KRJ Corporation reported annual sales revenue of $7,902 million. Accounts receivable at the beginning of the year was $644 million and at the end of the year it was $524 million. How much cash (in $ millions) was received from customers during the year?

KRJ Corporation reported annual sales revenue of $7,902 million. Accounts receivable at the beginning of the year was $644 million and at the end of the year it was $524 million. How much cash (in $ millions) was received from customers during the year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: General accounting

A: Step 1: Definition of Operating LeverageOperating leverage measures the sensitivity of a company's…

Q: Calculate the company pe ratio solve this accounting questions

A: Step 1: Determine the Price per ShareStep 2: Substitute the given values into the formula to…

Q: Hii expert please given correct answer general Accounting

A: Step 1: Define Spending VarianceSpending Variance measures the difference between the actual…

Q: Provide correct answer financial accounting

A: Step 1: Define Material Price VarianceThis variance sets the accountability of the purchasing…

Q: Compute the cash cycle based ????

A: Step 1: Define Cash Conversion CycleAs a process of production and sales, inventory is purchased…

Q: Do fast answer of this accounting questions

A: Step 1: Start with the formula:• Actual Cost = Standard Cost + Price Variance + Quantity…

Q: Subject: financial accounting

A: Silk corporationPartial Statement of Comprehensive IncomeaIncome Before Income Taxes $457,000…

Q: Hello tutor please help me this question

A: Step 1: Define Taxable IncomeTaxable income refers to the net income of an individual or a business…

Q: Provide given answer

A: Step 1: 1. The net income is calculated as follows: Net income = Revenues - Expenses…

Q: The following data are for elite furniture co. For... Please provide answer the accounting question

A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) is the direct costs attributable…

Q: I need this question answer general Accounting

A: Step 1: Define Interest ComputationInterest should be accrued when it is not payable in the same…

Q: A company is analyzing its break-even point for a product with a selling price of $63 per unit. The…

A: Concept of Contribution Margin: The contribution margin is the difference between the selling price…

Q: Financial accounting

A: Step 1: Define Net IncomeNet income is the income that is left after accounting for all operating as…

Q: Compute the relationship of net income to net sales?

A: Step 1: Define Net IncomeAfter considering all the cash and non-cash expenses and income, the…

Q: Get correct solution for this accounting question without use Ai and chatgpt

A: Step 1: Define Non-Current AssetsNon-current assets, also known as long-term assets, are assets that…

Q: Provide correct answer with correct calculation for this accounting question

A: Step 1: Define Adjusting Journal Entry for InterestAn adjusting journal entry for interest is…

Q: None

A: Step 1: Define Gross ProfitIn accounting, the gross profit refers to the total amount of revenue…

Q: Can you please answer the accounting question?

A: Calculation of Total AssetsTotal Assets = Current Asset + Fixed Assets =…

Q: The payment of the owner's personal expenses from the business's checkbook should be recorded with a…

A: The correct answer is:C. withdrawals. ExplanationWhen the owner uses business funds to pay for…

Q: Calculate the cost of goods sold for the quarter

A: Step 1:First, calculate the net purchase: Net purchases = Purchases of merchandise +…

Q: Problem 3.4.2: A classified income statement showed net sales of $755,000, cost of goods sold of…

A: Concept of Net SalesNet sales represent the total revenue a company earns from selling goods or…

Q: General accounting

A: Step 1: Definition of Earnings Per Share (EPS)Earnings Per Share (EPS) is a measure of a company's…

Q: A business reports sales revenue of $320,000 and the cost of goods sold is $175,000. What is the…

A: Explanation of Sales Revenue:Sales revenue is the total income a business generates from selling…

Q: Answer? ? General Accounting question

A: Step 1: Define InventoryThe beginning and ending balances in inventory represent two different…

Q: Per unit of each product follows

A: Concept of Selling Price per Unit:The selling price per unit represents the amount a company charges…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Applied OverheadApplied overhead is calculated using the predetermined…

Q: Constant debt equity ratio?

A: Step 1: Current Debt-Equity Ratio: 1.Current Market Value of Equity:Equity=Shares Outstanding× Share…

Q: General accounting

A: Step 1: Define Standard costStandard cost is the difference between actual cost or standard cost. if…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Cost Per Equivalent Unit (Weighted-Average Method)The cost per equivalent unit…

Q: Financial accounting

A: Step 1: Gather Data:• Units Produced = Units• Direct Labor Cost/Unit• Direct Materials Cost/Unit•…

Q: Given this information, the total cost of the units completed and transferred out was _.{Cost…

A: Step 1: Formula for Total Cost of Units Transferred Out Total Cost of Units Transferred…

Q: What is the dividend yield if your annual dividend income is 255 on these financial accounting…

A: Given:Shares = 150Share price = $42.5Annual dividend income = $255 Market value of shares = number…

Q: Calculate it's gross profit? General accounting

A: Step 1: Formula Gross profit = Sales - Cost of goods sold Step 2: Substitution Gross profit = Sales…

Q: Question: Quill Corp. shows the following information on its 2007 income statement: Sales Costs…

A: We are asked to compute for the CFC or cash flow to creditors. CFC is an important financial metric…

Q: Don't use ai given answer accounting questions

A: To calculate the price-earnings (P/E) ratio, we first need to find the earnings per share (EPS) and…

Q: Hello, tutor please give me answer financial accounting problem

A: Step 1:First calculate the contribution margin per unit: Contribution margin per unit = Selling…

Q: The unit product cost under super-variable costing is: @ financial account.

