In 2020, Sheffield Corp. had cash receipts from customers of $152,000 and cash payments for operating...
In 2020, Sheffield Corp. had cash receipts from customers of
$152,000 and cash payments for operating expenses of $90,000. At
January 1, 2020, accounts receivable were $11,000 and total prepaid
expenses were $16,300. At December 31, 2020, accounts receivable
were $16,700 and total prepaid expenses were $25,400.
Calculate the following:
| (a) |
Total Service Revenue |
$enter a dollar amount | ||
|---|---|---|---|---|
| (b) |
Total Operating Expenses |
$enter a dollar amount |
Homework Answers
![$ 152,000 (a). Cash Receipt from Customers Add: Increase in Accounts Receivable [$ 16,700 - $11,000] Total Service Revenue $](http://img.homeworklib.com/questions/3c8097a0-a92a-11eb-8b96-79ae552b4d80.png?x-oss-process=image/resize,w_560)
-------------------------------------------
If you have any queries/doubts,Immediately drop your messages in
the comment box !!!! I will help you...
Thanks!!!
Add Answer to:
In 2020, Sheffield Corp. had cash receipts from customers of
$152,000 and cash payments for operating...
Kelly Company had cash receipts from customers in 2014 of $150,220. Cash payments for operating expenses...
Kelly Company had cash receipts from customers in 2014 of $150,220. Cash payments for operating expenses were $97,860. Kelly has determined that at January 1, accounts receivable was $13,810, and prepaid expenses were $18,340. At December 31, accounts receivable was $18,980, and prepaid expenses were $24,990. Compute (a) service revenue and (b) operating expenses.
The following information is available for Sheffield Corp. for the year 2022: Cash receipts from operating...
The following information is available for Sheffield Corp. for the year 2022: Cash receipts from operating activities Cash payments from operating activities Net cash used by investing Net cash provided by financing Net increase in cash and equivalents Cash and equivalents at start of year Cash and equivalents at year-end (in million) $830 $250 $220 $800 ? $580 ? What is the net increase in cash and equivalents for the year? O $580 O $1160 $2180 O $1600 Novak Corp.'s...
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows....
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $421,200 $468,000 Direct materials purchases 140,400 146,250 Direct labor 105,300 117,000 Manufacturing overhead 81,900 87,750 Selling and administrative expenses 92,430 99,450 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
Requirement 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments...
Requirement 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter 2018 i Data Table Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr-Sales Total cash receipts from customers Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing...
Helen Martin, M.D., maintains the accounting records of Martin Clinic on a cash basis. During 2020,...
Helen Martin, M.D., maintains the accounting records of Martin Clinic on a cash basis. During 2020, Dr. Martin collected $141,986 from her patients and paid $51,749 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $9,012 $15,880 Unearned service revenue 2,940 4,440 Accrued expenses 3,247 2,113 Prepaid expenses 1,978 3,353 Prepare a...
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments...
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts $518,000 404,000 464,000 Cash payments $465,900 351,900 531,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at...
Problem 9-4A (Part Level Submission) Colter Company prepares monthly cash budgets. Relevant data from operating budgets...
Problem 9-4A (Part Level Submission)
Colter Company prepares monthly cash budgets. Relevant data from
operating budgets for 2017 are as follows:
January
February
Sales
$432,000
$400,000
Direct materials purchases
144,000
150,000
Direct labor
108,000
120,000
Manufacturing overhead
84,000
90,000
Selling and administrative expenses
94,800
102,000
All sales are on account. Collections are expected to be 50% in the
month of sale, 30% in the first month following the sale, and 20%
in the second month following the sale. Sixty percent...
Zamunda Corp. began operations in January 2020
Question 5Zamunda Corp. began operations in January 2020. During the first quarter, Zamunda had $200,000 in sales to customers, all on account. By the end of the first quarter, Zamunda had already collected $50,000 from customers, with the remaining $150,000 still outstanding. Zamunda estimates that it will be able to collect $140,000 of the $150,000 in outstanding accounts receivable. What amount will Zamunda report for Net Accounts Receivable on its first-quarter balance sheet? (just enter the number, without any commas...
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the...
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the number, without any commas or a dollar sign) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets 2020 2019 $ 62,000 $ 48,000 $ 26,000 $ 23,000 $ 22,000 $32,000 $ 40,000 $ 20,000 $ 72,000 $80,000 $ 30,000 $ 40,000 $ 252,000 $ 243,000 Income Statement Sales Revenue $ 230,000 Cost of Goods...
The following information is available for Sheffield Corp. for the year 2022: Cash receipts from operating activities Cash payments from operating activities Net cash used by investing Net cash provided by financing Net increase in cash and equivalents Cash and equivalents at start of year Cash and equivalents at year-end (in million) $830 $250 $220 $800 ? $580 ? What is the net increase in cash and equivalents for the year? O $580 O $1160 $2180 O $1600 Novak Corp.'s...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
Requirement 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter 2018 i Data Table Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr-Sales Total cash receipts from customers Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing...
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts $518,000 404,000 464,000 Cash payments $465,900 351,900 531,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at...
Problem 9-4A (Part Level Submission)
Colter Company prepares monthly cash budgets. Relevant data from
operating budgets for 2017 are as follows:
January
February
Sales
$432,000
$400,000
Direct materials purchases
144,000
150,000
Direct labor
108,000
120,000
Manufacturing overhead
84,000
90,000
Selling and administrative expenses
94,800
102,000
All sales are on account. Collections are expected to be 50% in the
month of sale, 30% in the first month following the sale, and 20%
in the second month following the sale. Sixty percent...
Question 5Zamunda Corp. began operations in January 2020. During the first quarter, Zamunda had $200,000 in sales to customers, all on account. By the end of the first quarter, Zamunda had already collected $50,000 from customers, with the remaining $150,000 still outstanding. Zamunda estimates that it will be able to collect $140,000 of the $150,000 in outstanding accounts receivable. What amount will Zamunda report for Net Accounts Receivable on its first-quarter balance sheet? (just enter the number, without any commas...
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the number, without any commas or a dollar sign) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets 2020 2019 $ 62,000 $ 48,000 $ 26,000 $ 23,000 $ 22,000 $32,000 $ 40,000 $ 20,000 $ 72,000 $80,000 $ 30,000 $ 40,000 $ 252,000 $ 243,000 Income Statement Sales Revenue $ 230,000 Cost of Goods...
Most questions answered within 3 hours.
-
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 55 minutes ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 1 hour ago -
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 55 minutes ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 2 hours ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 2 hours ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 2 hours ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 3 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 3 hours ago -
What is the distance run by a runner 50m/hr and
60m/hr?
asked 4 hours ago -
Write a descendant selector rule that affects the <em>
element that is contained within the
<p>...
asked 4 hours ago -
The management of an electrical manufacturing plant determined
that the mean life of their 10 watt...
asked 4 hours ago -
On January 1, Year 1, Prairie Enterprises purchased a parcel of
land for $13,100 cash. At...
asked 4 hours ago