Need help with this general accounting question please Give true solution Java Love, a large organic coffee company, reported a balance of$1,600 million in Accounts Receivable at the beginning of 2012and $1,500 million at the end of 2012. Its income statementreported total Sales Revenue of $12,000 million and total Cost ofGoods Sold as $8,000 million for 2012.Assuming that Java Love makes all sales on account, compute theamount of cash collected from customers during 2012.

Step 1: Define Accounts receivableAccounts receivable are part of the resources that the business…

Answered: Java Love, a large organic coffee…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 3P

See similar textbooks

Similar questions

Suppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year, and $267,653,000 at year-end. Sales revenue was $1,095,307,000 for the year.What is the amount of cash receipts from customers? what are the cash receipts from customers?
Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The firm’s total sales for 2015 were $56.1 million. What is the year-end 2015 balance in accounts receivable for Mr. Husker’s Tuxedos?
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?
Suppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year and $267,653,000 at year-end. Sales revenue was $1,095,307,000 for the year. Calculate the amount of cash receipts from customers.
Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, What was Utica's total net sales for 2017?
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?
Hansaben
Naples Inc. reported sales of $2.16 million for 2022. Accounts receivable decreased $180,000 and accounts payable increased $254,000. Compute cash receipts from customers, assuming that the receivable and payable transactions are related to operations.
The following information is related to sales of ABC company for the year 2016. Cash collected from customers during the year 400,000 Included in the above : Advance received from customers for orders not delivered 50,000 Amount received from customers related to previous year's sales 65,000 Amount not received from customers for current years sales 23,000 What is the amount of revenue reported in the income statement? (Remember the related concepts) $308000 $285000 $400,000 $335,000
DURING 2009 VALLEY SALES, INC., EARNED REVENUES OF $500,000 ON ACCOUNT. VALLEY COLLECTED $510,000 FROM CUSTOMERS DURING THE YEAR. EXPENSES TOTALED $420,000, AND THE RELATED CASH PAYMENTS WERE $400,000. SHOW WHAT VALLEY WOULD REPORT ON ITS 2009 INCOME STATEMENT UNDER THE: A. CASH BASIS. B. ACCRUAL BASIS. COMPUTE NET INCOME UNDER BOTH BASES OF ACCOUNTING. WHICH BASIS MEASURES NET INCOME BETTER?
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.
15. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended December 31, 2011. Additional information is given below. Under the cash basis of accounting, what amount should be reported as sales revenue for 2011? 12/31/2010 12/31/2011 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Zeta wrote off uncollectible accounts totaling P20,000 during 2011. O a. 4,900,000 O b. 4,350,000 O c. 4,300,000 O d. 4,280,000

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS