Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 •...
Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 • Selling and administrative expenses, $330,000 • Sales returns and allowances, $90,000 • Gross profit, $1,360,000 • Increase in accounts receivable, $55,000 • Bad debt expense, $33,000 • Sales discounts, $43,000 • Net income, $1,030,000 How much cash was collected from customers?
A) Cash flow increased $1,295,000.
B) Cash flow increased $1,745,000.
C) Cash flow decreased $1,855,000.
D) Cash flow increased $1,405,000.
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Newark Company has provided the following information: • Cash
sales, $450,000 • Credit sales, $1,350,000 •...
Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales,...
Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales, $1,510,000 . Selling and administrative expenses, $490,000 . Sales returns and allowances, $106,000 Gross profit, $1,520,000 . Increase in accounts receivable, $71,000 . Bad debt expense, $49,000 . Sales discounts, $59,000 . Net income, $1,030,000 How much is Newark's cost of sales? O s484000 O $435,00o. O s600.000 O $364,000
Newark Company has provided the following information: Time Remaining 53 minutes 28 seconds • Cash sales,...
Newark Company has provided the following information: Time Remaining 53 minutes 28 seconds • Cash sales, $620,000 • Credit sales, $1,520,000 • Selling and administrative expenses, $500,000 • Sales returns and allowances, $107,000 • Gross profit, $1,530,000 • Increase in accounts receivable, $72,000 • Bad debt expense, $50,000 • Sales discounts, $60,000 • Net income, $1,030,000 How much are Newark's net sales? Multiple Choice $2,140,000. $1,923,000. $1,973,000. $2,068,000. Question McGraw Hill Education Question 8 of 40 Total
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales,...
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $155,000 Credit sales, $455,000 Selling and administrative expenses, $115,000 Sales returns and allowances, $35,000 Gross profit, $495,000 Accounts receivable, $155,000 Sales discounts, $19,000 Allowance for doubtful accounts credit balance, $1,700 Flyer prepares an aging of accounts receivable and the result shows that 5% of accounts receivable is estimated to be uncollectible. How much is bad debt expense?
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales,...
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $157,000 Credit sales, $457,000 Selling and administrative expenses, $117,000 Sales returns and allowances, $37,000 Gross profit, $497,000 Accounts receivable, $175,000 Sales discounts, $21,000 Allowance for doubtful accounts credit balance, $1,900 Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. What is the balance in the allowance for doubtful accounts after bad debt...
Curiyan Company has provided the following information prior to any year-end bad debt adjustment: • Cash...
Curiyan Company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $200,000 Credit sales, $800,000 • Selling and administrative expenses, $120,000 • Sales returns and allowances, $40,000 • Gross profit, $490,000 • Accounts receivable, $130,000 • Sales discounts, $12,000 • Allowance for doubtful accounts credit balance, $1,500 Curiyan prepares an aging of accounts receivable and the result shows that 2% of accounts receivable is estimated to be uncollectible. How much is bad debt expense?...
please explain how to do this The Heritage Company has provided the following information: • Allowance...
please explain how to do this
The Heritage Company has provided the following information: • Allowance for doubtful accounts increased $25,000 and accounts receiv increased $400,000 during the year. • Accounts written off as uncollectible totaled $10,000. divissa • Net sales totaled $3,250,000. • Sales discounts were $90,000. • The gross profit percentage was 30%. How much was Heritage's bad debt expense? A. $ 90,000 B. $ 35,000 C. $125,000 D. $ 55,000 E. None of the above.
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash...
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) For the Month Ended November 30, 2014 Sales Returns and Allowances $ $ $
9. (6 points) Vera Company has provided the following information prior to any year-end bad debt...
9. (6 points) Vera Company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $160,000 • Credit sales, $480,000 • Selling and administrative expenses, $180,000 • Sales returns and allowances, $40,000 • Gross profit, $480,000 • Accounts receivable, $120,000 • Sales discounts, $18,000 • Allowance for doubtful accounts credit balance, $1,900 Vera prepares an aging of accounts receivable and the result shows that 6% of accounts receivable is estimated to be uncollectible. Prepare the...
Lant Company has provided the following information: • Cash sales totaled $230,000. • Credit sales totaled...
Lant Company has provided the following information: • Cash sales totaled $230,000. • Credit sales totaled $483,000. • Cash collections from customers for services yet to be provided totaled $83,000. • A $19,000 loss from the sale of property and equipment occurred. • Interest income was $8,100. • Interest expense was $18,300. • Supplies expense was $300,000. • Rent expense for the store was $33,000. • Wages expense was $43,000. • Other operating expenses totaled $73,000. • Unearned revenue was...
The following information pertains to Spee Co.'s 2016 sales: Cash sales Gross $40,000 Returns and allowances...
The following information pertains to Spee Co.'s 2016 sales: Cash sales Gross $40,000 Returns and allowances 2,000 Credit sales Gross 60,000 Discounts 3,000 On January 1, 2016, customers owed Spee $20,000. On December 31, 2016, customers owed Spee $15,000. Spee uses the direct write-off method for bad debts. No bad debts were recorded in 2016. Under the cash basis of accounting, what amount of revenue should Spee report for 2016?
Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales, $1,510,000 . Selling and administrative expenses, $490,000 . Sales returns and allowances, $106,000 Gross profit, $1,520,000 . Increase in accounts receivable, $71,000 . Bad debt expense, $49,000 . Sales discounts, $59,000 . Net income, $1,030,000 How much is Newark's cost of sales? O s484000 O $435,00o. O s600.000 O $364,000
Curiyan Company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $200,000 Credit sales, $800,000 • Selling and administrative expenses, $120,000 • Sales returns and allowances, $40,000 • Gross profit, $490,000 • Accounts receivable, $130,000 • Sales discounts, $12,000 • Allowance for doubtful accounts credit balance, $1,500 Curiyan prepares an aging of accounts receivable and the result shows that 2% of accounts receivable is estimated to be uncollectible. How much is bad debt expense?...
please explain how to do this
The Heritage Company has provided the following information: • Allowance for doubtful accounts increased $25,000 and accounts receiv increased $400,000 during the year. • Accounts written off as uncollectible totaled $10,000. divissa • Net sales totaled $3,250,000. • Sales discounts were $90,000. • The gross profit percentage was 30%. How much was Heritage's bad debt expense? A. $ 90,000 B. $ 35,000 C. $125,000 D. $ 55,000 E. None of the above.
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) For the Month Ended November 30, 2014 Sales Returns and Allowances $ $ $
9. (6 points) Vera Company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $160,000 • Credit sales, $480,000 • Selling and administrative expenses, $180,000 • Sales returns and allowances, $40,000 • Gross profit, $480,000 • Accounts receivable, $120,000 • Sales discounts, $18,000 • Allowance for doubtful accounts credit balance, $1,900 Vera prepares an aging of accounts receivable and the result shows that 6% of accounts receivable is estimated to be uncollectible. Prepare the...
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