Cash collection = Beginning receivables balance + Credit sales - Ending receivables balance
= $40,200 + $415,500 - $199,900
= $255,800
Blossom Company significantly reduced its requirements for credit sales. As a result, sales during the current...
Indigo Corporation significantly reduced its requirements for credit sales. As a result, sales during the current year increased dramatically. It had receivables at the beginning of the year of $35,100 and ending receivables of $196,800. Credit sales were $361,800. (a) Determine cash collections during the period. Cash collections during the period $
Sheffield Corp. had a beginning balance in accounts receivable of $67,410 and an ending balance of $90,960. Credit sales during the period were $571,370. Determine cash collections.
Current Attempt in Progress Carla Vista Co. had a beginning balance in accounts receivable of $69,280 and an ending balance of $83,720. Credit sales during the period were $587,340. Determine cash collections. Cash collections $
Chapter 18 - Midwest Tire Company Input Area 01 1550 S 1,600 prior Credit sales Credit purchases Cash disbursements 1,500 S 1,400 $ 1,700 $ Wages, taxes, and expenses Intcrest 180 80 168 80 204 80 186 80 AR at the beginning of the year 600 Collection Period Payable Period Collections from current period sales Collection from prior period sale Payables on current period purchases Payables on prior period purchases 60 60 33% 67% 33% 67% % of purchases for...
Current Attempt in Progress At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $187,800 and in Allowance for Doubtful Accounts of $9,630 (credit). During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off as uncollectible accounts receivable of $7,381. However, a $2,859 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,070 at the end...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,972,100; $660,400 remained uncollected at year-end. The credit manager estimates that $38,610 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $92,160,...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
The Gruber Company has projected the following quarterly sales amounts for the coming year. Q1 Sales $670 Q2 Q3 $700 $780 Q4 $850 a. Accounts receivable at the beginning of the year are 5290. The company has a 45. day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.)...
The Litzenberger Company has projected the
following quarterly sales amounts for the coming year:
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Sales 01 $800 02 $830 03 $910 04 $990 a. Accounts receivable at the beginning of the year are $390. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal...