ZuoTi.Pro
Question

Calculate ending receivables assuming opening receivables were $150,000 and sales and collections for the year were...

  1. Calculate ending receivables assuming opening receivables were $150,000 and sales and collections for the year were $600,000 and $580,000 respectively.
  1. Calculate amount collected if sales were $500,000, and opening and ending receivables were $120,000 and $110,000 respectively.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1.

Ending receivable = ?

Opening receivable = $150,000

sales = $600,000

Cash collection = $580,000

Ending receivable = Opening receivable + sales - Cash collection

= 150,000+600,000-580,000

= $170,000

2.

Sales = $500,000

Opening receivable = $120,000

Ending receivable = $110,000

Amount collected = ?

Amount collected = Opening receivable + Sales - Ending receivable

= 120,000+500,000-110,000

= $510,000

0 0
Add a comment
Know the answer?
Add Answer to:
Calculate ending receivables assuming opening receivables were $150,000 and sales and collections for the year were...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Accountancy

    Calculate monthly C.O.G.S. assuming a 30% mark-up and the following 6 month’s sales figures:$4000, $4500, $5000, $6000, $7500, $7500.Repeat calculations assuming gross contribution margin of 40%.Assuming average monthly sales of $50,000 and average monthly C.O.G.S. of $30,000, calculate the expected level ofReceivables if average collection period is 55 days.Inventory if you plan on average 40 days on hand.Assuming annual sales of $250,000 and a 50% gross (contribution) margin, calculate the followingAverage collection period if ending receivables total $45,000Ending days-on-hand of...

  • As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000....

    As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month...

  • Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and...

    Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year, respectively. Cash received from customers to be reported on the statement of cash flows using the direct method is O$580,000 O $620,000 $700,000 O $600,000

  • At the beginning of the year, accounts receivable were $150,000 and the allowance for bad debts...

    At the beginning of the year, accounts receivable were $150,000 and the allowance for bad debts was $12,100. During the year, sales (all on account) were $606,000, cash collections were $586,000, bad debts expense totaled $16,000, and $12,600 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint: Use T-accounts to analyze each of these accounts, plug in the amounts...

  • Little Grey Company earns $5,221 of revenue on account in Year 1. Cash collections of receivables...

    Little Grey Company earns $5,221 of revenue on account in Year 1. Cash collections of receivables amount to $3,300 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show revenues in year 2 of $________

  • It is November 1 of Year 1. Sales for Mark Company for November and December of...

    It is November 1 of Year 1. Sales for Mark Company for November and December of Year 1 and January of Year 2 are forecasted to be as follows: November, 300,000; December 700,000; January, 200,000 100% of sales are credit sales. Of these credit sales, 15% are collected during the month of sale, 25% in the following month, and 50% in the second following month; 10% are never collected. Total sales for September and October of Year 1 were 100,000...

  • It is November 1 of Year 1. Sales for Joseph Company for November and December of...

    It is November 1 of Year 1. Sales for Joseph Company for November and December of Year 1 and January (of Year 2) are forecasted to be as follows: November, 300,000; December 700,000; January, 200,000 90% of sales are credit sales; the remaining sales are cash sales. Of these credit sales, 15% are collected during the month of sale, 25% in the following month, and 50% in the second following month; 10% are never collected. Total sales for September and...

  • The Bass Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...

    The Bass Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4   Sales $540 $630 $590 $840 Required: (a) Accounts receivable at the beginning of the year are $295. Bass has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): Q1 Q2 Q3 Q4   Beginning receivables $     $     $     $       Sales...

  • Question 6 Not yet answered Marked out of 2.00 P Flag question John Den Bear Company had a $150,000 beginning balanc...

    Question 6 Not yet answered Marked out of 2.00 P Flag question John Den Bear Company had a $150,000 beginning balance in Accounts Receivable and a $6,000 credit balance in the Allowance for Doubtful Accounts. During the year, credit sales were $600,000 and customers' accounts collected were $590,000. Also, $4,000 in worthless accounts were written off. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for...

  • 4. The Ronna & Pam Partnership has earned $300,00 this year is $150,000. Pam's opening capital...

    4. The Ronna & Pam Partnership has earned $300,00 this year is $150,000. Pam's opening capital balance is interest allowance on their opening capital balance. Also, Ron $65,000, while Pam gets a 'salary allowance of $35 YOU MUST SHOW ALL CALCULATIONS. this year. Ronna's opening capital balance for lance is $75,000. Assume that each partner gets 10% ary allowance' of $35.000. Their profit to loss sharing ratio is 50:50. e. Also, Ronna gets a 'salary allowance' of A: What is...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT