2019 2020 2019 2020 Cash $2,800 $4,100 Accounts payable $2,200 $2,500 Accounts receivable $3,900 $3,100 Utilities payable $2,600 $3,200 Inventory $8,500 $9,700 Salaries payable $3,100 $3,800 Prepaid insurance $800 $1,100 Notes payable $24,000 $23,000 Equipment $32,000 $32,000 Interest payable $2,600 $2,800 Accum. depreciation ($4,800) ($6,000) Common stock $12,000 $12,000 Land $6,000 $7,500 Retained earnings $2,700 $4,200 $49,200 $51,500 $49,200 $51,500 Given the above information, how much cash was collected from customers during 2020 if total iales were $61,000? $59,700 $61,800 $62,300 $60,200 None of the above

2019 2020 2019 2020 Cash $2,800 $4,100 Accounts payable $2,200 $2,500 Accounts receivable $3,900 $3,100 Utilities payable $2,600 $3,200 Inventory $8,500 $9,700 Salaries payable $3,100 $3,800 Prepaid insurance $800 $1,100 Notes payable $24,000 $23,000 Equipment $32,000 $32,000 Interest payable $2,600 $2,800 Accum. depreciation ($4,800) ($6,000) Common stock $12,000 $12,000 Land $6,000 $7,500 Retained earnings $2,700 $4,200 $49,200 $51,500 $49,200 $51,500 Given the above information, how much cash was collected from customers during 2020 if total iales were $61,000? $59,700 $61,800 $62,300 $60,200 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

See similar textbooks

Similar questions

please help answer
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…
In March 2018 Daniela Motor financing dmf offered some securities for sale to the public. Under the terms of the deal, dmf promised to repay the owner of one of these securities $1,000 in March 2043, but investors would receive nothing until then. Investors paid DMF $350 for each of these securites; so they gave up $350 in March 2018, for the promise of a $1,000 payment 25 years later. A. assuming you purchased the bond for $350, what rate of return would you earn if you held the bond for 25 years until it matured with a value of $1,000 ? answer= 4.28% B. Suppose under the terms of the bond you could redeem the bond in 2024. DMF agreed to pay an annual interest rate of 1.4 percent until that date. How much would the bond be worth at that time?_________ C. In 2024 instead of cashing in the bond for its then current value, you decide to hold the bond until it matures in 2043. What annual rate of return will you earn over the last 19 years?___________
Damoah's Pizza Co. borrowed $200,000 on January 1, 2020, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2022. In connection with this note, Damoah's should report interest expense at December 31, 2020, in the amount of: Question 23 options: $0 $24,000 $48,000 $50,880
Hi I need the answer to this question Thanks
View Policies Current Attempt in Progress On December 31, 2023, Green Bank enters into a debt restructuring agreement with Kingbird Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2 million to $1.9 million Extending the maturity date from December 31, 2023, to December 31, 2026 Reducing the interest rate from 10% to 8% 2₁ 3. Kingbird pays interest at the end of each year. On January 1, 2027, Kingbird pays $1.9 million in cash to Green Bank. Kingbird prepares financial statements in accordance with IFRS 9. (b) Prepare an entry at December 31, 2023, based on the results of your calculation. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.…