A: Step 1: Understand Super-Variable CostingUnder super-variable costing, only variable costs directly…

Q: Financial Accounting

A: The accounting equation states: Assets=Liabilities+Equity This equation must always remain…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of High-Low MethodThe high-low method is a technique used to estimate the fixed…

Q: A product has a selling price of $63, variable costs of $55, and fixed costs are $72,000. How many…

A: Step 1: Identify the values- Fixed Costs = $72,000 - Selling Price per Unit = $63 - Variable Cost…

Q: Get correct answer accounting questions

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method of allocating…

Q: What are total assets?

A: Explanation of Total Assets:Total assets refer to all the resources owned by a company that have…

Q: Provide general accounting soluutions

A: Key Information ProvidedTransaction Details:Scanlon Company sells 1,000 widgets to Avon Inc. for $14…

Q: What is the total variable overhead on this accounting question?

A: Step 1: Define Variable OverheadVariable Overhead is the portion of overhead costs that vary…

Q: Cost account.

A: To calculate the equivalent units of production (EUP) for both the Drawing Department and the…

Q: Hi experts answer the accounting question

A: Step 1: Definition Issued Shares: The total number of shares a company has distributed to…

Q: What is silverline's contribution margin ratio on these general accounting question?

A: Step 1: Define Contribution Margin RatioThe Contribution Margin Ratio is the proportion of sales…

Q: Provide correct answer general Accounting

A: Step 1: Define Standard Labor Cost Per Output UnitThe standard labor cost per output unit is the…

Q: Need answer the accounting question not use chatgpt please don't

A: Step 1: Define Permit ExpenseThe permit expense is the portion of the total cost of a permit that is…

Q: Please solve these financial accounting problem

A: Step 1: Define Quick RatioThe Quick Ratio (also known as the Acid-Test Ratio) is a measure of a…

Question

Please solve this question general accounting

KRJ Corporation reported annual sales revenue of $7,902
million. Accounts receivable at the beginning of the year
was $644 million and at the end of the year it was $524
million. How much cash (in $ millions) was received from
customers during the year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
KRJ Corporation reported annual sales revenue of $7,902 million. Accounts receivable at the beginning of the year was $644 million and at the end of the year it was $524 million. How much cash (in $ millions) was received from customers during the year?
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
The income statement of Pratt Inc. reports net sales of $3,749.9 million for the current year. The balance sheet reports accounts receivable, net of $535.3 million at December 31 of the current year and $572.2 million at December 31 of the previous year. The days sales outstanding in the current year are:
A company made a profit for the year of $18,750, after accounting for depreciation of $1,250. During the year, non-current assets were purchased for $8,000, receivables increased by $1,000, inventory decreased by $1,800 and payables increased by $350. The increase in cash and bank balances during the year was ........................................
Your Company earned $520,000 of revenue on account and $100,000 of cash sales during the year. It collected $425,000 of its receivables during the year. The beginning balance in the accounts receivable was $45,000 and allowance accounts beginning balance was $1,200. The company estimated that it will be unable to collect $18,200 of its current year's sales on account. What is the net realizable value of the receivables at year end? $120,600 mesoon $140,000 $220,600 GA $220,600 $159,400 $121,800
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M’s receivables turnover
The income statement of Pratt Inc. reports net sales of $3,749.9 million for the current year. The balance sheet reports accounts receivable, net of $413.6 million at December 31 of the current year and $442.2 million at December 31 of the previous year. The days sales outstanding in the current year are: Select one: a. 40 days b. 42 days c. 9 days d. None of these are correct. e. 8 days
Parsnip, Inc.'s, net income for the most recent year was $9,512. The tax rate was 3030 percent. The firm paid $3,837 in total interest expense and deducted $5,173 in depreciation expense. What was the company's cash coverage ratio for the year?
FVA Inc.'s net income for the most recent year was $41,445. The tax rate was 25 percent. The firm paid $10,440 in total interest expense and deducted $10,630 in depreciation expense. What was the cash coverage ratio for the year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cash coverage ratio times
Whipporwill, Incorporated’s, net income for the most recent year was $24,020. The tax rate was 24 percent. The firm paid $4,156 in total interest expense and deducted $6,291 in depreciation expense. What was the cash coverage ratio for the year
Need help