As of January 1, 2023, outstanding account receivable (sales made the previous year pending collection) amounted to 20,000. Throughout 2023, sa;es totalling 180,000 euros (income statement) were made. As of December 31, 2023, outstaning receivables from customers amounted to 32, 000 euros. What was the total collection in 2023 for sales made both in that year and in previous year? a. 168,000 euros b 184,000 euros c. 132,800 euros
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As of January 1, 2023, outstanding account receivable (sales made the previous year pending collection) amounted to 20,000. Throughout 2023, sa;es totalling 180,000 euros (income statement) were made. As of December 31, 2023, outstaning receivables from customers amounted to 32, 000 euros. What was the total collection in 2023 for sales made both in that year and in previous year?
a. 168,000 euros
b 184,000 euros
c. 132,800 euros
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase 5 units at $41 205 Nov. 30 Purchase 11 units at $42 462 Available for sale 31 units $1,267 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3Problem 3-14 (Algo) Demand for stereo headphones and music players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for this year was as follows: MONTH DEMAND (UNITS) 4,150 4,25e 3,950 4, 350 4,95e 4,650 5,25e 4,850 5,35e 5,65e 6,25e 5,95e January February March Аpril Мay June July August September October November December a. Using linear regression analysis, what would you estimate demand to be for each month next year? Using a spreadsheet, follow the general format in Exhibit 3.8. (Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) Month Forecast January February March April May June July August September October November December b. To be reasonably confident of meeting demand, Nina decides to use 3 standard errors…
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- 31.May I know the correct option?Describe Current Inventory Control System.On December 31, 2019, the unadjusted trial balance of Tarzwell Services showed the following balances: Accounts receivable Allowance for doubtful accounts Sales $200,000 1,000 Cr. 700,000 The business has given up trying to collect $5,000 of its accounts receivable but has not yet recorded the write-off entry. The firm uses the allowance method to estimate bad-debt expense. Required a) Provide the entry for the write-off. b) If the firm uses the percent-of-sales allowance method for recording bad-debt expense, and has experienced an average 6% rate of non-collection based on sales, provide the entry to record bad-debt expense for 2019. c) Assume that after the firm recorded the $5,000 of write-offs, it determined that 18% of its remaining accounts receivable will be uncollectible under the aging method. Provide the entry to record bad-debt expense. Don't give answer in image format
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