Homework Answers
Account Receivable turnover ratio = Net credit sales/(opening + closing account receivable)/2
= $1128800/($122400+$149600)/2
= 8.3 times
option A is correct
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Multiple Choice Question 187 Windsor, Inc. had net credit sales during the year of $1128800 and...
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Crane Inc. had a beginning balance in accounts receivable of $19,200. During the year, it had...
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Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the...
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RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $1...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
2 A company had net sales of $520,000, total sales of $670,000, and an average accounts...
2
A company had net sales of $520,000, total sales of $670,000, and an average accounts receivable of $84,000. Its accounts receivable turnover equals: Multiple Choice 0.16 0.13 7.98 O.78 6.19 A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $31,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance...
Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold of $604000. The balance in accounts receivable at the beginning of the year was $114000 and at the end of the year was $152000. What was the accounts receivable turnover? 102
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for the year. The Accounts Receivable balances at the beginning and end of the year were $664000 and $756000, respectively. The accounts receivable turnover was 5.1 times. 5.3 times. 5.4 times. 5.8 times.
Crane Inc. had a beginning balance in accounts receivable of $19,200. During the year, it had credit sales of $240,000. Crane received payments on account of $224,000. At the end of the year, accounts receivable has a: Multiple Choice credit balance of $3,200. O debit balance of $3,200. credit balance of $35,200. debit balance of $35,200.
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Debits Credits Cash $4,850 Accumulated Depreciation--Equipment $1,620 4,050 Accounts Payable Accounts Receivable Inventory (2,700 x $0.60) 3,280 1.620 Common Stock 9.000 Equipment 18 19,000 Retained Earnings $29.520 $29.520 15,620 $29.520 The following transactions occurred during December Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
2
A company had net sales of $520,000, total sales of $670,000, and an average accounts receivable of $84,000. Its accounts receivable turnover equals: Multiple Choice 0.16 0.13 7.98 O.78 6.19 A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $31,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance...
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