Forest Company had the following transactions during the month of Cash sales $3,400 Payments for inventory 1,460 Investments by owners 3,300 Supplies used 175 Cash withdrawals 270 Inventory received 2,600 Wages paid 2,380 Cash balance Dec. 1 4,650
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- The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 155,000 Income Tax Expense 14,820 Merchandise Sales (gross revenue) for Cash 220,000 Merchandise Sales (gross revenue) on Credit 38,000 Office Expense 18,000 Sales Returns and Allowances 6,450 Salaries and Wages Expense 36,200 1. What was the gross profit percentage? (round your percentage to 1 decimal place)Elon Co.'s September balance sheet contains the following information: $ 73,500 (dr 252,000 (dr 4,800 (cr 33,250 (dr) Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory hs Management has designated $71,000 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $710,000, $840,000, and $622,500 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of sale, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues. d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold. e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $94,250, which includes $6,500 of depreciation and…Combong.bangibnsaEX 22-18 V Total cash collected in July, $163,050 Schedule of cash collections of accounts receivable OBJ. 5 Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows: May $134,000 June 155,000 00 July 169,000 All sales are on account. Sixty-five percent of sales are expected to be collected in boxit the month of the sale, 30% in the month following the sale, and the remainder in the e second month following the sale. ni vionel SHOW Prepare a schedule indicating cash collections from sales for May, June, and July. ME HOW
- During March, Sam Company had cash sales of $35,000 and sales on account of $210,000. In April, payments on account totaled $175,000. The journal entry prepared by Sam to record the March sales would include a debit to: A. Cash for $35,000, debit to accounts receivable for $210,000, and credit to sales revenue for $245,000 B. Cash for $35,000, debit to deferred revenue for $210,000, and credit to sales revenue for $245,000 C. Cash for $35,000, debit to accounts payable for $210,000, and credit to sales revenue for $245,000 D. Cash and credit to sales revenue for $35,000A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle daysOn June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expenseSelected data from Thornton Company follow. Balance Sheets As of December 31 Year 2 $377,000 (15,080) $361,920 Year 3 $393,000 (19,650) Accounts receivable Allowance for doubtful accounts Net accounts receivable $373,350 Inventories, lower of cost or market $477,000 $434,000 Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales Net cash sales $2,004,000 400,000 $1,753,000 307,000 Net sales 2,404,000 2,060,000 Cost of goods sold Selling, general, and administrative expenses Other expenses 1,602,000 240,300 40,200 $1,882,500 1,420,000 214,300 24,000 Total operating expenses $1,658,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) a. Accounts receivable turnover times b. Inventory turnover times c. Net margin %Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.
- Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…Mifflin Company reported the following for the current year: Net sales $ 60,000 Cost of goods sold 38,000 Beginning balance in accounts receivable 14,000 Ending balance in accounts receivable 6,000 Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: / Denominator: = Accounts Receivable Turnover / = Accounts receivable turnover / = times Compute the days’ sales uncollected. Days' Sales Uncollected Numerator: / Denominator: × Days = Days' Sales Uncollected / × = Days' sales uncollected / × = daysThe following selected transactions occurred during the year ended December 31, 2026 of RANOA COMPANY: Gross sales (cash and credit) P900,736.80 Collections from credit customers, net of 2% cash discount 294,000.00 Cash sales 180,000.00 Uncollectible accounts written off 19,200.00 Credit memos issued to credit customers for sales ret./allow. 10,080.00 Cash refunds given to cash customers for sales ret./allow. 15,168.00 Recoveries on accounts receivable written-off in prior years (not included in cash received stated above) 6,505.20 At year-end, the company provides for estimated bad debts losses by crediting the Allowance for Bad Debts account for 2% of its net credit sales for the year. The allowance for bad debts at the beginning of the year is P19,327.20. 9. How much is the RANOA COMPANY’s gross sales? 10. RANOA credit sales at December 31, 2026 is: 11. How much is the RANOA COMPANY’s net credit sales? 12. The Bad Debts Expense of RANOA COMPANY at December 31,…
