4,800Service RevenueThe following is a random list of the adjusted account balances of Wyoming Company as of the end of the current accounting period:CashAccounts Payable18,100 Accounts Receivable5,80018,300Land25,100Retained Earnings17,300Operating Expenses12,500Common Stock21,100What is the total of the credit account balances that will be shown on the adjusted trial balance?

In accounting, a trial balance is a report that lists the balances of all accounts in the general…

Answered: 4,800 Service Revenue The following is…

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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Simons Industries reported net income of $69,000 for the current year. The balances and activity in its accounts receivable accounts follow. In addition, the company recorded $3,400 of bad debt expense and wrote off $2,500 of uncollectible accounts. E (Click the icon to view the balances and activity in accounts receivable accounts.) Prepare the operating section of the cash flow statement under the indirect method. (Use a minus sign or parentheses for any amounts to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Simons Industries Partial Statement of Cash Flows (Indirect Method) Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided (Used) by Operating Activities
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $120,200 $128,000 $134,800 Sales on account 719,780 670,140 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
The following data are taken from the financial statements of Rise and Shine Company. Terms of all sales are 2/10, n/30. Year 3 Year 2 Year 1 Accounts receivable, end of year $113,600 $120,000 $128,200 Sales 700,800 682,550 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. What conclusion can be drawn from these data concerning accounts receivable and credit policies?The collection of accounts receivable has . This can be seen in the in accounts receivable turnover and the in the collection period. The company either became aggressive in…
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
Accounts receivable analysis. The following data are taken from the financial statement of sigmon Inc. Terms of all sales are 2/ 10, n / 45. Accounts receivable the end of the year $725,000 20y3 $ 650,000 20y2 $600,000 20y 1 Sales on account 5,637,500 20y 3 4,687,500 20y 2 A. 20y 2 and 20 y3, determine (1) the accounts receivable turnover and (2) the number of days sales in receivable. Round interim calculations to the nearest dollar final answer to one decimal place assume a 365-day year. 1. Accounts receivable turnover 20y3 2. Number of days sales in receivable 20y2 B. The collection of accounts receivable has_______ this can be seen in both the_______ in accounts receivable turnover and the_______ in the collection period.
.
A company reports the following: Sales $1,332,250 Average accounts receivable (net) 53,290 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 days
A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables, Round interim calculations to the nearest dollar and final answers to one dedmal place. Assume a 365-day year.
A company reports the following: Sales $1,057,770 Average accounts receivable (net) 83,950 Determine the (a) accounts receivable turnover, and (b) number of days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Υ3 20Y2 20Y1 Accounts receivable, end of year $476,800 $420,000 $377,000 Sales on account 4,125,280 3,347,400 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Υ2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has This can be seen in both the in accounts receivable turnover and the in the collection period.

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