Homework Answers
Beginning accounts receivable = $5,400
Add: Credit sales during the period = $48,000
Less: Ending accounts receivable = ($960)
Total sales collections = $52,440
Add: Deferred revenue end of year = $9,300
Total cash collected from customers = $61,740
(Deferred revenue is cash collected in advance for services to be rendered in next year. It is shown as current liability in balance sheet.)
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five-month period: The company's sales are 40 % cash and 60 %
credit. Its collection history indicates that credit sales are
collected as follows:
How much cash will be collected in January? In February? In
March? For the quarter in total? Complete the cash budget to
determine how much cash will be collected in January, February,
March and for the quarter in total.
Data Table November December January February March...
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The net income reported on the income statement for the current
year was $306,300. Depreciation recorded on equipment and a
building amounted to $91,600 for the year. Balances of the current
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the year are as follows:
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