For the month of December 2017, Ranger Corporation's records show the following information: Cash received on accounts receivable $35,000 Cash sales $30,000 Accounts receivable, December 1, 2017 $80,000 Accounts receivable, December 31, 2017 $74,000 Accounts receivable written off as uncollectible $1,000 Required: Determine the gross sales for the month of December 2017.
Q: The most recent monthly income statement for Jackson Stores is given below: Sales Total $1,000,000…
A: Step-by-Step Calculation1. Revenue ImpactClosing Store B results in a 10% sales decrease in Store…
Q: Accounting) Minority int.
A: The principal amount of the loan is $72,000. This amount does not change until maturity (in six…
Q: Solve these general accounting question
A: Step 1: Define Rate VariancesThe rate or price variances calculated in standard costing measure that…
Q: The underlying equity of an investment at acquisition: Question 10Answer a. Is equal to the fair…
A: The underlying equity of an investment refers to the value of the assets that an investor acquires…
Q: Solve this question with given option general accounting
A: Step 1: Define Absorption costingThe method of costing in which all costs and expenses related to…
Q: What is the return on equity on these accounting question?
A: Step 1: Define Return On EquityThe net profit or income is an important financial measure used in…
Q: Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information…
A: Requirement 1:The total budgeted cash receipt for November and December is computed by using the…
Q: Hello tutor provide answer this general accounting question
A: Step 1: Define Cash DisbursementCash disbursement is the total of the cash payment made by the…
Q: I want to answer of this accounting question fast
A: The acid-test ratio, also known as the quick ratio, is calculated as follows:Formula for Acid-Test…
Q: The following information..accounting questions
A: Step 1: Define Accounts ReceivableAs one of the current assets, accounts receivable is measured at a…
Q: Please give me answer Accounting
A: Step 1: Define Direct MaterialsDirect materials are supplies and materials used in the production of…
Q: Please give me answer Accounting question
A: Step 1: Define Cash Receipts & PaymentsCash receipts are amounts received from various sources,…
Q: Please help me
A: Explanation of Economic Entity Concept: The economic entity concept is a fundamental accounting…
Q: Find out how much is WIP?
A: Explanation of Beginning and Ending Work-in-Process Inventory:Work-in-process (WIP) inventory…
Q: Need answer the general accounting question do fast
A: Step 1: Define Benefit-cost RatioThe benefit-cost ratio is the ratio between the benefits of a…
Q: Accounting
A: Step 1: Define Operating LeverageOperating leverage measures the sensitivity of operating income to…
Q: Exercise 24-18 (Algo) Net present value, unequal cash flows, and Internal rate of return LO P3, P4…
A: Detailed explanation: To solve the exercise involving the Net Present Value (NPV) calculations for…
Q: Sunny corporation this question solution general accounting
A: Step 1: Define Long-term DebtsLong-term debts refer to the amount of debt that a corporation holds…
Q: Bichom company manufactures two ....given answer Accounting
A: Step 1: Define Setup CostsSetup costs are the form of expenses that are incurred in relation to…
Q: Financial questions
A: Step 1: Define Contribution Margin By measuring the contribution margin, we may determine how much a…
Q: Business 123 Introduction to Investments May I please have the solutions for the following…
A:
Q: How does the full disclosure principle influence the level of detail required in accounting
A: Explanation of Full Disclosure Principle: The full disclosure principle is a fundamental accounting…
Q: Provide this question solution general accounting
A: Step 1: Define Return On AssetsReturn on assets is the return or income generated from the assets of…
Q: Solve this question question with given option general accounting
A: Step 1: Define Variable CostingVariable costing is a costing method that includes only the variable…
Q: Hello tutor solution this accounting questions
A: Step 1:Formula of degree of operating leverage = Contribution margin/ net income before tax Step…
Q: None
A: Step 1:1. Equivalent units of production for materials and conversion for April EUP - Weighted…
Q: Hello tutor please provide this question solution accounting
A: Step 1: Determine EBIT for each scenarioStep 2: Use the formula for ROEStep 3: Substitute the given…
Q: The entity theory
A: Explanation of Proprietary Theory:The proprietary theory considers a business as an extension of its…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Step 1:a. The asset turnover is calculated as follows: Assets turnover = Total sales / Average…
Q: I want to correct answer general accounting
A: Step 1: Define Manufacturing OverheadThe manufacturing overhead cost represents the indirect…
Q: Need answer with this accounting question
A: Step 1: Define Fixed Manufacturing OverheadUnder absorption costing, we consider the fixed…
Q: I want to correct answer general accounting
A: Step 1: Define Current RatioThe current ratio shows the relationship between current assets and the…
Q: During fy 2018 bay mun...accounting question
A: Step 1: Define Work-in-Process InventoryInventory refers to the stock that remains in the warehouse…
Q: Need answer the accounting question please give correct answer
A: Step 1: Define Absorption CostingAbsorption costing is one of the costing methods under cost…
Q: I need answer of this question solution general accounting
A: Step 1: Define Return on AssetReturn on Assets of financial issue that is calculated by dividing the…
Q: The following financial information was su....financial accounting question
A: Step 1: Define Income From OperationsIncome from operations can be said as profit before…
Q: I want to correct answer general accounting
A: Step 1: Define The Statement of Retained EarningsThe statement of retained earnings is a document…
Q: What are some significant benefits and concerns for firms outsourcing the oversight and management…
A: **Benefits**1. **Cost Savings**: - Reduced need for in-house IT and AIS specialists, which can…
Q: What amount of interest has accrued as of December 31, 2013 on these accounting question?
