2019 2020 2019 2020 Cash $2,000 $4,500 Accounts payable $4,000 $8,200 Accounts receivable $6,000 $8,200 Utilities payable $1,800 $2,100 Inventory $3,000 $3,400 Salaries payable $4,500 $4,100 Prepaid rent $800 $600 Notes payable $8,000 $9,200 Equipment $12,000 $12,000 Interest payable $400 $900 Accum. depreciation ($2,400) ($2,800) Common stock $6,000 $6,000 Land $6,200 $8,000 Retained earnings $2,900 $3,400 $27,600 $33,900 $27,600 $33,900 Given the above information, how much were total sales if $84,000 in cash was collected during 2020? $81,800 $86,200 $87,500 $81,500 O None of the above

2019 2020 2019 2020 Cash $2,000 $4,500 Accounts payable $4,000 $8,200 Accounts receivable $6,000 $8,200 Utilities payable $1,800 $2,100 Inventory $3,000 $3,400 Salaries payable $4,500 $4,100 Prepaid rent $800 $600 Notes payable $8,000 $9,200 Equipment $12,000 $12,000 Interest payable $400 $900 Accum. depreciation ($2,400) ($2,800) Common stock $6,000 $6,000 Land $6,200 $8,000 Retained earnings $2,900 $3,400 $27,600 $33,900 $27,600 $33,900 Given the above information, how much were total sales if $84,000 in cash was collected during 2020? $81,800 $86,200 $87,500 $81,500 O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Determine the unit contribution margin and contribution margin ratio. Last month, Laredo Company sold 450 units for $25 each. During the month, fixed costs were $2,520 and variable costs were $9 per unit.
Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a) What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)? Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088 Question 2 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b) What is her selling price (rounded to four decimal places)? Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280 Question 3 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500 $1,600 Prepaid insurance $800 $1,600 Notes payable $14,000 $16,000 Equipment $36,000 $36,000 Interest payable $2,000 $3,200 Accum. depreciation ($14,000) ($15,200) Common stock $9,000 $9,000 Land $7,600 $10,200 Retained earnings $10,600 $14,600 $40,300 $49,000 $40,300 $49,000 How much was cost of goods sold in 2020 if $51,000 was paid to suppliers? $50,700 $46,600 O $55,100 $46,900 None of the above
The debtors collection period of JK Limited for 2023 is expected to be 36.5 days and the creditors payment period is estimated to be 73 days.The accounts receivable balance on 31 December 2023 is expected to be R108 000. How much are the budgeted credit sales?A. R1 080 000OB. R540 000OC. R7 884 000D. R3 942 000 Do not give answer in image
4 years ago (in 2019) you received a cash flow of $800 when the interest rate was 6%. You will receive an additional $240 next year. From 2019-2021 the interest rate was 6%, but in 2022 was increased to 8% where you expect it to stay. What are these cash flows worth today? $1.345.12 $1,141.28 $1.292.74 $1,270.68
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