Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on...
Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on January 1, 2019 and $98,000 on December 31, 2019. How much cash was collected from customers during the year ended December 31, 2019?
Homework Answers
Cash collected from customers = Sales + Beginning accounts receivable - Ending accounts receivable
Cash collected from customers = $560,000 + $112,000 - $98,000
Cash collected from customers = $574,000
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Sales on account (all are collectible) amounted to $560,000
during 2019. Accounts receivable were $112,000 on...
Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on...
Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on January 1, 2019 and $98,000 on December 31, 2019. How much cash was collected from customers during the year ended December 31, 2019? a) $462,000. b) $574,000. c) $546,000. d) $560,000.
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Question 2 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
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WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December...
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For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2019: Required: a. Cash collected from customers during the year amounted to $147,000, and accounts receivable increased by $31,000. How much were sales on account for the year ended December 31, 2019? b. Cash payments for income taxes during the year were $85,000, and income taxes payable increased by $13,000....
Seved Module 5 Homework 4 For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2019: Required: a. Sales on account (all are collectible) amounted to $762,000, and accounts receivable decreased by $24,600. How much cash was collected from customers? 125 points of cash eBook Hint Print References b. Income tax expense for the year was $133,000, and...
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AP6-5B (Accounts receivable and uncollectible accounts-percentage of credit sales method) Majestic Equipment Sales Company, which sells only on account, had a $120,000 balance in its Accounts Receivable and a $4,200 balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $820,000 and its total cash collections from customers were $780,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables...
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For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2019: Required: a. Cash collected from customers during the year amounted to $876,000, and accounts receivable increased by $44,200. How much were sales on account for the year ended December 31, 2019? Expense incurred Revenues earned b. Cash payments for income taxes during the year were $219,000, and income taxes...
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