Help general account tutor Ellen's Bakery collects $3,500 of its account receivables. Theexpanded accounting equation changes include:A. Cash and Ellen, Capital increases, $3,500B. Cash and Revenue increases, $3,500C. Cash increases and Accounts Receivable decreases, $3,500D. Accounts Receivable decreases and Ellen, Capital increases,$3,500

The correct answer is:C. Cash increases and Accounts Receivable decreases, $3,500 ExplanationWhen…

Answered: Ellen's Bakery collects $3,500 of its…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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Can you please answer this with soution so I can undrstand the problems. thank you so much! this is intermediate accounting problems.
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
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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.
4. Assume a business sold a total of $839,500 during the current year and its accounts receivable balance at the end of the year was $73,600. What is the number of days' sales in receivables?|
The following information is from the annual financial statements of Raheem Company, Year 2 Year 3 $ 270,000 20,900 $ 201,000 16,700 Net sales Accounts receivable, net (year-end) (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 20.5, is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Year 2: Year 3:1 Choose Numerator: 7 1 1 Accounts Receivable Turnover Choose Denominator: (Required 1 Year 1 $ 248,000 15,400 W Accounts Receivable Turnover Accounts receivable turnover = Required 2 > times times
Fix the incorrect ones please.
3. The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10, n/45. Accounts Receivable, end of year Sales on account of Required: 20Y3 $725,000 $5,637,000 a. For 20Y2 and 20Y3, determine: 1. Accounts Receivable Turnover 2. The number of Days' Sales in Receivables 20Y2 $650,000 $4,687,000 20Y1 $600,000 b. What conclusions can you draw from these data concerning Sigmon's accounts receivable and credit policies?
I want answer correctly
Help me solve question 1 and 2
Financial statements for Rundle Company follow. Assets Current assets. Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other RUNDLE COMPANY Balance Sheets As of December 31 Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Year 4 $ 22,000 21,200 53,000 138,000 27,000 261,200 27,000 270,000 30,000 $588, 200 $ 31,800 133,800 21,000 186,600 100,000 27,000 127,000 313,600 70,000 70,000 134,600 274,600 $588,200 Year 3 $ 18,000 7,200 45,000 146,000…
The following information is from the annual financial statements of Raheem Company. Year 3 $ 430,000 28,400 Year 2 $361,000 26, 200 Net sales Accounts receivable, net (year-end) (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 23.6, is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Year 2: Year 3: Choose Numerator: 1 1 Accounts Receivable Turnover Choose Denominator: = II = 11 Year 1 $ 420,000 22,900 = Accounts Receivable Turnover Accounts receivable turnover times times

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