High value Hardware began High Value Hardware began 2009 with a credit balance of $32,200 in the allowance for salesreturns account. Sales and cash collections from customers during the year were $955,000 and$600,000, respectively. High Value estimates that 9% of all sales will be returned. During2009, customers returned merchandise for a credit of $26,000 to their accounts. High Value's2009 income statement would report net sales of $ ?

To calculate **net sales**, we need to account for **estimated sales returns** and **actual returns.…

Answered: High Value Hardware began 2009 with a…

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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Similar questions

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?
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
High value 2009 income statement would report net sales of?
What percentage of sales is expected to be returned on these general accounting question?
What is their collection period??
Bangura Company provides this information for the month ended October 31, 2012: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $19,000. Prepare the sales revenues section of the income statement based on this information.
Flimflam Corp had sales to customers of $475,000 during 2015. The company has consistently experienced a 35% gross profit percentage and estimates that 5% of all sales will be returned. During 2015, customers returned merchandise for credit of $18,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2015 was $24,000. What is the balance in the allowance for sales returns account at the end of 2015?
Knight Roundtable Co. had annual credit sales of $1,080,000 and an average collection period of 32 days in 2018. Assume a 360-day year. What were the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. Fisk Corporation is trying to improve its inventory control system and has installed an online computer at its retail stores. Fisk anticipates sales of 49,000 units per year, an ordering cost of $8 per order, and carrying costs of $1.60 per unit.
Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above
Wal-Get Company sells apparel (clothing) to retail customers. Historical results show that about 10% of daily sales will be returned for a full refund. The ratio of cost of goods sold to sales is 70% (on average). On December 15, 2023, Wal-Get sold $5,000,000 of apparel products. The accounting system has appropriately recorded the sales and cash received and the decrease in inventory and increase in cost of sales for December 15. Calculate the estimated inventory return asset relative to December 15 sales.
shobha

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