Get Answer of this General Accounting Question At January 1, 2023, Kingston Ltd. had accounts receivable of $85,000. At December 31,2023, accounts receivable was $63,000. Sales for 2023 totaled $500,000. ComputeKingston Ltd.'s 2023 cash receipts from customers.A) $478,000B) $522,000C) $480,000D) $500,000

Step 1: Definition of Cash Receipts from CustomersCash receipts from customers refer to the actual…

Answered: At January 1, 2023, Kingston Ltd. had…

Cornerstones of Financial Accounting

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Chapter11: The Statement Of Cash Flows

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Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
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.
6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
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n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
Selected account balances for Cullumber Company at January 1, 2027, are presented below. Accounts Payable $14,600 Accounts Receivable 22,400 16,300 Cash Inventory 14,400 Cullumber's sales journal for January shows a total of $110,000 in the selling-price column, and its one-column purchases journal for January shows a total of $77,600. The column totals in Cullumber's cash receipts journal are Cash Dr. $60,100, Sales Discounts Dr. $2,600, Accounts Receivable Cr. $45,600, Sales Revenue Cr. $5,900, and Other Accounts Cr. $11,200. The column totals in Cullumber's cash payments journal for January are Cash Cr. $54,000, Inventory Cr. $3,000, Accounts Payable Dr. $46,700, and Other Accounts Dr. $10,300. Hulse's total cost of goods sold for January is $62,100. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute…
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?

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At January 1, 2023, Kingston Ltd. had accounts receivable of $85,000. At December 31, 2023, accounts receivable was $63,000. Sales for 2023 totaled $500,000. Compute Kingston Ltd.'s 2023 cash receipts from customers. A) $478,000 B) $522,000 C) $480,000 D) $500,000