General Accounting Question please give me correct answer Madison Home Décor had Accounts Receivable of $40,000 at thebeginning of the year and $65,000 at year-end. Revenue for the yeartotalled $180,000.How much cash did the business collect from customers during theyear?

Step 1: Define Cash Collections from CustomersCash Collections from Customers refers to the actual…

Answered: Madison Home Décor had Accounts…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

See similar textbooks

Similar questions

Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?
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.
Can you please solve these general accounting question?
At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC sold $5,963,000 to its customers on credit. At the end of the year the firm's Accounts Receivable balance was $179,300. How much did ABC receive in payments from its customers over the course of the year?
What are the day to collect from customer?
Harrison Golf Supplies had a balance in the Accounts Receivable account of $950,000 at the beginning of the year and a balance of $1,050,000 at the end of the year. Net credit sales during the year amounted to $8,250,000. Required: What was the average collection period of the receivables in terms of days? I want answer
Peterboro Supply has a current accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. How long did it take on average for credit customers to pay off their accounts during the past year? Assume a 365-day year. Can you provide the formula?
What is the days sales collected for kavya enterprises?
It's a general accounting question please answer
At year-end, Sally, Inc. has cash of $14,000, current accounts receivable of $70,000, merchandise inventory of $42,600, and prepaid expenses totaling $5,200. Liabilities of $20,000 must be paid next year. Assume accounts receivable had a beginning balance of $10,000 and net credit sales for the current year totaled $560,000. How many days did it take Sally to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.) O O A. 26 B. 46 C. 52 D. 7
The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year? A) $4,740,000 B) $4,480,000 C) $4,060,000 D) $4,220,000
At year-end, Snow has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of $45,000, and prepaid expenses totaling $4,200. Liabilities of $50,000 must be paid next year. Assume accounts receivable had a beginning balance of $30,000 and net credit sales for the current year totaled $360,000. How many days did it take Snow to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.) OA. 30 OB. 91 O C. 122 OD. 61

SEE MORE QUESTIONS

Recommended textbooks for you

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

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

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Madison Home Décor had Accounts Receivable of $40,000 at the beginning of the year and $65,000 at year-end. Revenue for the year totalled $180,000. How much cash did the business collect from customers during the year?