4. For the month of December 20X1, the records of Seal Corporation show the following information:Cash received on accounts receivableCash salesAccounts receivable, December 1, 20X1Accounts receivable, December 31, 20X1Accounts receivable written off as uncollectibleSales returns & allowancesRequired:Determine the net sales for the month of December 20X1.$57,00047,00070,00065,0002,5001,850

Formula of net sales Net sales= Cash sales+ Credit sales- sales return& allowances Where Cash…

Answered: Determine the net sales for the month…

Business

Accounting

Determine the net sales for the month of December 20X1.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4BE

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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

For the month of December 20X1, the records of Seal Corporation show the following information:
Cash received on accounts receivable
Cash sales
Accounts receivable, December 1, 20X1
Accounts receivable, December 31, 20X1
Accounts receivable written off as uncollectible
Sales returns & allowances
Required:
Determine the net sales for the month of December 20X1.
$57,000
47,000
70,000
65,000
2,500
1,850

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