Find full question attached
Answer and Explanation:
Answer and explanation attached
Answer:
total cash collections in June = $101050
so correct option is A. $101,050
Explanation:
given data
month cash sales credit sale
march $19,000 $11,000
April $40,000 $11,000
May $43,000 $35,000
June $59,000 $50,000
to find out
total cash collections in June at Feeney Furniture
solution
we find here total cash collections in June that is express as
total cash collections in June = cash sale in June + ( credit sale in June × 62% ) + ( credit sale in May × 30%) + ( credit sale in April × 5%) .............1
put here value we get
total cash collections in June = $59000 + ( $50000 × 62% ) + ( $35000 × 30%) + ( $11000 × 5%)
total cash collections in June = $101050
so correct option is A. $101,050
Answer:
A) Debit of $1,445
Explanation:
Closing entries refers to the balance statements that are entered at the end of an accounting period in order to transfer the temporary account balances into permanent accounts. Based on the balances listed in the question it can be said that the closing entry to retained earnings will be Debit of $1,445. This refers to money going out of the account and can be calculated by adding all the revenue to the account and subtracting the expenses leaving $ - 1,445 thus being debit.
Answers:
1.
Financing Activity
2.
Operating Activity
3.
Operating Activity
4.
Non Cash Activity
5.
Financing Activity
6.
Non Cash Activity
7.
Operating Activity
8.
Investing Activity
9.
Non Cash Activity
What to remember:
Operating activities are the kinds of activities the company
accomplishes to generate profits. This includes cash out flows and inflows.
Investing activities contain the purchase or sale of
long-lived assets used in operating the business, or the purchase or sale of
investment securities (stocks and bonds of companies other than Thyme).
Financing activities are borrowing money, issuing shares of
stock, and paying dividends.
