Answered: A business had an opening accounts…

A business had an opening accounts receivable balance of $15,000 and an ending balance of $6,200. The company recorded $80,000 in credit sales during the month.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 2P: Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers...

See similar textbooks

Related questions

Q: Calculate the contribution margin ratio.

A: To calculate the Contribution Margin Ratio, we need to:Calculate Sales Price per unitSubtract…

Q: How much was the 2023 net income?

A: To find the 2023 net income for Cascade Enterprises, we can use the accounting equation and the…

Q: I need help solving this general accounting question with the proper methodology.

A: Step 1: Define Total Manufacturing Cost Total manufacturing cost is the sum of direct materials,…

Q: I need help finding the accurate solution to this general accounting problem with valid methods.

A: Step 1: Definition of Accounts Receivable Days OutstandingAccounts Receivable Days Outstanding (also…

Q: Please provide the accurate answer to this general accounting problem using valid techniques.

A: Step 1: Define Ending InventoryEnding Inventory is the value of goods that remain unsold at the end…

Q: Which factor determines the capitalization of website development costs? a. Management's intention…

A: Explanation of Application development stage: The application development stage is the second phase…

Q: Kinsley Manufacturing estimates that overhead costs for the next year will be $3,600,000 for…

A: Concept of Overhead CostsOverhead costs are indirect production costs that cannot be traced directly…

Q: Please explain the correct approach for solving this general accounting question.

A: Step 1: Definition of Accumulated Other Comprehensive Income (AOCI)Accumulated Other Comprehensive…

Q: Determine the adjusted bank balance

A: Explanation of Beginning Cash Balance:The beginning cash balance is the amount of money recorded in…

Q: I am looking for the correct answer to this general accounting problem using valid accounting…

A: Step 1: Definition of Stockholders' EquityStockholders' equity, also known as shareholders' equity…

Q: When should modified attribution analysis replace direct assignment? (a) Complex responsibility…

A: Explanation of Modified Attribution Analysis: Modified attribution analysis is an advanced…

Q: None

A: Step 2: Daily Revenuea. Revenue from 95 sold burgers:95 × 18 = $1,710 b. Revenue from 25 leftover…

Q: I am searching for the accurate solution to this financial accounting problem with the right…

A: Step 1: DefinitionsVariable Product Cost per Unit: All variable costs related to producing one unit…

Q: Can you provide a detailed solution to this financial accounting problem using proper principles?

A: Step 1: Define Net Cash Provided (Used) by Investing ActivitiesInvesting activities in the statement…

Q: Please show me the correct approach to solving this financial accounting question with proper…

A: To determine net income, we use the accounting equation:Assets = Liabilities + Owner's EquityWe can…

Q: Please provide the accurate answer to this general accounting problem using appropriate methods.

A: Step 1: Definitions Concept of Cost of Goods Manufactured (COGM):Cost of Goods Manufactured (COGM)…

Q: What is the direct labor efficiency variance?

A: Concept of Standard Costing:Standard costing is a system that assigns predetermined costs to…

Q: Can you explain the correct methodology to solve this financial accounting problem?

A: Step 1: Definition of Inventory TurnoverInventory Turnover is a financial efficiency ratio that…

Q: You have reviewed the utility bills for your company. You have determined that the highest and…

A: Explanation of High-Low Method:The high-low method is a cost estimation technique used to separate…

Q: I need assistance with this general accounting question using appropriate principles.

A: Step 1: Definition of Bad Debt ExpenseBad debt expense is the amount of accounts receivable that a…

Q: Can you explain this general accounting question using accurate calculation methods?

A: To calculate Total Asset Turnover, use the formula: Total Asset Turnover = Sales / Total Assets Step…

Q: I need help finding the accurate solution to this general accounting problem with valid methods.

A: To calculate the Capital Turnover Ratio, we use the formula:Capital Turnover Ratio = Sales / Average…

Q: Please provide the answer to this general accounting question using the right approach.

A: Step 1: Definition of Units of Activity MethodThe Units of Activity Method is a depreciation method…

Q: Don't use ai given answer accounting question

A: Step 1: Definition of Operating LeverageOperating leverage measures the degree to which a firm uses…

Q: I need correct solution general accounting question and not use chart gpt

A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial performance metric that…

Q: Can you solve this financial accounting problem with appropriate steps and explanations?

A: Explanation of Cost of Equity: Cost of equity represents the rate of return a company must offer…

Q: I am looking for help with this general accounting question using proper accounting standards.

A: Step 1: What are the budgeted purchases in units for November?Correct Option is B, 7500, units which…

Q: What amount to be used for appropriate adjusting entry?

A: Explanation of Supplies Account:The supplies account is an asset account used to track the value of…

Q: Direct labour cost variance: Valora Furnishings sets a standard material cost of $6.60 per chair,…

A: Explanation of Standard Cost: Standard cost is a predetermined cost that a company assigns to a…

Q: I am searching for a clear explanation of this financial accounting problem with valid methods.

