Please give me answer general accounting question In its December 31, 2023, financial statements, Global TechSolutions reported the following information:⚫ Beginning accounts receivable balance (Jan 1, 2023):$542,000⚫ Ending accounts receivable balance (Dec 31, 2023):$678,000⚫ Sales for the year ended December 31, 2023:•$7,845,000. All sales are on credit•Calculate the amount of cash collected from customersduring 2023.

Step 1: Definition of Cash Collection from CustomersCash collected from customers refers to the…

Answered: In its December 31, 2023, financial…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

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Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
The following balance sheet information...
n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000
2.
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Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…
1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
Question: The following balance sheet information was provided by Bentom Company: Assets Cash 2019 2018 $3,500 $3,000 Accounts receivable $22,500 $20,500 Inventory $39,000 $45,000 Assuming 2019 net credit sales totaled $135,000, what were the company's average days to collect receivables?
The following information is produced by comparing the cash deposits and withdrawals recorded bythe S&W Windows Ltd for the month with their most recent bank statement received at 30 June2019:a. S&W 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 reconciliationstatement at the end of each month.Required:a) Prepare a bank reconciliation statement for S&W Windows Ltd at 30 June 2019. b) Discuss why a bank reconciliation is still necessary even most of the…

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