In its April 30, 2018, financial statements, Trump International Inc. (Trump) reported a beginning accounts receivable balance of $363,000 and an ending accounts receivable balance of $456,000. Trump reported sales for the year ended April 30, 2018, of $4,626,000. All sales are on credit. Required: Calculate the amount of cash Trump collected from customers during fiscal 2018.
Q: Get correct answer general accounting
A: Step 1: Define Operating Cash FlowOperating cash flow is the cash inflow and cash outflow generated…
Q: Based on a comparision of Microsoft and Nvidia companies in year 2023 & 2024, which company…
A: Detailed Explanation of Why Microsoft is the Better Acquisition Target1. Financial Stability and…
Q: Financial Accounting Question please answer do fast and correct
A: Step 1: Define Material VarianceMaterial variance includes material price and quantity variance.…
Q: RedRock Manufacturing
A: Explanation of Raw Material Purchase Cost: Raw material purchase cost refers to the total expense…
Q: Predetermined OH Rates; Capacity MeasuresAlberton Electronics makes inexpensive GPS navigation…
A: a. Predetermined VOH RateVariable overhead cost per machine hour = (Variable overhead at 150,000…
Q: Microsoft Excel is a widely used tool and a must-have skill for accountants. For this week’s…
A: Microsoft Excel is a powerful tool that can greatly benefit the accounting department in any…
Q: Total cash? That should be in the register.
A: Detailed explanation: Cash Sales $ 3450 Less Cash…
Q: Please give me answer Accounting
A: Step 1: Define Owners' EquityShareholders' equity can be defined as the ownership of the investors…
Q: Give me answer
A: Step 1:The labor rate variance helps in measure the difference between the actual and expected cost…
Q: Find out what is the total amount to financial accounting Problem
A: Explanation of Standard Boxes: Standard boxes refer to a category of paper boxes that are offered at…
Q: What was the income tax expense on its income statement for the year on these accounting question?
A: Step 1: Income tax expense is the income tax charged on the income during the period.If its…
Q: Please provide correct answer accounting questions
A: Step 1: Define Activity-based CostingUnder activity-based costing, companies estimate multiple…
Q: I need answer of this question solution general accounting
A: Step 1: The present value of the note is equal to the multiplication of the Present value of the…
Q: Accounting
A: Step 1: Define Accounts ReceivableIn financial accounting, accounts receivable is an asset account…
Q: How does sustainability accounting expand...
A: Explanation of Sustainability Accounting: Sustainability accounting is a comprehensive approach that…
Q: Give true answer the accounting question please provide correct answer
A: Step 1: Recall the accounting equation:• Assets = Liabilities + Owners' Equity Step 2: Rearrange the…
Q: Give me answer
A: Explanation of FIFO (First-In-First-Out): FIFO is an inventory valuation method where the first…
Q: Welborn Stores offers a coupon on its website for $5 off the customer’s next purchase of $30 or…
A: First, we need to calculate the net amount the customer needs to pay after applying the $5 coupon.…
Q: Solve the problem
A: Explanation of Petty Cash Fund:A petty cash fund is a small reserve of cash set aside by a business…
Q: Phoenix Corp's
A: Explanation of Credit Sales: Credit sales represent the total value of goods or services sold by a…
Q: The Mixing Department manager of Riverbed Company is able to control all overhead costs except rent,…
A: The provided responsibility report for the Mixing Department of Riverbed Company for January 2017…
Q: Emmons Lawn Maintenance (ELM) provides lawn and garden care for residential properties. In the…
A: Here is a step-by-step breakdown of the computations:1. Current Revenue DetailsCurrent properties…
Q: Required information Exercise 4-3 (Algo) Reconciliation of Absorption and Variable Costing Net…
A: Step 1: Before reconciliation of variable costing net operating income and absorption costing net…
Q: Net purchase Cost?
