The following annual account balances are from Armour Sports at December 31.

	Year 2	Year 1
Accounts receivable	$100,000	$ 85,000
Net sales	2,500,000	2,000,000

a. What is the change in the number of days' sales uncollected between Year 1 and Year 2? (Round the number of days to one decimal.)

b. From the analysis in part a, is the company's collection of receivables improving?

Organic Food Co.’s Cash account shows a $5,500 debit balance and its bank statement shows$5,160 on deposit at the close of business on August 31. Prepare a bank reconciliation using the following information.

a. August 31 cash receipts of $1,240 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement.

b. The bank statement shows a$120 NSF check from a customer; the company has not yet recorded this NSF check.

c. Outstanding checks as of August 31 total $1,120.

d. In reviewing the bank statement, an$80 check written by Organic Fruits was mistakenly drawn against Organic Food’s account.

e. The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services.

Determine whether each policy below is good or bad cash management; then identify the cash management strategy violated or followed for each policy.

1. Bills are paid as soon as they are received.
2. Cash receipts and cash payments are regularly planned and reviewed.
3. Excess cash is put in checking accounts, earning no interest income.
4. Customers are regularly allowed to pay after due dates without concern.
5. Rarely used equipment is rented rather than purchased.

Organic Food Co.'s Cash account shows a $5,500 debit balance and its bank statement shows$5,160 ondeposit at the close or business on August 31. Prepare a bank reconciliation using the following information.

b. The bank statement shows a $120 NSF check from a customer: the company has not yet recorded this NSF check.

Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows$25,800 on deposit at the close or business on May 31. Prepare its bank reconciliation using the following information.

e. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check.

The following annual account balances are taken from Armour Sports at December 31.

$$\begin{array}{lrr} & \textbf{2013} & \textbf{2012} \\ \\ \text{Accounts receivable} & \$\hspace{15pt}85,692 & \$\hspace{15pt}80,485\\ \text{Net sales} & 2,691,855 & 2,396,858\\ \end{array}$$

What is the change in the number of days' sales uncollected between years 2012 and 2013 ? (Round the number of days to one decimal.) According to this analysis, is the company's collection of receivables improving? Explain.

The following annual account balances are from Armour Sports at December 31.

a. What is the change in the number of days’ sales uncollected between Year 1 and Year 2? (Round the number of days to one decimal.)

Complete each statement. a) Given that the length and the width of a rectangle are measured in inches, its area is measured in_______________. b) If two closed-plane figures are congruent, then their areas are______________.

Anna's Cookies combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported for cash and cash equivalents.

• $100 in coins held in store registers *$600 in accounts payable to suppliers
• $1,000 cash in a safe at the store *$4,000 cash in checking accounts
• $1,700 worth of equipment *$5,000 note receivable due in 10 years

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. a. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a$27,233 cash balance. b. Check No. 3031 for $1,482 and Check No. 3040 for$558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $382 and Check No. 3069 for$2,281, both written in July, are not among the canceled checks on the July 31 statement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as$1,250. d. The July bank statement shows the bank collected $8,000 cash on a noninterest-bearing note for Branch, deducted a$45 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 charge for a$795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a$25 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch’s July 31 daily cash receipts of $11,514 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement. 1. Prepare the bank reconciliation for this company as of July 31, 2017. 2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. 3. Assume that the July 31, 2017, bank reconciliation for this company is prepared and some items are treated incorrectly. For each of the following errors, explain the effect of the error on (i) the adjusted bank statement cash balance and (ii) the adjusted Cash account book balance. a. The company’s unadjusted Cash account balance of$27,497 is listed on the reconciliation as $27,947. b. The bank’s collection of the$8,000 note less the $45 collection fee is added to the bank statement cash balance on the reconciliation.

Organic Food Co.'s Cash account shows a $5,500 debit balance and its bank statement shows$5,160 ondeposit at the close or business on August 31. Prepare a bank reconciliation using the following information.

d. In reviewing the bank statement, an $80 check written by Organic Fruits was mistakenly drawn against Organic Food's account.

Organic Food Co.'s Cash account shows a $5,500 debit balance and its bank statement shows$5,160 on deposit at the close of business on August 31. Prepare a bank reconciliation using the following information.

a. August 31 cash receipts of $1,240 were placed in the bank's night depository and banking hours and were not recorded on the August 31 bank statement.

b. The bank statement shows a$120 NSF check from a customer; the company has not yet recorded this NSF check.

c. Outstanding checks as of August 31 total $1,120.

d. In reviewing the bank statement, an$80 check written by Organic Fruits was mistakenly drawn against Organic Food's account.

e. The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services.

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.

• $3,000 cash deposit in checking account.

-$20,000 bond investment due in 20 years.

• $5,000 U.S. Treasury bill due in 1 month.

-$200, 3-year loan to an employee.

• $1,000 of currency and coins.

-$500 of accounts receivable.

Organic Food Co.'s Cash account shows a $5,500 debit balance and its bank statement shows$5,160 ondeposit at the close or business on August 31. Prepare a bank reconciliation using the following information.

c. Outstanding checks as of August 31 total $1,120.