Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 32) psalm company reported p210,000 in sales. its

32) Psalm Company reported P210,000 in sales. Its opening accounts receivable balance was P45,000 and...

70.2K

Verified Solution

Question

Accounting

32) Psalm Company reported P210,000 in sales. Its opening accounts receivable balance was P45,000 and its

ending accounts receivable balance was P50,000. The company also reported P20,000 unearned revenues

at the end of the year. What was the amount of cash collected from customers for the year?

A. 225,000 B. 215,000 C. 210,000 D. 205,000

33) Backa Company has the following information:

Prepaid insurance January 1 1,600,000

Prepaid insurance December 800,000

Insurance payable decrease by 1,200,000

Insurance payments 4,000,000

How much is the insurance expense under accrual basis?

A. 4,000,000 B. 3,400,000 C. 3,600,000 D. 4,800,000

34) Jayvier Company has the following information:

Prepaid insurance January 1 1,600,000

Prepaid insurance December 800,000

Insurance payable decrease by 1,200,000

Insurance payments 3,600,000

How much is the insurance expense under cash basis?

A. 4,000,000 B. 2,400,000 C. 3,600,000 D. 4,800,000

35) Using the data for Canonizado Corporation, compute the liabilities at year-end:

Total assets, end 80,000

Share capital, end 15,000

Retained earnings, beginning 22,000

Net income 15,000

Dividends declared 7,000

A. 65,000 B. 50,000 C. 43,000 D. 35,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

3 Given the function f x 1 2 x 3 2 sketch the graph of...

Basic Math
1.2K views

What is the domain of the following function f x 0x8 0 8 00 O...

Finance
1.2K views

Martin Enterprises needs someone to supply it with 142,000 cartons of machine screws per year to...

Psychology
1.2K views

Q # 3: What is the relationship between LSD and serotonin? Q # 4: Describe the...

Biology
1.2K views

Which of the following is the protagonist usually classified as?A. the antagonistB. a main characterC....

Physics
1.2K views

In a hydrogen fusion reaction, two lighter hydrogen nuclei merge to form a heavier, more...

Physics
1.2K views

A charge q is placed at the centre of the open end of a cylindrical...

Geometry
1.2K views

1 Below are two uniquely shaped juice containers Determine which container can 5 cm 7...

Geometry
1.2K views

Which of these is an optional deduction for money to be taken out of an...

Calculus
1.2K views

Describe this set by listing the elements B t 3 t 11 and t is...

Accounting
1.2K views

Aircard Corporation tracks the number of units purchased and sold throughout...

Finance
1.2K views

The slope of the security market line (SML) represents the portion of an asset's expected...