LindaServices had an accounts receivable balance of $88,200 on October 1. During October, the company collected $412,000 from customers on account. If theaccounts receivable balance on October 31 was $91,700, what amount was billed to customers on account during October?
Q: Apple Valley Corporation produces widgets. It uses a job order cost system and has two production…
A: Step 1: Definition of Job Order CostingJob order costing is a system used to assign manufacturing…
Q: Please need answer the general accounting question not use ai
A: Step 1: Definition of Unit CostUnit cost is the cost incurred to produce one unit of output. It can…
Q: I am trying to find the accurate solution to this financial accounting problem with the correct…
A: Step 1: Define Realized Gain in a Tax-Free ReorganizationIn a tax-free reorganization, the realized…
Q: Talon Ridge Lodge has annual sales of $812,500. Earnings before interest and taxes is equal to 19…
A: To determine the profit margin, follow these steps:Step 1: Calculate Earnings Before Interest and…
Q: Financial accounting 34.5.6
A: Explanation of Integrated Control Framework:An integrated control framework is a structured system…
Q: The current ratio of a company is 8:1 and its acid-test ratio is 1:1. If the inventories and prepaid…
A: Provided Data:Current ratio = 8:1Acid-test ratio = 1:1Inventories and prepaid items = $633,000Step…
Q: Please provide problem with accounting question
A: Step 1: Definition of Owner's EquityOwner's equity (also known as shareholders' equity or…
Q: Compute the total fixed expenses
A: Provided Data:Planned sales = 5,000 helmetsSelling price per helmet = $75Direct materials per helmet…
Q: Expert of Account Solve this asap
A: The capital gains yield is calculated using the formula:Capital Gains Yield = [(Selling Price -…
Q: Please give me correct answer this financial accounting question
A: Step 1: Definition of Asset TurnoverThe asset turnover ratio measures how efficiently a company uses…
Q: Subject: financial accounting
A: Explanation of Net Income:Net income is the company's total profit after subtracting all expenses,…
Q: Calculate the amount to be reported for ending inventory.
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: The predetermined overhead rate must have been?
A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate (POHR) refers to an…
Q: Compute the amount of direct materials used?
A: Explanation of Direct Materials Used: Direct materials used represents the total raw materials that…
Q: Accounting problem with help
A: Step 1: Definition of Unit CostUnit cost refers to the cost incurred by a company to produce, store,…
Q: Branton Ltd. had cash sales of $56,390, credit sales of $42,810, sales returns and allowances of…
A: Explanation of Cash Sales:Cash sales refer to transactions where payment is received immediately in…
Q: Hi expert please given correct answer with accounting question
A: Step 1: Definition of Ending Retained EarningsEnding retained earnings represent the portion of net…
Q: Discuss and explain the picture
A: Interpretation:Turnover Rate:PepsiCo has a lower turnover ratio (9.17) than Amazon (13.7), meaning…
Q: What is the adjusted book Balance ?
A: Provided Data:Ending book balance = $4,850Bookkeeper error = $125 (check overstated)Outstanding…
Q: What is the sales margin for the division?
A: Step 1: Definition of Sales MarginSales Margin (also known as profit margin or return on sales) is a…
Q: Discuss the recognition and measurement of share capital, retained earnings, and other reserves…
A: Recognition and Measurement of Share Capital, Retained Earnings, and Other Reserves under IFRSThe…
Q: I am trying to find the accurate solution to this general accounting problem with appropriate…
A: Step 1: Define Plantwide Overhead RateA plantwide overhead rate is a single rate used to allocate…
Q: Can you help me solve this general accounting problem with the correct methodology?
A: Step 1: Definition of Taxable Capital GainA taxable capital gain is the profit realized from the…
Q: Compute the percentage of total return?
A: The total return percentage is calculated using the formula:Total Return (%) = [(Ending Price -…
Q: What is the amount and nature of the gain/loss from the sale?
A: Explanation of Original Cost (Cost Basis):The original cost, also known as the cost basis, is the…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: DefinitionsConcept of Factory Overhead:Factory Overhead refers to all indirect manufacturing…
Q: General Accounting Question
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate used to…
Q: Please show me the correct approach to solving this financial accounting question with proper…
A: Step 1: Define Net Profit MarginNet Profit Margin is a financial metric that shows the percentage of…
Q: What were orion techs free cash flow and earning for the period? General accounting
A: Step 1: Definition of Free Cash FlowFree cash flow (FCF) is a measure of a company's financial…
Q: Accounting question
A: Explanation:The problem requires us to determine the current price of the stock (P₀) using the…
Q: Give me correct answer please
A: Step 1: Definition of Gross Profit MarginThe gross profit margin is a profitability ratio that shows…
Q: Can you please help me this question
A: Step 1: Definition of Inventory Days on HandInventory Days on Hand (also called Days Inventory…
Q: Alpine Tech Corporation has a marginal tax rate of 40% and an average tax rate of 25%. If the…
A: Step 1: Definition of Average Tax Rate The average tax rate is the percentage of a taxpayer's total…
Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution
A: Step 1: Define Average Collection PeriodThe Average Collection Period measures the average number of…
Q: General accounting
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: I need assistance with this general accounting question using appropriate principles.
