You are watching: Which of the following might be classified as a cash equivalent?
n internal manage system is designed to execute all however which that the following?Promote operational efficiency.Safeguard assets.Encourage adherence to company policies.Assure the promo of the most qualified employees.
Which of the adhering to is true around cash report under IFRS?Cash account are frequently viewed as investments, v overdrafts treated as unrealized losses.Overdrafts in one cash account can generally be offset versus positive balance in other cash accounts.Overdrafts are generally treated as present liabilities, nevertheless of the existence of other cash accounts.Cash accounts are typically viewed together immaterial.
Overdrafts in one cash account can commonly be offset versus positive balance in other cash accounts.
A agency uses the gross method to account because that cash discounts available to the customers. If payment is made before the discount period expires, i m sorry of the following is correct?
Allister agency does not usage the allowance an approach to account for negative debts and also instead any type of bad fan that carry out arise room written turn off as negative debt expense. What problem could this produce if negative debts room material?
Receivables will be overstated because not accruing poor debts will result in the receivables being proclaimed at an amount the is greater than the amount expected to it is in collected.
Jasper company uses the allowance an approach to account for negative debts. Throughout 2018, the firm recorded bad debt price of $9,000 and wrote off together uncollectible account receivable totaling $5,000. This transactions resulted in a diminish in working resources (current heritage minus current liabilities) of:
Recording negative debt price will credit transaction the allowance for bad debts for $9,000, and also writing off negative debts will certainly 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 products received a $60,000, 6-month, 10% keep in mind from a customer. 4 months after ~ receiving the note, it was discounted at a local financial institution at a 12% discount rate. The cash proceeds received by Harmon were:
Face quantity ($60,000) + attention 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.
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At the finish of June, the Marquess agency factored $200,000 in account receivable through Homemark Finance. The transport is made there is no recourse. Homemark fees a dues of 3% of receivables factored. During July, $150,000 that the factored receivables room collected. What amount of loss on sale of receivables would Marquess record in June?
Alvin electronic devices is in the procedure of reconciling its bank account because that the month that November. The adhering to information is available: Balance per bank statement $ 8,325Outstanding check 2,400Deposits exceptional 1,215Bank business charges for November 35Check written by Alvin because that $300 however recorded incorrectly byAlvin together a $30 disbursement. What have to be the repair cash balance in ~ the end of November?
8,325 - 2,400 + 1,215 = $7,140. The bank charges and correct lot of the Alvin examine are currently included in the balance per bank statement.
MyAccountingLab v Pearson eText -- Instant access -- for Financial Accounting9th EditionCharles T. Horngren