one cash account can frequently be offset versus positive balance in various other cash accounts.Overdrafts are typically treated as existing liabilities, nevertheless of the visibility of other cash accounts.Cash accounts are generally viewed as immaterial.
Overdrafts in one cash account can typically be offset against positive balance in various other cash accounts.
A company uses the gross method to account because that cash discounts readily available to the customers. If payment is made before the discount period expires, i m sorry of the adhering to is correct?
Allister company does not use the allowance technique to account for negative debts and also instead any kind of bad fan that execute arise space written turn off as bad debt expense. What problem can this create if negative debts space material?
Receivables will be overstated due to the fact that not accruing poor debts will result in the receivables being stated at an amount the is greater than the amount intended to be collected.
Jasper firm uses the allowance method to account for negative debts. During 2018, the firm recorded negative debt cost of $9,000 and wrote off as uncollectible accounts receivable totaling $5,000. This transactions brought about a decrease in working capital (current legacy minus current liabilities) of:
Recording poor debt price will credit transaction the pin money for negative debts for $9,000, and writing off bad debts will debit it for $5,000 and also crediting account receivable, for this reason the network decrease in working resources will be $9,000 + 5,000 - 5,000 = $9,000.
Harmon Sporting goods received a $60,000, 6-month, 10% keep in mind from a customer. 4 months after ~ receiving the note, it to be discounted at a local financial institution at a 12% discount rate. The cash proceeds got by Harmon were:
Face amount ($60,000) + interest to maturity ($60,000 × 10% × ½ year = $3,000) = maturity value ($63,000). Maturity value ($63,000) - discount ($63,000 × 12% × 2/12 year = $1,260) = $61,740.
See more: 9797 State Highway 97 Waelder, Texas 78959, Independence Ranch Hog Hunting
At the finish of June, the Marquess firm factored $200,000 in accounts receivable v Homemark Finance. The move is made there is no recourse. Homemark dues a fee of 3% that receivables factored. During July, $150,000 the the factored receivables are collected. What quantity of lose on sale of receivables would certainly Marquess record in June?
Alvin electronic devices is in the procedure of reconciling its bank account because that the month that November. The following information is available: Balance per bank statement $ 8,325Outstanding checks 2,400Deposits superior 1,215Bank organization charges for November 35Check created by Alvin because that $300 however recorded erroneously byAlvin as a $30 disbursement. What must be the repair cash balance at the end of November?
8,325 - 2,400 + 1,215 = $7,140. The bank charges and correct quantity of the Alvin inspect are currently included in the balance per financial institution statement.
MyAccountingLab through Pearson eText -- Instant accessibility -- because that Financial Accounting9th EditionCharles T. Horngren