Use the following excerpts fromBrownstone Company's financialstatements and complete theworksheet below to determine cashreceived from customers in 2018.From Balance SheetsAccounts ReceivableDec. 31, 2018$ 25,000Dec. 31, 2017$20,000From Income Statement:2018Sales220,000PLEASE NOTE: You are to followthe format shown in the textbook.Cash Collected fromV [ Select ]elect ]Accrual Basis Saleselect ]Potential Cash CollectedEnding balance,elect ]Accounts Receivableelect ]Cash collectedfrom Customerselect ]Beginning balance,Accounts Receivable Use the following excerpts fromBrownstone Company's financialstatements and complete theworksheet below to determine cashreceived from customers in 2018.From Balance SheetsAccounts ReceivableDec. 31, 2018$ 25,000Dec. 31, 2017$20,0002018220,000From Income Statement:SalesPLEASE NOTE: You are to followthe format shown in the textbook.Cash Collected fromSales Revenue[ Select ][ Select ][ Select ][ Select ][ Select ][ Select ][ Select ][ Select ][ Select ][ Select ]<><><><>

Cash Collected from Sales revenue Beginning Balance, Accounts Receivable $ 20,000 Add:…

Answered: Dec. 31, 2017 $20,000 From Balance…

Dec. 31, 2017 $20,000 From Balance Sheets Dec. 31, 2018 Accounts Receivable $ 25,000 From Income Statement: 2018 Sales 220,000

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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Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2022 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross 243,000 71,000 Accumulated Depreciation 71,000 67,000 Property Plant & Equipment, Net 172,000 235,000 28,000 302,000 Other Assets Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 84,000 Accounts Payable 47,000 42,000 Accounts Receivable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity 87,000 44,000 Accounts Payable Debt Other Liabilities Total Liabilities 19,000 28,000 Inventory 50,000 29,300 Property Plant & Equipment, Gross 243,000 76,300 Accumulated Depreciation 72,100 67,000 Property Plant & Equipment, Net 170,900 235,600 Other Assets 27,000 302,600 Total Assets 378,900 Total Liabilities & Equity 378,900 28,000 34,000…
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
2021 2020 2019 2018 2017 $ 394,032 199,466 19,071 $ 262,688 132,894 15,394 $ 205,225 $ 150,348 76,774 8,780 $ 112,200 56,100 Sales Cost of goods sold Accounts receivable 106,013 14,058 7,708 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: Numerator: Denominator: Trend percent 2021: % 2020: % 2019: % %3D 2018: % = 2017: % Is the trend percent for Net Sales favorable or unfavorable? Trend Percent for Cost of Goods Sold: Numerator: Denominator: Trend percent %3D 2021: % 2020: % 2019: % %3D 2018: % = 2017: %3D Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Numerator: Denominator: Trend percent %3D 2021: % 2020: % %3D 2019: % = 2018: % 2017: % %3D Is the trend percent for Accounts Receivable favorable or unfavorable? II II IL || II
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Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 $4,468,392 $4,972,722 $45,349,943 Receivables as of 31 December 2021 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Not Accounting receivable Average Day's sales in receivable = 154; 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
Hancock Company reported the following account balances at December 31, 2027: Sales $97,000 Dividends .... $11,000 Supplies .. $13,000 Accounts payable revenue ? Copyright... $42,000 Cash ... $20,000 Equipment. $14,000 Utilities payable $59,000 Building $27,000 Insurance expense $19,000 Repair expense $64,000 Retained earnings ... $31,000 Notes payable $39,000 Income tax expense $41,000 Patent $22,000 Inventory $87,000 (at Jan. 1, 2027)
Accounts receivables = $6,500 Net Sales = $18,122 Use 360 days when when calculating average days collection
2021 2020 2019 2018 2017 Sales $703,787 $ 463,018 $370,414 $256,342 $191,300 Cost of goods sold 361,331 237,839 192,311 132,684 97,563 Accounts receivable 33,993 27,133 25,299 14,996 13,066 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.
Indigo Corporation Indigo Corporation Balance Sheets December 31 Income Statements For the Years Ended December 31 2020 2019 2020 2019 2018 Sales revenue $ 21,000 $606,000 $ 31,000 $ 19,000 $746,000 Cash Less: Sales returns and allowances 41,000 31,000 Accounts receivable (net) 49,000 51,000 46,000 Other current assets 96,000 Net sales 101,000 70,000 705,000 575,000 76,000 51,000 431,000 Investments 61,000 Cost of goods sold 356,000 500,000 370,000 358,000 Gross profit Plant and equipment (net) 274,000 219,000 $739,000 $614,000 $547,000 Operating expenses (including income taxes) 181,000 151,000 $ 68,000 $ 93,000 $ 86,000 $ 81,000 $ 71,000 Current liabilities Net income Long-term debt 151,000 91,000 56,000 Additional information: Common stock, $10 par 306,000 326,000 316,000 126,000 Retained earnings 176,000 114,000 The market price of Indigo's common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. 1. You must compute dividends paid. All dividends were paid in…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec. 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total Assets $172,000 $167,000 Liabilities and Stockholders’ Equity Notes payable—banks $6,000 $6,000 Accounts payable 22,500 18,700 Accrued liabilities 16,500 21,000 Total Current Liabilities 45,000 45,700 9% Bonds payable 40,000 40,000 Total Liabilities 85,000 85,700 Common stock* 50,000 50,000 Retained earnings 37,000 31,300 Total Stockholders’ Equity 87,000 81,300 Total Liabilities and…