Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash s...
Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, which was computed from net credit sales for the year.
What was Utica's total net sales for 2017?
(This is a previously posted question that was answered incorrectly).
Homework Answers
Receivables turnover = Net credit sales / average inventory
average inventory = (250,000 + 300,000) / 2 = 275,000
average inventory = 275,000
5 = Net credit sales / 275,000
Net credit sales = $1,375,000
Total net sales = Cash sales + credit sales
Total net sales = 100,000 + 1,375,000
Total net sales = $1,475,000
Add Answer to:
Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash s...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000. What is the accounts receivable turnover? a. 2.89 b. 2 c. 2.36 d. 1.57 4. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
Simon Company's year-end balance sheets follow. At December 31 2017 2016 Assets Cash Accounts receivable, net...
Simon Company's year-end balance sheets follow. At December 31 2017 2016 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $31,986 37,389 $ 37,778 53,487 56,421 4, 284 92,705 117,737 10,717 64,769 86,461 10,013 294,468 273,448241,430 547,613 472,080 393,400 Liabilities and Equity Accounts payable Long-term notes payable secured by s139,083 $ 79,782 51,929 101,922 109,664 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 88,680 163,500 163,5ee 163,500 89,291...
At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable,...
At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 93,724 125,129 10,521 68,195 91,016 10,127 277,632 53,582 55,403 4,422 242,457 $565,045 $487,108 394,100 302,333 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $140,696 $ 82,321 50,461 112,035 162,500 130,252 $565,045 $487,108 394,100 109,415 162,500 152,434 85,354 162,500 95,785 Total liabilities and...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,167 84,968 103,689 9,348 260,975 $ 487,147 $ 32,924 $ 58,794 78,468 8,643 241,125 $ 419,954 $ 34,307 45,742 48,233 3,774 211,044 343,100 $ 120,087 $ 69,553 $ 44,383...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 26,1225 30,846 $ 34,119 79,574 53,981 44,167 97,135 70,612 47,513 8,498 8,261 3,791 240,461 225, 274 205,010 $ 451,799 $ 389,474 $ 334,600 $ 114,746 $ 65,821 $...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 25,138 $ 29,084 $ 75,087 53,520 90,668 70,029 8,13 7,871 235,849 214,285 $ 434,755 $ 374,789 $ 31,223 41,227 43,046 3,335 187,369 306,200 $ 107,171 $ 62,706 $ aces...
Simon Company's year-end balance sheets follow. 2018 2017 2016 At December 31 Assets Cash Accounts receivable, n...
Simon Company's year-end balance sheets follow. 2018 2017 2016 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 34,996 $ 40,907 $ 43,481 102,453 73,033 56,815 131,391 96,508 62,366 11,156 10,955 4,735 319,143 295, 296 271,803 $599,139 $516,499 $ 439,200 $149,186 $ 87,288 $ 57,974 114,891...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000. What is the accounts receivable turnover? a. 2.89 b. 2 c. 2.36 d. 1.57 4. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
Simon Company's year-end balance sheets follow. At December 31 2017 2016 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $31,986 37,389 $ 37,778 53,487 56,421 4, 284 92,705 117,737 10,717 64,769 86,461 10,013 294,468 273,448241,430 547,613 472,080 393,400 Liabilities and Equity Accounts payable Long-term notes payable secured by s139,083 $ 79,782 51,929 101,922 109,664 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 88,680 163,500 163,5ee 163,500 89,291...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 93,724 125,129 10,521 68,195 91,016 10,127 277,632 53,582 55,403 4,422 242,457 $565,045 $487,108 394,100 302,333 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $140,696 $ 82,321 50,461 112,035 162,500 130,252 $565,045 $487,108 394,100 109,415 162,500 152,434 85,354 162,500 95,785 Total liabilities and...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,167 84,968 103,689 9,348 260,975 $ 487,147 $ 32,924 $ 58,794 78,468 8,643 241,125 $ 419,954 $ 34,307 45,742 48,233 3,774 211,044 343,100 $ 120,087 $ 69,553 $ 44,383...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 26,1225 30,846 $ 34,119 79,574 53,981 44,167 97,135 70,612 47,513 8,498 8,261 3,791 240,461 225, 274 205,010 $ 451,799 $ 389,474 $ 334,600 $ 114,746 $ 65,821 $...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 25,138 $ 29,084 $ 75,087 53,520 90,668 70,029 8,13 7,871 235,849 214,285 $ 434,755 $ 374,789 $ 31,223 41,227 43,046 3,335 187,369 306,200 $ 107,171 $ 62,706 $ aces...
Simon Company's year-end balance sheets follow. 2018 2017 2016 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 34,996 $ 40,907 $ 43,481 102,453 73,033 56,815 131,391 96,508 62,366 11,156 10,955 4,735 319,143 295, 296 271,803 $599,139 $516,499 $ 439,200 $149,186 $ 87,288 $ 57,974 114,891...
Most questions answered within 3 hours.
-
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 43 minutes ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 51 minutes ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 1 hour ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 2 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 2 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 3 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 3 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 2 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 3 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 3 hours ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 4 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 4 hours ago