The Company which sell merchandise or services can receive cash from the customers in the following ways:
a) If he make cash sales over the counter then in cash at the time of sale.
b) If he makes credit sales then through electronic fund transfer, through cheque or through the mail.
So option (D) is the correct i.e. in any of the above forms.
A company which sells merchandise or services can receive cash from customers O A. over the...
If a company purchases goods which it sells to customers on account, what accounts would you expect to see on the balance sheet or income statement of this company? \Select one: a. Inventory b. Cash c. Accounts Receivable d. Cost of Goods Sold e. All of the above
Following are transactions for Dana Services (a corporation), Which uses monthly accounting periods a. Shareholders invested $38 250 cash in the company b. The company provided $1 350 of services on credit C. The company provided services to a client and immediately received $1,575 cash d. The company received 59,150 cash from a client in payment for services to be provided next year e. The company received S4 500 cash from a client in partial payment of an account receivable...
If a company sells its products only from a website, which is accessible over the Internet to customers from all over the world, does it still need to worry about having a specific target market? Explain your thinking.
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $370,000. During 2021, Halifax sold merchandise on account for $12,200,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $481,000 in sales for credit, with ...
Jacks sales sells photocopiers and provides parts and services to its customers. The company has 30 employees and provide employees with a benefit plan. You are the controller and are looking at the liability section of the balance sheet and have identified several areas for consideration. For each of the areas answer the related questions assuming private entity GAAP is used. Indicate how your answer would be different if the company used IFRS. As part of a promotion in the...
a. Cash collections from services in July, August, and September, are projected to be $96,000, $156,000, and $120,000 respectively. b. Cash payments for the upcoming third quarter are projected to be $140,000 in July, $104,000 in August, and $137,000 in September. c. The cash balance as of the first day of the third quarter is projected to be $31,000. d. The health center has a policy that it must maintain a minimum cash balance of $24,000. The health center has...
Which of the following is a characteristic of a sole proprietorship? O A. Can continue indefinitely O B. Easy to form O C. Each stockholder acts as an owner of the company O D. Business owned by more than one person Click to select your answer.
O A. OB, Arecevable ithe right to pay cash in the future from a current receivable transaction. O C. Each receivable O D. Receivables occur when a business loans money to another party A receivable occurs when a business makes a cash sale of goods or services to another party involves three parties Click to select your answer
Jacks sales sells photocopiers and provides parts and services to its customers. The company has 30 employees and provide employees with a benefit plan. You are the controller and are looking at the liability section of the balance sheet and have identified several areas for consideration. For each of the areas answer the related questions assuming private entity GAAP is used. Indicate how your answer would be different if the company used IFRS. The company includes a new shredder warranty...
Alderman Health Center provides a variety of medical services. The company is preparing its cash budget for the upcoming third quarter. The following transactions are expected to our (Click the icon to view the expected transactions.) Requirement Prepare a combined cash budget for Alderman Health Center for the third quarter, with a column for each month and for the quarter total (a box is not used in the table leave the box empty, do not enter a zero. Use parentheses...