Ellis Enterprises had accounts receivable of $80,000 at January 1, 2023. At December 31, 2023, accounts receivable was $60,000. Sales for 2023 totaled $500,000. Compute Ellis Enterprises' 2023 cash receipts from customers.
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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. $286,4006. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
- Suppose Columbia Sportswear Company had accounts receivable of $302,580,850 at January 1, 2018, and $228,813,480 at December 31, 2018. Assume sales revenue was $1,256,463,230 for the year 2018. What is the amount of cash receipts from customers in 2018?n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400Celtics Company had the following data relating to its accounts receivable. Accounts Receivable, December 31, 2022 P1,300,000Credit sales for 2023 5,400,000Collections from customers during 2023, including recoveries 4,750,000Accounts written off on September 30, 2023 125,000Recoveries of accounts previously written off in prior years 25,000Estimated uncollectible receivables per aging, December 31, 2023 165,000 Question:20. How much is Celtics Company's net accounts receivable at December 31, 2023? A. P1,660,000B. P1,685,000C. P1,825,000D. P1,850,000
- Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
- In 2021, Hope Company incurred sales on account of $105,000. The company also has the following information: December 31, 2021 December 31, 2020 Accounts Receivable $21,500 $53,000 Accounts Payable $72,000 $47,000 What is the amount of cash received from customers for Hope Company in 2021? Multiple Choice $114,400 $136,500 $105,000 $88,500The following information relates to Halloran Company's accounts receivable for 2024: Accounts receivable balance, 1/1/2024 $ 841,000 Credit sales for 2024 3,450,000 Accounts receivable written off during 2024 51,000 Collections from customers during 2024 2,960,000 Allowance for uncollectible accounts balance, 12/31/2024 218,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2024?The Art Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2019. The accounts receivable balance was $5,500 and $4,900 at January 1, 2019, and December 31, 2019, respectively. The amount of cash collected from customers during 2019 was?