Homework Answers
6) Total contra revenue = Sales allowance+Sales discount+Sales returns = 500+10000+1000 = 11500
7) Net Sales = Sales revenue-Contra revenue = 890000-11500 = 878500
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Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: $800,000 70,000 1,000 Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns 3,000 12,000 3,000 6. $ _ Determine total contra revenues for the company 7. $_ _Determine net sales for the company
Use the following to answer questions 1-5 For the next few weeks CUM Ad Agency is...
Use the following to answer questions 1-5 For the next few weeks CUM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs...
For the next few weeks CJM Ad Agency is offering a 20% trade discount when providing...
For the next few weeks CJM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs a $30,000 ad campaign for Customer A-...
At the end of the current year, a company has the following amounts: During the Estimated current for next...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
A company reported the following amounts at the end of 2020: Total sales revenue = $550,000...
A company reported the following amounts at the end of 2020: Total sales revenue = $550,000 Sales discounts = $13,000 Sales returns = $40,000 Sales allowances = $17,000. In addition, the company estimates that an additional $10,000 of sales returns from December sales will occur in January. What were the company's net revenues for 2020? You must provide an answer to this question before selecting "NEXT." If you skip this question it will be marked as incorrect and you will...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000....
At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000. At December 31, 2020, the accounts receivable balance was $59,000. Sales revenue for 2020 was $420,000. Sales returns and allowances for the year were $10,000. Purchase discounts were in the amount of $4,200 and sales discounts were $1,000. Calculate Apex's 2020 cash receipts from customers.
At December 31, 2017, Duffy Dog Imports Inc. reported this information on its balance sheet $633,000...
At December 31, 2017, Duffy Dog Imports Inc. reported this information on its balance sheet $633,000 Accounts receivable 42,000 Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Duffy Dog uses the perpetual inventorysystem. Sales on account amounted to $2,485,000. The cost of the inventory sold was $2,261,350. 1 Sales returns and allowances with a total sales price of $42,000 and a cost of $38,220 were restored to inventory. 2....
Please answer D (last picture) At December 31, 2017, Runner Imports Inc. reported this information on...
Please answer D (last picture)
At December 31, 2017, Runner Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $637,000 39,000 During 2018, the company had the following summary transactions related to receivables and sales. Runner uses the perpetual inventory system. 1. Sales on account amounted to $2,544,000. The cost of the inventory sold was $2,213,280. 2. Sales returns and allowances with a total sales price of $43,000 and a cost of $37,410...
At January 1, 2018. Foress Imports Inc. reported the following on its statement of financial position:
At January 1, 2018. Foress Imports Inc. reported the following on its statement of financial position: Accounts receivable $1,759,000 Allowance for doubtful accounts 122,000 During 2018, the company had the following summary transactions for receivables: 1. Sales on account, $5,383,000; Cost of goods sold, $2,960,000 2. Sales returns and allowances, $86,000; Cost of goods returned to inventory, $47,000 3. Collections of accounts receivable, S5,383,000 4. Interest added to overdue accounts, S406,000 5. Write offs of accounts receivable deemed uncollectible, $145,000 6. Collection of accounts previously written off as uncollectible,...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: $800,000 70,000 1,000 Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns 3,000 12,000 3,000 6. $ _ Determine total contra revenues for the company 7. $_ _Determine net sales for the company
Use the following to answer questions 1-5 For the next few weeks CUM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs...
For the next few weeks CJM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs a $30,000 ad campaign for Customer A-...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
A company reported the following amounts at the end of 2020: Total sales revenue = $550,000 Sales discounts = $13,000 Sales returns = $40,000 Sales allowances = $17,000. In addition, the company estimates that an additional $10,000 of sales returns from December sales will occur in January. What were the company's net revenues for 2020? You must provide an answer to this question before selecting "NEXT." If you skip this question it will be marked as incorrect and you will...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
At December 31, 2017, Duffy Dog Imports Inc. reported this information on its balance sheet $633,000 Accounts receivable 42,000 Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Duffy Dog uses the perpetual inventorysystem. Sales on account amounted to $2,485,000. The cost of the inventory sold was $2,261,350. 1 Sales returns and allowances with a total sales price of $42,000 and a cost of $38,220 were restored to inventory. 2....
Please answer D (last picture)
At December 31, 2017, Runner Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $637,000 39,000 During 2018, the company had the following summary transactions related to receivables and sales. Runner uses the perpetual inventory system. 1. Sales on account amounted to $2,544,000. The cost of the inventory sold was $2,213,280. 2. Sales returns and allowances with a total sales price of $43,000 and a cost of $37,410...
At January 1, 2018. Foress Imports Inc. reported the following on its statement of financial position: Accounts receivable $1,759,000 Allowance for doubtful accounts 122,000 During 2018, the company had the following summary transactions for receivables: 1. Sales on account, $5,383,000; Cost of goods sold, $2,960,000 2. Sales returns and allowances, $86,000; Cost of goods returned to inventory, $47,000 3. Collections of accounts receivable, S5,383,000 4. Interest added to overdue accounts, S406,000 5. Write offs of accounts receivable deemed uncollectible, $145,000 6. Collection of accounts previously written off as uncollectible,...
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