Sales made by valente Corporation during 2015 During 2015, Valente Corporation soldmerchandise costing $1,800,000 on an installmentbasis for $2,400,000. The cash receipts related tothese sales were collected as follows:. 2015: $900,0002016: $1,000,0002017: $500,000What is the rate of gross profit on the installmentsales made by Valente Corporation during 2015?

Concept of Installment Sales:Installment sales refer to sales where the customer agrees to pay for…

Answered: During 2015, Valente Corporation sold…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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In 2014, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT operations for the year 2017: Installment sales (before over/under-allowance) 31,500,000 Operating expenses 4,025,000 Regular sales 13,125,000 Total collections for the year (excluding interest of P840,000) 20,880.000 Cost of regular sales 7,525,000 Cost of installment sales 22,050,000 Accounts receivable, end 5,125,000 Installment receivable written-off 1.540,000 Estimated resale value of repossessed merchandise 2,900,000 Repossessed accounts 3,500,000 Actual value of trade-in merchandise 2,800,000 Trade-in allowance 4,900,000 575,000 Reconditioning cost of the repossessed merchandise 15% Profit usual on the sale of repossessed merchandise Additional information: The company gives allowance to used merchandise for installment sale purposes only. How much is the deferred gross profit account (after adjustment) balance as of December 31, 2017
What is the times interest earned ratio on these accounting question?
Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?
Elgin Battery Manufacturers had sales of $1,000,000 in 2015 and their cost of goods sold is $700,000. Selling and administrative expenses were $100,000. Depreciation expense was $80,000 and interest expense for the year was $10,000. The fırm's tax rate is 30 percent. What is the dollar amount of taxes paid in 2015? O $33,000 O $36,000 O $117,800 O $300,000
What was average collection period for 2013?
Sherlock Company’s net accounts receivable were P250,000 at December 31,2011 and P300,000 at December 31, 2012. The accounts receivable turnover for 2012 was 5.0. What were Sherlock’s total net sales for 2012?a. P1,375,000b. P1,500,000c. P1,600,000d. P2,750,000
Barga Co. reported net sales for 2016 and 2017 of $665,000 and $742,000, respectively. Its year-end balances of accounts receivable follow: December 31, 2016, $63,000; and December 31, 2017, $89,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. (Round your "Days' Sales Uncollected" answer to 1 decimal place.) ok Days' Sales Uncollected Choose Numerator: Choose Denominator: Days Days' Sales Uncollected %3D Days' sales uncollected 2016: days %3D 2017: days %3D ces < Prev 4 of 4 Next
The times interest earned ratio??
Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows: Sales: $700,000 Gross Profit (based on sales): 30% Increase in trade accounts recievable for the month: $20,000 Change in accounts payable during month: $0 Increase in inventory during month: $10,000 Variable selling, general, and administrative expenses include a charge for uncollectible accounts of 1% of sales. Total selling, general, and administrative expenses are $71,000 per month plus 15% of sales. Depreciation expense of $40,000 per month is included in fixed selling, general, and administrative expense. Required: On the basis of the preceding data, what are the estimated cash dispursements from operations for June?
Calculate the Trade payables turnover ratio from the following figures: Credit purchases during 2014-15 = 12,00,000 Creditors on 1.4.2014 = 3,00,000 Bills Payables on 1.4.2014 = 1,00,000 Creditors on 31.3.2015 = 1,30,000 Bills Payables on 31.3.2015 = 70,000
At the beginning of 2021, Orion Ltd had accounts receivable of $100,000. At the end of 2021, the company had accounts receivable of $85,000. During 2021, Orion Ltd had total credit sales of $1,500,000. What was this company's average collection period for 2021?

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