Calculate the amount of cash In its March 31, 2021, financial statements,Tennyson Enterprises Inc. reported a beginningaccounts receivable balance of $425,000 and anending accounts receivable balance of$510,000. Tennyson reported sales for the yearended March 31, 2021, of $5,320,000. All salesare on credit.Required:Calculate the amount of cash TennysonEnterprises Inc. collected from customersduring fiscal 2021.

Explanation of Cash Collections:Cash collections refer to the payments received from customers who…

Answered: In its March 31, 2021, financial…

Cornerstones of Financial Accounting

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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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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
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?
please solve this question
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.
can you please solve this answer
The Art Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2019. The accounts receivable balance was $5,500 and $4,900 at January 1, 2019, and December 31, 2019, respectively. The amount of cash collected from customers during 2019 was?
Can you please give answer the general accounting question?
6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
During May 2020, Kaili Company recorded the following: a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling $6,700. Ignore Cost of Goods Sold. b. Collections on account totaled, $34,700. c. Write-offs of uncollectible receivables, $1,760. d. Recovery of receivable previously written of totaled, $470. Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the direct write-off method. Date TO C Description Debit Credit I Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the allowance method.
Calculate the amount of cash Trump
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

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