A: Step 1: Definition of Direct Labor Rate VarianceDirect labor rate variance is the difference between…
Q: Questi 7
A: (a) Journal Entry for Issuance of Bonds on May 1, 2027Since the bonds were issued at face value, the…
Q: General Accounting
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures how effectively a…
Q: What was the number of pounds?
A: Explanation of Standard Costing System: A standard costing system is a cost accounting method that…
Q: Given answer with step by step calculation
A: Step 1: Definition of Net IncomeNet income is the amount of profit a company has after all expenses,…
Q: Calculate progress corporations net fix assets?
A: Step 1: Definition of Net Fixed AssetsNet fixed assets refer to the value of a company's property,…
Q: identify the key factors that contributed to the collapse of Northern Rock bank. Compile documents…
A: The Collapse of Northern Rock: Causes, Regulations, and Risk Management LessonsThe collapse of…
Q: Provide correct answer
A: To calculate the dividend yield, use the following formula: Dividend Yield=Annual Dividend…
Q: Calculate the contribution margin ratio accounting
A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio is a financial metric…
Q: Need help this question
A: We can determine Timber Ridge's net profit margin using the Return on Assets (ROA) formula:ROA = Net…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Contribution Margin per Unit The contribution margin per unit represents the…
Q: what was the amount of sales for the month?
A: 1. Define Variables:Let 'S' be the total sales amount.Base salary = $1,840Commission rate = 7.2% =…
Q: Journalize entries 1. Cash balance per bank, July 31, $8,004. 2. July bank service charge not…
A: 1. Understanding the Given InformationWe have the following details:Cash balance per bank (July 31):…
Q: Suppose a stock had an initial price of $66 per share, paid a dividend of $1.8 per share during the…
A: To calculate the percentage of total return givev;Initial Price (P0): $66Dividend (D1): $1.8Ending…
Q: Gayle Industries applies overhead costs to jobs based on direct labor cost. Job X, which was started…
A: Step 1: DefinitionsConcept of Overhead Application Rate:Overhead Application Rate is a percentage…
LindaServices had an accounts receivable balance of $88,200 on October 1. During October, the company collected $412,000 from customers on account. If theaccounts receivable balance on October 31 was $91,700, what amount was billed to customers on account during October?
Step by step
Solved in 2 steps
- Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?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.Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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.
- On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13.000. What was the amount of credit sales during May? O $52,000. O $32,000. O $47,000. $57,000. O 55,000.For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total sales of $765,000 were made. Of the total sales, $250,000 were cash sales while the remaining amount was credit sales. The company collected $555,000 from customers for amounts owed. Fill in the amounts in the T-account, including the ending Accounts Receivable balance. Accounts Receivable Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text.
- The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?Please help meSunny Industries reports its accounts receivable on the balance sheet. The gross receivable balance is $42,000, and the allowance for uncollectible accounts is estimated at 15% of gross receivables. At what amount will accounts receivable be reported on the balance sheet?
- On December 31 of last year, the balance sheet of Union Company had accounts receivable of $74,5000 and a credit balance in Allowance for Uncollectible Accounts of $5,075. During the current year, Union's financial records included the following selected activities: Sales on accounts $298,750 Sales returns and allowances, $18,250 Collections from customers, $287,500 Accounts written off as worthless, $4,000 1) Prepare T accounts for Accounts receivable and Allowance for uncollectible accounts. Enter the beginning balances and show the effects on these accounts of the items listed above. Determine the ending balance of each account.Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount $ 21,550 Kim Abel Lee Drake 33,925 Jenny Green 27,565 Mike Lamb 19,460 Total $102,500During the current year, Watanabe’s Camera Shop had sales revenue of $210,000, of which $86,400 was on credit. At the start of the current year, Accounts Receivable showed a $19,200 debit balance and the Allowance for Doubtful Accounts showed a $440 credit balance. Collections of accounts receivable during the current year amounted to $72,000. The Company uses the percentage of receivables method to account for its estimated uncollectible accounts. Data during the current year follow: a. On December 31, an Accounts Receivable from a deadbeat customer (Melania Trump, Wedding Photographer) of $3,400 from a prior year was determined to be uncollectible; therefore it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated uncollectible accounts on 2 percent of the end balance of accounts receivable. What is the Company’s bad debt expense for the year?
