Determine the amount of cash received from customers for each of the three independent situations below....
| Determine the amount of cash
received from customers for each of the three independent
situations below. All dollars are in millions. (Enter your
answers in millions rounded to 1 decimal place (i.e., 5,500,000
should be entered as 5.5).) |
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Homework Answers
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Determine the amount of cash
received from customers for each of the three independent
situations below....
Consider the three independent situations below (amounts are $ in millions): Required: 1. Calculate cash received...
Consider the three independent situations below (amounts are $
in millions):
Required:
1. Calculate cash received from customers.
(Enter your answers in millions (i.e., $10,100,000 should
be entered as 10.1).)
2. Prepare the summary journal entry for each
situation. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first
account field. Enter your answers in millions (i.e., $10,100,000
should be entered as 10.1).)
Cash Received Situation Sale Revenue Accounts Receivable Increase (Decrease) from...
Prepare the summary entries necessary to determine the amount of cash received from customers for each...
Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below. Situation Sales revenue Accounts receivable Increase (Decrease) Cash received from customers 1 $ 280,000 $ 10,800 ? 2 280,000 (10,800 ? 3 140,000 (15,800 ? 4 140,000 15,800 ? Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below. 1. CASH RECEIVED...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount of cash Horton received from customers during the reporting period if its sales were $40 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. Complete this question by entering your answers in the tabs below. Cash Received General Journal What is the amount of cash Horton received from customers during the reporting period...
General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016...
General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016 $ 1,430.1 $1,360.8 Balance Sheet: Accounts receivable, net Income statement: Sales revenue $15,619.8 A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and $29.6 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $16.6 million. Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter...
Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014...
Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balance Sheets: Accounts receivable, net $ 1,847.2 $ 1,524.4 2015 Income statement: Sales revenue $ 18,176.1 A note disclosed that the allowance for uncollectible accounts had a balance of $25.9 million and $26.5 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $16.8 million. Required: Determine the amount of cash collected from customers during 2015. (All sales are...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense of $1.9 million and a gain on the sale of land of $3.2 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.9 million, $3.9 million, and $2.9 million, respectively. What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000...
Sheen Awnings reported net income of $96.0 million. Included in that number were depreciation expense of...
Sheen Awnings reported net income of $96.0 million. Included in that number were depreciation expense of $2.5 million and a loss on the sale of equipment of $1.6 million. Records reveal increases in accounts receivable, accounts payable, and inventory of $1.4 million, $2.4 million, and $3.4 million, respectively. What were Sheen's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should...
Calculate the unknown amount required in each of the following five independent situations. The answer to...
Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Account Beginning Balance Ending Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $ 16,500. C. Notes Payable 17,500 23,000 Borrowed funds by issuing a note, $30,000. d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders' Equity 29,000 46,000 Capital Contribution, $7,000. $3,650 to Unknown...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($...
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $31 2. $31 3. $31 4. $31 5. 26 31 6. 31 26 7. 26 31 21 8. 26 31 16 21 Required: For each situation, determine taxable income assuming pretax accounting income is $210 million. (Enter your answers in millions (i.e., 10,000,000 should be entered...
Consider the three independent situations below (amounts are $
in millions):
Required:
1. Calculate cash received from customers.
(Enter your answers in millions (i.e., $10,100,000 should
be entered as 10.1).)
2. Prepare the summary journal entry for each
situation. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first
account field. Enter your answers in millions (i.e., $10,100,000
should be entered as 10.1).)
Cash Received Situation Sale Revenue Accounts Receivable Increase (Decrease) from...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount of cash Horton received from customers during the reporting period if its sales were $40 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. Complete this question by entering your answers in the tabs below. Cash Received General Journal What is the amount of cash Horton received from customers during the reporting period...
General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016 $ 1,430.1 $1,360.8 Balance Sheet: Accounts receivable, net Income statement: Sales revenue $15,619.8 A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and $29.6 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $16.6 million. Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense of $1.9 million and a gain on the sale of land of $3.2 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.9 million, $3.9 million, and $2.9 million, respectively. What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000...
Sheen Awnings reported net income of $96.0 million. Included in that number were depreciation expense of $2.5 million and a loss on the sale of equipment of $1.6 million. Records reveal increases in accounts receivable, accounts payable, and inventory of $1.4 million, $2.4 million, and $3.4 million, respectively. What were Sheen's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should...
Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Account Beginning Balance Ending Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $ 16,500. C. Notes Payable 17,500 23,000 Borrowed funds by issuing a note, $30,000. d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders' Equity 29,000 46,000 Capital Contribution, $7,000. $3,650 to Unknown...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
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