A: Hello student! Net Purchase Cost is calculated as follows:Net Purchase Cost = Gross purchase -…
Q: Why is the concept of substance over form particularly relevant in lease accounting? a) It helps…
A: Explanation of Substance Over Form:Substance over form is an accounting principle that prioritizes…
Q: General accounting problem
A: Explanation of Damaged/Dead Plant Units: Damaged or dead plant units refer to the inventory that is…
Q: Requirea information [The following information applies to the questions displayed below.] Oak…
A:
Q: Correct answer Please
A: Approach to solving the question:Understanding and Analysis Detailed explanation:The correct answer…
Q: A partially completed pension spreadsheet showing the relationships among the elements that comprise…
A: Step-by-Step Completion:Calculating the components of pension expense:Service Cost:Directly given as…
Q: Answer with all working steps
A: Explanation of Time Increments: Time increments refer to the specific intervals used to measure and…
Q: I need answer of this question solution general accounting
A: Step 1: Define Avoidable CostThe concept of avoidable costs is used in management decision-making.…
Q: The entity theory
A: Explanation of Proprietary Theory:The proprietary theory considers a business as an extension of its…
Q: The following information is for however company...given answer Accounting
A: Step 1: Define Financial RatiosFinancial ratios are fundamental as they serve various crucial…
Q: Determine a,b,c on these accounting question
A: Step 1: Define Contribution Margin AnalysisThe concept of the contribution margin analysis is used…
Q: Calculate cash flow operating leverage on these financial accounting question
A: Step 1: Define Operating LeverageOperating leverage reflects the earning capacity of the business,…
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: Need answer the accounting question please give correct answer
A: Step 1: Define Relevant CostsRelevant costs are affected by a company's decision to either keep or…
Q: Recognition upon initial consolidation of a variable interest entity (VIE) when VIE is not a…
A: Here are the key pieces of information and assumptions from the scenario:1. Previous Ownership and…
Q: General Accounting
A: Step 1: Define Interest ExpenseInterest is a charge against the company's profits and is paid…
Q: Answer please
A: Step 1:Total Waste cost will be the sum of the defective bottle costs and damaged label costs. Step…
Q: Financial accounting
A: Step 1: Define Return on AssetAssets are the valuables that a company uses in the business like…
Q: Give true answer this general accounting question
A: Step 1: Define Standard CostStandard costing is the process of applying estimated cost to determine…
Q: Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the…
A: Question 1ParticularsAmountRevenue from special order6,000 *(46(1-16%)$231,840(-) Cost associated…
Q: Give me answer
A: Explanation of Substance Over Form: This accounting principle emphasizes that transactions should be…
Q: I need right option
A: Explanation of Change in Accounting Estimate:A change in accounting estimate occurs when new…
Q: Need Answer of this Accounting Question
A: Solution to the Questions:Question 1: Calculate LiabilitiesGiven:Total Assets = $336,000Owners'…
Q: Please give me answer general accounting
A: Step 1: Define Conversion CostsConversion costs are total cost exclusive of raw material costs. That…
Q: Solve this accounting question
A: Step 1: Define Note receivableNote receivable is a current asset that the company records on the…
Q: I need answer of this question solution general accounting
A: Total manufacturing costs = Direct materials used + Direct labor + Manufacturing overheadDirect…
Q: During the past year, Kool Kats Inc. sold 829 pet bandanas. Inventory records for the year are as…
A: FIFO (First-In, First-Out) MethodWith FIFO, the oldest inventory is sold first. The remaining…
Hello tutor please provide this question solution general accounting
Step by step
Solved in 2 steps
- Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.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:
- ABC 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.The following information is produced by comparing the cash deposits and withdrawals recorded by the M&N Windows Ltd for the month with their most recent bank statement received at 30 June 2019:a. M&N Windows Ltd’ cash at bank ledger at 30 June 2019 is: $75,864b. Credit balance as per bank statement as at 30 June 2019 is: $101,160c. Bank statement shows an electronic transfer from a customer of $3,864d. Deposits in transit, $12,540e. Interest earned on bank account, $75f. Unpresented cheques, $37,407g. Service charge included in bank statement, $150h. Cheque for insurance expense, $5,370 incorrectly recorded in books as $5,910i. A dishonoured cheque written by a client Jim Smith, $3,900The entity doesn’t use special journals for record keeping. The entity prepares bank reconciliation statement at the end of each month.Required:a) Prepare a bank reconciliation statement for M&N Windows Ltd at 30 June 2019. b) Discuss why a bank reconciliation is still necessary even most of…Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 April. The cash receipts journal showed total cash receipts of $585,408 for May. The cash payments journal showed total cash payments of $530,148 for May. The June bank statement reported a bank balance of $82,368 on 30 May. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank statement. A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $24 Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.…
- Below is information about Lisa Ltd's cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: • a dishonoured cheque written by a client James Ltd, $136 • a credit for an electronic transfer from a customer of $644 • interest earned, $44 • account and transaction fees, $120 need to be solve. a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate…Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…
- Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…Below is information about Lisa Ltd’s cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70, and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: a dishonored cheque is written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 Required: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash…Below is information about Adam Ltd’s cash position for the month of May 2020.1. The general ledger Cash at Bank account had a balance of $42,400 on 30 April.2. The cash receipts journal showed total cash receipts of $585,408 for May.3. The cash payments journal showed total cash payments of $530,148 for May.4. The June bank statement reported a bank balance of $82,368 on 30 May.5. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.6. Cash receipts of $20,180 for 31 May were not included in the May bank statement.7. A dishonoured cheque written by a client Jim Ltd, $2728. A credit for an electronic transfer from a customer of $1,2889. Interest earned, $8810. Account and transaction fees, $240.Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and…