A: Let's calculate the budgeted net income after incorporating the proposed changes:Step 1: Original…

Q: Can you explain the process for solving this financial accounting problem using valid standards?

A: Original Data:Sales Revenue: $600,000Selling Price per Unit: $10Variable Expenses: $360,000Fixed…

Q: Please provide the accurate solution to this financial accounting question using valid calculations.

A: Step 1: Definition of Stock Price After Dividend PaymentTo justify the current price of a stock, the…

Q: I need assistance with this financial accounting question using appropriate principles.

A: Step 1: Definition of Capital Raised from Bond IssuanceCapital raised from a bond issuance refers to…

Q: General accounting question

A: To calculate the unit sales needed to attain a monthly target profit of $42,000, we use the…

Q: I need help with question is correct answer and accounting question

A: Step 1: Definition of Operating Profit (or Loss)Operating Profit (or Operating Income) is the profit…

Q: Please help me solve this general accounting question using the right accounting principles.

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate at…

Q: I am searching for the correct answer to this general accounting problem with proper accounting…

A: Step 1: Define Gross ProfitGross Profit is the amount a company earns from its core operations after…

Q: Can you explain the correct methodology to solve this general accounting problem?

A: Step 1: Definition of RevenueRevenue refers to the total amount of income generated by the sale of…

Q: Which basis applies to accounting for dividend-in-kind distributions? a) Recipient's valuation b)…

A: Explanation of Dividend-in-Kind: A dividend-in-kind is a non-cash distribution of assets from a…

Q: What is the amount of cost of goods sold?

A: Explanation of Cost of Goods Sold: Cost of Goods Sold (COGS) represents the direct costs…

Q: Help with accounting

A: Step 1: Definition of Asset Turnover RatiosFixed Asset Turnover measures how efficiently a company…

Q: I am searching for the correct answer to this general accounting problem with proper accounting…

A: To allocate the purchase price between the land and the building, we use the relative fair value…

Q: Calculate the ending inventory using the lower-of-cost-or-market method.

A: Concept of Lower-of-Cost-or-Market (LCM):The lower-of-cost-or-market method is a conservative…

Q: What is the profitability index for the project?

A: Profitability Index = (NPV + Initial Investment)/Initial Investment Profitability Index =…

Q: IKEA labs is evaluating it's Dermex division investment centre.

A: Provided Data:Controllable Margin = $75,000Sales = $510,000Return on Investment (ROI) = 12%Step 1:…

Q: I am looking for help with this general accounting question using proper accounting standards.

A: Step 1: Definition of Accumulated Other Comprehensive Income (AOCI)Accumulated Other Comprehensive…

Q: Accounting question

A: Step 1: Define Direct Materials VariancesDirect materials variances measure the differences between…

Q: Please provide the accurate answer to this general accounting problem using appropriate methods.

A: To determine the gain or loss recognized on the sale, use the formula:Amount Realized - Adjusted…

Q: Can you provide the accurate answer to this financial accounting question using correct methods?

A: Provided Data:Net income = $46,000Beginning owner's equity = $52,000Ending owner's equity =…

Q: The Terra corporation uses the straight-line method to depreciate its machinery. On March 1, 2022,…

A: Explanation of Straight-Line Depreciation :Straight-line depreciation is an accounting method that…

Question

Please provide the answer to this general accounting question using the right approach.

A business had an opening accounts
receivable balance of $15,000 and an
ending balance of $6,200. The company
recorded $80,000 in credit sales during
the month.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900 help
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900
On November 30, Sullivan Enterprises had Accounts Receivable of $145,600. During the month of December, the company received total payments of $175,000 from credit customers. The Accounts Receivable on December 31 was $98,200. What was the number of credit sales during December?
Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total sales of $765,000 were made. Of the total sales, $250,000 were cash sales while the remaining amount was credit sales. The company collected $555,000 from customers for amounts owed. Fill in the amounts in the T-account, including the ending Accounts Receivable balance. Accounts Receivable Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text.
Valley Tools has a Days Sales Outstanding of 28 days. The company reports average daily sales of $22,500. What is the level of its accounts receivable?
The opening balance of accounts receivable is $20,000. During the month, $10,000 in sales were made on credit, and $5,000 of accounts receivable were collected. Calculate the closing balance of accounts receivable.
A company had an accounts receivable balance of $390,000 at the beginning of the year and $470,000 at the end of the year.
What was the number of credit sales
Calculate the credit sales for the month of April?
A 33- day days sales outstanding is maintained by the Bebop Corporation. Each day, the company typically makes $6,838 in credit sales. What is the typical amount of the company's accounts receivable?
What was the number of credit sales during December?
Accounting