Answered: A company had an accounts receivable…

A company had an accounts receivable balance of $12,500 at the beginning of the month and $4,800 at the end of the month. The company made credit sales totalling $60,000 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: financial accounting

A: Step 1: Definition of Minimum Selling Cost (Selling Expense Ratio)The minimum selling cost (selling…

Q: Westfield Construction Inc. purchased equipment for $45,000. Sales tax on the purchase was $3,000.…

A: Step 1:Cost of assets is the amount paid as purchase price and the expenses incurred to make the…

Q: Do fast answer of this accounting questions

A: Step 1: Introduction to property, plant and equipmentProperty, plant, and equipment refers to those…

Q: Provide correct option

A: Step 1: Definition of Target CostingTarget costing is a pricing strategy where a company determines…

Q: I want to this question answer general accounting

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a company…

Q: Patrick Lewis Manufacturing Ltd. has been using an overhead rate of Rs.8.20 per machine hour. During…

A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used…

Q: Supply costs at Coulthard Corporation's chain of gyms are listed below: Client-Visits Supply Cost…

A: Step 1: Definition of the High-Low MethodThe High-Low Method is a cost estimation technique used to…

Q: Summit Corporation started the year with total assets of $600,000 and total liabilities of $420,000.…

A: Step 1: Definition of Net IncomeNet income is the total profit a company earns after deducting all…

Q: Please see an attachment for details general accounting question

A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) measures how…

Q: Vanguard Enterprises prepared its financial statements for 2020 based on the information below. The…

A: Step 1: Definition of Long-Term DebtLong-term debt refers to financial obligations that a company is…

Q: Standard costs are NOT used for: a. determining actual costs. b. preparing budgets and forecasts. c.…

A: Step 1: Definition of Standard CostsStandard costs are predetermined estimates of what costs should…

Q: Determine the following requirements on these financial accounting question

A: Step 1: Definition of Comprehensive IncomeComprehensive Income includes all changes in equity during…

Q: At October 1, 2022, Kahlo Industries reported a cash balance of $55,000. During the month, Kahlo…

A: Explanation of Cash Balance: Cash balance represents the total amount of money a company has in its…

Q: Cash collected from customers?

A: Step 1: Definition of Cash Collected from CustomersCash Collected from Customers: This refers to the…

Q: A company has current assets with a book value of $50 million, which could be sold for $52 million.…

A: Given Data:Current Assets:Book Value = $50 millionMarket Value = $52 millionFixed Assets:Book Value…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Overapplied and Underapplied OverheadOverapplied Overhead occurs when the…

Q: ????

A: Explanation of Profit Margin:The Profit Margin is a financial ratio that shows the percentage of…

Q: Provide correct solution with accounting

A: Step 1: Definition of Gross Profit PercentageThe Gross Profit Percentage (also called Gross Profit…

Q: do not use ai solution given answer General accounting

A: Step 1: Define Equivalent Units of Production (EUP)Equivalent Units of Production (EUP) is a measure…

Q: Please provide correct answer general accounting question

A: Step 1: Define Price-Earnings (P/E) RatioPrice-Earnings (P/E) Ratio: This ratio measures the…

Q: What is the operating profit ? General accounting question

A: Step 1: Definition of Operating ProfitOperating Profit: Operating profit is the profit earned from a…

Q: Foster Retail Inc. uses a perpetual inventory system and reported $610,000 of inventory at the…

A: Explanation of Perpetual Inventory System: A perpetual inventory system is an accounting method that…

Q: Kate Corporation owns a patent on an automated system. The company has been amortizing the patent on…

A: Explanation of Patent:A patent is a legal right granted to an individual or company for an…

Q: General Accounting Question

A: Step 1: Definition of Variable CostingVariable costing is a costing method where only variable…

Q: Summit Corp. purchased a patent on January 1, 2022, for $500,000. The company expects to derive…

A: Step 1: Definition of Carrying AmountThe carrying amount of an intangible asset, such as a patent,…

Q: ???

A: Explanation of Profit Margin: Profit margin is a financial ratio that measures the percentage of…

Q: Provide correct solution and accounting question

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures the profitability of a…

Q: Accurate Answer

A: Provided Data:Days of Sales Outstanding: 23.4 daysDays of Inventory on Hand: 45.9 daysDays of…

Q: What is the amount of liabilities for Jassi?

A: Step 1: DefinitionsAccounting Equation: The accounting equation is the fundamental principle of…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Budget (Controllable) VarianceThe Budget (Controllable) Variance is the…

Q: what was the net income for year 2?

A: Step 1: Definition of Net IncomeNet income represents the profit a business earns after deducting…

Q: Need help this question solution accounting question

A: Step 1: Definition of Debt-to-Equity RatioDebt-to-Equity Ratio: This ratio measures a company's…

Q: What amount of goodwill is recorded?

A: Explanation of Goodwill: Goodwill represents the premium paid when acquiring a business that exceeds…

Q: An error exists in a set of financial statements. The error is not pervasive, but material. The CPA…

A: e. Yes (Qualified), No (Disclaimer), No (Adverse) When there is a material misstatement in the…

Q: What is madison's return on assets

A: Concept of Total AssetsTotal assets represent everything a company owns that has financial value,…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Gross Profit RateThe Gross Profit Rate measures the percentage of net sales…

Q: Land should be capitalised at what amount?

A: Explanation of Capitalization: Capitalization is the accounting process of recognizing an…

Q: Provide correct option general accounting question

A: Step 1: Definition of Accounts Receivable TurnoverAccounts Receivable Turnover is a financial ratio…

Q: Find out

A: Concept of Return on Assets (ROA) Return on Assets (ROA) is a financial metric used to measure a…

Q: what amount and direction during that same period?

A: Step 1: Definition of Accounting EquationThe accounting equation is the foundation of financial…

Q: Need answer the financial accounting question please answer do fast

A: Step 1: Define MarkupMarkup is the amount added to the cost of a product or service to determine its…

Q: Glacier Textiles uses a standard costing system. The following data are available for November: • •…

A: Step 1: Definition of Material Price VarianceMaterial Price Variance (MPV): It measures the…

Q: Which one is correct option?

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total cost…

Q: General accounting

A: Step 1: Definition of After-Tax IncomeAfter-tax income refers to the net earnings remaining after…

Q: Calculate the standard cost

A: Explanation of Standard Costing:Standard costing is a predetermined cost estimation method used to…

Q: Provide solution. General accounting

A: Step 1: Definition of Overhead AppliedOverhead applied refers to the estimated amount of overhead…

Q: Solaris Industries' break-even point in sales is $950,000, and its variable expenses are 70% of…

A: Explanation of Break-even Sales:Break-even sales represent the total revenue needed to cover all…

Q: Answer the financial accounting question not use ai please don't

A: Step 1: Define Cash from Financing ActivitiesCash from Financing Activities refers to cash…

Q: It’s a general account issue. solve asap

A: Step 1: Definition of Key TermsConversion Cost: The total cost incurred to convert raw materials…

Q: Opereting income?

A: To calculate the Operating Leverage Factor (OLF) at the target level of operating income, by use…

Question

Help to solve general account query

A company had an accounts receivable
balance of $12,500 at the beginning of the
month and $4,800 at the end of the month.
The company made credit sales totalling
$60,000 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

Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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 April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
ABC Co. has an average collection period of 60 days. Total credit sales for the year were $3,000,000. What is the balance in accounts receivable at year-end?
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?
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
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?