Homework Answers
Please rate the answer
Answer c) 490,000 $
Cash receipts of the company are calculated as
=Total sales of the company in the year - Change in
receivables
sales = 500,000 $
Change in receivables = 25000-15000
=10,000$
Cash receipts
= 500000-10000
=490,000 $
Add Answer to:
Question 4 (1 point) A company has $500,000 in sales and the Accounts Receivable balance increased...
If sales on an accrual basis are 500,000 and accounts receivable increased by 30,000, the cash...
If sales on an accrual basis are 500,000 and accounts receivable increased by 30,000, the cash received from customers would be: Select one or more: a. 530,000. b. 470,000. c. 500,000. d. Cannot be determined
13. Meeks Company has the following sales for the first quarter of 2019: EEB (Click on...
13. Meeks Company has the following sales for the first quarter of 2019: EEB (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,500, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. January FebruaryMarch Data Table Total cash receipts from customers JanuaryFebruary March Cash sales5,000...
Question 6 (1 point) A company has $85,000 in wages expense. The Wages Payable balance increased...
Question 6 (1 point) A company has $85,000 in wages expense. The Wages Payable balance increased from $18,000 in 2018 to $21,000 in 2019. What is the total cash payments to employees? $64,000 O $82,000 $70,000 $88,000
The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by...
The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2016. During the same time period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016 and bad debts expense was 1% of sales, how much cash was collected from customers during the year?
At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has...
At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000 Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $19,500 and $25,000 Od. $30,500 and $25,000
Question B2 The trial balance as at 31 December 2018 of Beauty Cosmetics Company (“Beauty Cosmetics”)...
Question B2 The trial balance as at 31 December 2018 of Beauty Cosmetics Company (“Beauty Cosmetics”) included the following accounts: Accounts receivable at 31 December 2018 $90,000 Allowance for impairment $10,700 (Dr) During 2019, total sales amounted to $1,200,000, of which 70% was credit sales. Total receipts from credit customers were $600,000. Besides, $61,000 of accounts receivables was proven to be uncollectible and were written off. At the end of the year, an aging of the accounts receivable indicated the...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,800, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. February January March O Data Table Purchases on account January February March Receipts...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
Question 3 (1 point) A company has $250,000 in cost of goods sold. The Inventory balance...
Question 3 (1 point) A company has $250,000 in cost of goods sold. The Inventory balance decreased from $35,000 in 2018 to $17,000 in 2019 and the Accounts Payable balance decreased from $8,000 in 2018 to $6,000 in 2019. What is the total cash payments to suppliers? $234,000 $270,000 O $266,000 $230,000
13. Meeks Company has the following sales for the first quarter of 2019: EEB (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,500, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. January FebruaryMarch Data Table Total cash receipts from customers JanuaryFebruary March Cash sales5,000...
Question 6 (1 point) A company has $85,000 in wages expense. The Wages Payable balance increased from $18,000 in 2018 to $21,000 in 2019. What is the total cash payments to employees? $64,000 O $82,000 $70,000 $88,000
At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000 Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $19,500 and $25,000 Od. $30,500 and $25,000
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,800, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. February January March O Data Table Purchases on account January February March Receipts...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
Question 3 (1 point) A company has $250,000 in cost of goods sold. The Inventory balance decreased from $35,000 in 2018 to $17,000 in 2019 and the Accounts Payable balance decreased from $8,000 in 2018 to $6,000 in 2019. What is the total cash payments to suppliers? $234,000 $270,000 O $266,000 $230,000
Most questions answered within 3 hours.
-
Select a target behavior from your list of potential target
behaviors. State your target behavior in...
asked 10 minutes ago -
Guns make a unique marking on the bullets they fire and their
shell casings. These markings...
asked 13 minutes ago -
Bourque Enterprises is considering a new project. The project
will generate sales of $1.5 million, $2.2...
asked 25 minutes ago -
data structures c++
please implement the QuickSort algorithm as a C++ function. Use
it to sort...
asked 25 minutes ago -
A young investment manager tells his client that the probability
of making a positive return with...
asked 28 minutes ago -
Calculate the final discrete available-to-promise quantity for
Week 1 using the following table.
Weeks
1
2...
asked 59 minutes ago -
Bob is gambling in the casino. The probability that he will win
nothing is 0.2. The...
asked 2 hours ago -
A free electron and a free proton are exactly 0.70 cm apart.
A)
Find the magnitude...
asked 2 hours ago -
Identify and Describe the major sources of U.S law. Provide a
sport-related example of each.
asked 2 hours ago -
NASA's Ames Research Center in Mountain View, California, houses
a 20g centrifuge used to conduct research...
asked 3 hours ago -
I want a python code using recursion ONLY.
I cannot use any loops, dictionaries or modules....
asked 3 hours ago -
Tobin Supplies Company expects sales next year to be $450,000.
Inventory and accounts receivable will increase...
asked 4 hours ago