Ask Your question
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!
Search & Filtering
Calculate the Equity Multiplier of each bank.
Apollo cash receipts
1.5.20xx – 30.9.20xx
May June July Aug. Sept. Oct. Nov. Dec.
3,000 5,000 7,000 5,000 5,000 4,500 3,000 3,000
Cash receipts are shown. Credit revenues are twice that of cash each month. Credits sales were $3,000 in March and $5,000 in April. Credit terms are 50% by end of the month; 35% by end of the next month balance by end of third month.
May June July Aug Sept Oct Nov Dec
Cash 3,000 5,000 7,000 5,000 5,000 4,500 3,000 3,000
Total Credit 6,000 10,000 14,000 10,000 10,000 9,000 6,000 6,000
Cr rcvd. 90 days
Cr rcvd. 60 days
Cr rcvd. 30 days
March 1 Started business with N8,000 in the Bank
March 2 Bought goods on credit from the following persons: K. Hayford N760; Miller N270; Bukola N560
March .5 Cash Sales N870
March.6 Paid wages in Cash N140
March.7 Sold goods on credit to H. Elijah N 350;Leke N420; Jacob N720
March 9 Bought goods for Cash N460
March 10 Bought goods on credit from M. Miller N570, Bukola N980
March 12 Paid Wages in Cash N140
March 13 Sold goods on credit to Leke N320, Jacob N230
March 15 Bought goods by cheque from Betha Ltd N500
March 17 Paid M . Miller by cheque N840
March 18 Returned goos to Bukola N200
March 21 Paid Betha Ltd a cheque for N500
March 24 Jacob paid up his account by cheque N950
March 27 Returned goods to K. Hayford N240
March 30 J. Elesusu lent N600 by Cash
March 31 Bought a motor van by cheque N4,000
*Accounting information are useful to
Mention five users of Accounting
Information that you know.
*How is Accounting information useful to:
–A prospective buyer?
–A prospective Investor?