affects assets and liabilities Show moreImage transcription textThe following accounts: Land, Accounts receivable, Service revenue, and Accounts payable should be classified as: Select one: F'x Neither is necessarily better or worse. The regulations contain many provisions intended to make it easier to determine when capitalization is required. I'm attaching our page about payments for additional resources. If a company has receivables, this means it has made a sale on credit but has yet to collect the money from the purchaser. Corporate Finance Definition and Activities, How Financial Accounting Differs From Managerial Accounting, Cost Accounting: Definition and Types With Examples, Certified Public Accountant: What the CPA Credential Means. profit $ 600 Overview of Tasks to Manage Receivables - Business Central Locate the original customer payment. O b. revenue increased If the ratio is declining over time, it means that the company is having increasing difficulty collecting cash from its customers, which could lead to financial problems. Days in accounts receivable (A/R) refers to the average number of days it takes a practice to collect payments due. To make sure that I'm on the same page, I'll appreciate if you can provide us a screenshot of the bank you're referring to the money that is showing as an additional amount. m ipsum dolor sit amet, consectetur adipiscing elit. As mentioned by @Malcolm Ziman, you can choose any bank on the deposit to field since you're just offsetting the unapplied payment (overpayment). 1. Save. Solved The following transactions were completed by Emmanuel - Chegg Select one: Ob. Finally, the amount of cash available to the company should ease investors minds regarding the notes payable, as cash is plentiful to cover that future loan expense. If there is a discrepancy in the amount, the AR transaction will be investigated by BSAO. 6. The cash flow statement is reported in a straightforward manner, using cash payments and receipts. 4. Motor vehicle A company has some leeway to choose its depreciation method, which modifies the depreciation expense reported on the income statement. $ 4 000 asset increase Investing activities include any sources and uses of cash from a companys investments. Due to State Receipts Since expenses are usually increasing, think debit when expenses are incurred. Fusce dui lectus, congue vel laoreet ac, dictu, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses, Explore recently asked questions from the same subject. The entry to record the sale is as follows: (DR.) Accounts Receivable 48,000 (CR.) The ability to deliver approved policies to customers in a timely manner is critical to the profit ability of this service. c. affects assets and liability d. has no effect on the accounting equation 2. The employee may use the Due to State Offset functionality in SFS or submit a personal check to the Agency to refund the amount. If this occurs BSAO will notify the agency of the error and ascertain if a deposit is in transit to DTF. The CFS can help determine whethera company has enough liquidity or cash to payitsexpenses. Contact BSAO Revenue Deposits to coordinate such adjustment. A company can use a CFS to predict future cash flow, which helps with budgeting matters. There are two methods of calculating cash flow: the direct method and the indirect method.
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