During 20x1 Company X sold $4,000 of inventory on credit. The company's beginning and ending accounts receivable balances were $25,000 and $28,000, respectively. How much cash did Company X collect on the account? If the ending accounts receivable had been $21,500 how much cash would company X have collected?

During 20x1 Company X sold $4,000 of inventory on credit. The company's beginning and ending accounts receivable balances were $25,000 and $28,000, respectively. How much cash did Company X collect on the account? If the ending accounts receivable had been $21,500 how much cash would company X have collected?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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Sweet Company has the following account balances: \table [[Inventory, 556,000], [Prepaid Insurance, 12,000], [Cash, 360,000], [Accounts Receivable,260,000], [Supplies, 26, 000], [Allowance for Doubtful Accounts, 36,000]] When listing Accounts Receivable, what is the cash (net) realizable value to be presented on the statement of financial position? 620,000 260,000 296,000 224,000
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On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
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Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the year, $24,800 of sales on account were made. During the year, Price wrote off accounts receivable of $1,700 as uncollectible. If the ending balance of accounts receivable is $2,000, what is the amount of cash received from customers? Multiple Choice $21,200 $21,500 $28,400 $24,700
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QUESTION: NATCHER CORPORATION'S ACCOUNTS RECEIVABLE AT THE END OF YEAR 2 WAS $155,000 AND ITS ACCOUNTS RECEIVABLE AT THE END OF YEAR 1 WAS $161,000. THE COMPANY'S INVENTORY AT THE END OF YEAR 2 WAS $156,000 AND ITS INVENTORY AT THE END OF YEAR 1 WAS $149,000. SALES, ALL ON THE ACCOUNT, $1,411,000 IN YEAR 2. COST OF GOODS SOLD AMOUNTED ΤΟ $828,000 IN YEAR 2. THE COMPANY'S OPERATING CYCLE FOR YEAR 2 IS CLOSEST TO: (ASSUME 365 DAYS A YEAR. DO NOT ROUND YOUR INTERMEDIATE ANSWERS.) AMOUNTED TO
What is the company's cash cycle for this accounting question?