A: Step 1: Define Accrued InterestThe interest obtained over a specific time is called accrued…
Q: Using the following information.accounting questions
A: Step 1: Calculate Net SalesStep 2: Calculate Cost of Goods Sold (COGS)Step 3: Calculate Gross Profit
Q: Solve for C please
A: Remaining book value as of January 1, 2025;Original cost of the patent: $19,440Amortization…
Q: Swifty Corporation expects to purchase $140,000 of materials in July.... Please provide correct…
A: Step 1: Define Cash DisbursementCash disbursements are the amount being spent whenever a company…
Q: Maintenance Cost
A: 1-year prepaid expense contract = $12,000 The period from March 1 to March 31 represents one month…
Q: I want correct answer general accounting
A: Step 1: Define Overhead ExpensesIt is very difficult to track and locate the manufacturing overhead…
Q: I need answer financial accounting
A: Step 1: Define Inspection costInspection cost means the cost incurred to identify defect-free…
Q: Jackson County Senior Services is a nonprofit organization providing three services to seniors who…
A: Requirement 1A:The financial advantage or (Disadvantages) of discontinuing the housekeeping program…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: To compute the accumulated depreciation under the various methods, let's break this problem down…
Q: Give true answer the accounting question
A: Step 1: Define Degree Of Operating LeverageThe degree of operating leverage is a financial ratio,…
Q: Crystal glassware company issues..accounting questions
A: Step 1: Determine the bond discount:The bonds are issued at 99, which means they are sold for 99% of…
Q: Johansen company has the following estimated..accounting questions
A: Step 1: Define Overhead applicationOverhead are applied in production normally based on standard set…
Accounting question
Step by step
Solved in 2 steps
- At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the balance in Allowance for Doubtful Accounts was $2,450. EZ Tech's sales in 2017 were $1,070,000, 80% of which were on credit. Collections on account during the year were $690,000. The company wrote off $4,000 of uncollectible accounts during the year. Identify and analyze the transactions related to the collections of cash during 2017. Activity Operating Accounts Cash Increase, Accounts Receivable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenues – Expenses = Income…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 NextOn December 31, 2011, Wesam Company had a $60,275 balance in Accounts Receivable. During the year 2012, the company collected $104,050 from its credit customers. The December 31, 2012, balance of Accounts Receivable was $86,325. Determine the amount of Wesam Company's sales on account for 2012.
- Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captialJudon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?The following information is available for Reigen Company relating to 2019 operations: Accounts Receivable, January 1 4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, Jan. 1 4,800,000 Inventory, Dec. 31 4,400,000 Purchases 8,000,000 Gross Margin on Sales 4,200,000 What is the balance of accounts receivable on December 31, 2019?
- Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for write-offs. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill…The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…
- The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Question 1 of 8 What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read…Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 5 5 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf’s receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, e.g. 52.5.) 2018 2017 Receivables turnover enter number of times rounded to 1 decimal place times enter number of times rounded to 1 decimal place times Average collection period enter days rounded to 1 decimal place days enter days rounded to 1 decimal place daysThe financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?