Homework Answers
Solution:
Sales for january = $620000*(100%-28%) = $446,400
Collection in January expected = $446400 + 97200 - 72100 = $471,500
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Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $580,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 24 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $98,300 and is budgeted to be $71,800 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $400,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 30 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $60,000 and is budgeted to be $41,000 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $570,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 21 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $98,000 and is budgeted to be $71,700 as of January 31. Required a. Determine the amount of cash Carmen's Dress elivery expects...
Homework #5 A Help Save & Exit Submit Check my work Carmen's Dress Delivery operates a...
Homework #5 A Help Save & Exit Submit Check my work Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $660,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 29 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97.000 and is budgeted to be $72.900 as of January 31....
Homework #5 i Saved Help Save & Exit Submit Check my work Carmen's Dress Delivery operates...
Homework #5 i Saved Help Save & Exit Submit Check my work Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $750,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 21 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97,000 and is budgeted to be $72,900 as of January...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $730,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 23 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was 596,400 and is budgeted to be $72,500 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
Estlin Corporation sells mail-order computers. In December Year 2, it has generated $300,000 of sales revenue;...
Estlin Corporation sells mail-order computers. In December Year 2, it has generated $300,000 of sales revenue; the company expects a 20 percent increase in sales in January and 10 percent in February. All sales are on account. Estlin normally collects 80 percent of account receivable in the month of sale and 20 percent in the next month. a. Prepare a sales budget for January and February Year 3 b. Determine the amount of sales revenue Estlin would report on the...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $580,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 24 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $98,300 and is budgeted to be $71,800 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $400,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 30 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $60,000 and is budgeted to be $41,000 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $570,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 21 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $98,000 and is budgeted to be $71,700 as of January 31. Required a. Determine the amount of cash Carmen's Dress elivery expects...
Homework #5 A Help Save & Exit Submit Check my work Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $660,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 29 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97.000 and is budgeted to be $72.900 as of January 31....
Homework #5 i Saved Help Save & Exit Submit Check my work Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $750,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 21 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97,000 and is budgeted to be $72,900 as of January...
Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $730,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 23 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was 596,400 and is budgeted to be $72,500 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
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