hello teacher please solve questions Grateful Industries, a service company, made two sales during 2016:Sale #1: $50,000 (on account)Sale #2: $100,000 (cash collected same day as service provided)The following information relates to Grateful Industries' AccountsReceivable account:Beginning Balance: $12,000Ending Balance: $17,000Based on the information given, how much cash did GratefulIndustries collect in 2016?

Step 1: Definition of Accounts Receivable CollectionAccounts receivable, or sales on account, refers…

Answered: Grateful Industries, a service company,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
The following five transactions occurred in 2018: First purchase (cash) 150 units @ $155 Second purchase (cash) 160 units @ $160 Sales (all cash) 410 units @ $320 Paid $38,000 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income before taxes What is the balance sheets AND cash flows statements for 2018 for LIFO and weighted average? cash balance for FIFO?
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Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?
On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers? Correct Answer
Accounting question
On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers?
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On 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.
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Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
A summary of transactions undertaken by Wellworth Stores during the month of January 2018 are as follows: Date Transactions 2/1 Credit purchases form Allan Enterprise $72,000 (GST inclusive) 3/1 Credit sales to Jacky $36,000 (GST inclusive) 5/1 Cash sales $8,100 (GST inclusive) 7/1 Received from debtors for credit sale made in December 2017 $18,000 (GST inclusive) 11/1 Paid Allan Enterprise for credit purchases made on 2/1/2018 (GST inclusive) 14/1 Cash purchases $45,000 (GST inclusive) 16/1 Paid wages $27,000 20/1 Paid for advertisement $19,800 (GST inclusive) 21/1 Cash sales $63,000 (GST inclusive) 22/1 Paid insurance premium $4,050 (GST inclusive) 23/1 Cash sales received by EFTPOS card $90 (GST inclusive) 25/1 Purchased of office equipment by cash $2,070(GST inclusive) 26/1 Credit purchase $34,500 (GST inclusive) 28/1 Office rent for next 6 months paid in advance $37,800 29/1 Cash…

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