What was the net income for the period for this general accounting question? Bright view Solutions had revenue on account amounting to $6,500.Cash collections of accounts receivable totalled $3,100. Expenses forthe period were $2,800, and the company paid dividends of $500.What was the net income for the period?A. $3,700.B. $2,800.C. $3,000.D. $3,200.

Step 1: Define Net IncomeNet Income is the amount of earnings left after deducting all expenses,…

Answered: Bright view Solutions had revenue on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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can you please solve this financial accounting
Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet 'Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances
A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.
What is the average collection period for accounts receivable in days on these financial accounting question?
A company reports the following:Sales $1,500,000Average accounts receivable (net) 100,000Determine (a) the accounts receivable turnover and (b) the number of days’ sales in receivables. Round to one decimal place.
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
A company's accounts receivable balance is $350,000, and its annual sales are $2,800,000. What is the average collection period (or days sales outstanding)? a. 45.63 days b. 32.50 days c. 36.45 days d. 40.75 days
GHI Industries had total net sales of $750,000. The beginning and ending accounts receivable were $62,000 and $68,000, respectively. What is the days' sales in receivables?
A company had beginning accounts receivable of $175,000. All sales were on account and totalled $550,000. Cash collected from customers totalled $650,000. What was the ending accounts receivable balance? $75,000 $175,000 $275,000 $725,000
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
sanju

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Bright view Solutions had revenue on account amounting to $6,500. Cash collections of accounts receivable totalled $3,100. Expenses for the period were $2,800, and the company paid dividends of $500. What was the net income for the period? A. $3,700. B. $2,800. C. $3,000. D. $3,200.