At the end of June 2024, Harbor View Consulting had the following account balances: Account Amount ($) Cash $32,500 Office Equipment $20,000 Furniture $18,500 Accounts Payable $15,000 By the end of the month, this company had recorded the following: Revenues: $72,000 Utilities Expense: $2,500 Phone Expense: $300 Salaries Expense: $6,200 Calculate the net income to be reported by the company at the end of this month. a. $72,000 b. $62,300 c. $63,000 d. $72,500

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, net Income statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio " answers to 3 decimal places and " Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 times Receivables turnover ratio Q3 1.427 times Average collection period Q4 Average collection period Q3 days 63.79 days Balance Sheets: Accounts receivable, net Income statements: Sales revenue Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019…

The management of Maxlab Ltd. has provided you with the following data relating to their operations for the last two financial periods.      2021     2020 Notes receivable  $ 20,000   $    -0- Accounts receivable $182,000 $140,000 Sales               $930,000     $750,000 Operating expenses    $170,000   $200,000 Payables           $45,000   $20,000 Required: Calculate the percentage change for each item as reported above using 2020 as the base year and explain your result.

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 19,805 $ 12,895 $ 23,325 $ 22,110 Balance Sheets: Accounts receivable, net Income statements: Sales revenue 6/30/2020 (04) $ 15,361 $ 24,545 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Answer is complete but not entirely correct. Receivables turnover ratio Q4 Receivables turnover ratio Q3 Average collection period Q4 Average collection period Q31 1.396 times 1.427 Simes 261.46 days 255.78 days

31.Black Pink Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of Black Pink Company’s accounts receivable at December 31, 2021?

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts                                                Debit                  CreditCash                                                     $ 21,900Accounts Receivable                               36,500Allowance for Uncollectible Accounts                              $ 3,100Inventory                                                30,000Land                                                       61,600Accounts Payable                                                              32,400Notes Payable (8%, due in 3 years)                                   30,000Common Stock                                                                 56,000Retained Earnings                                                             28,500Totals                                                  $150,000             $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts                                              Debit               CreditCash                                                     $ 58,700Accounts Receivable                               25,000Allowance for Uncollectible Accounts                         $ 2,200Inventory                                                36,300Notes Receivable (5%, due in 2 years)   12,000Land                                                     155,000Accounts Payable                                                        14,800Common Stock                                                          220,000Retained Earnings                                                        50,000Totals                                                  $ 287,000       $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…

Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)

Presented below is the trial balance of Sandhill Corporation at December 31, 2020. Debit Credit Cash $289,100 Sales Revenue $11,907,000 Debt Investments (trading) (at cost, $218,000) 225,400 Cost of Goods Sold 7,056,000 Debt Investments (long-term) 439,040 Equity Investments (long-term) 407,680 Notes Payable (short-term) 132,300 Accounts Payable 668,360 Selling Expenses 2,940,000 Investment Revenue 93,100 Land 382,200 Buildings 1,528,800 Dividends Payable 199,920 Accrued Liabilities 141,120 Accounts Receivable 638,960 Accumulated Depreciation–Buildings 223,440 Allowance for Doubtful Accounts 37,240 Administrative Expenses 1,323,000 Interest Expense 310,660 Inventory 877,100 Gain 117,600 Notes Payable (long-term) 1,323,000 Equipment 882,000 Bonds Payable 1,470,000 Accumulated Depreciation–Equipment 88,200 Franchises 235,200 Common Stock ($5 par) 1,470,000 Treasury Stock 281,260 Patents 287,140 Retained Earnings 114,660 Paid-in Capital in Excess of Par 117,600 Totals $18,103,540 Debit…

On June 30, 2021, Streeter Company reported the following account balances:                 Receivables $ 51,050 Current liabilities $ (11,800 ) Inventory   85,750 Long-term liabilities   (52,000 ) Buildings (net)   83,400 Common stock   (90,000 ) Equipment (net)   33,600 Retained earnings   (100,000 ) Total assets $ 253,800 Total liabilities and equities $ (253,800 )     On June 30, 2021, Princeton Company paid $325,900 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,200 in legal fees. Princeton also agreed to pay $58,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,700.   In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,400 more than its…