Newark Company has provided thefollowing information: • Cash sales,$450,000 Credit sales, $1,350,000.Selling and administrative expenses,$330,000 Sales returns andallowances, $90,000 Gross profit,$1,360,000 Increase in accountsreceivable, $55,000 Bad debtexpense, $33,000 Sales discounts,$43,000 Net income, $1,030,000How much are Newark's net sales?$1,800,000.$1,634,000.$1,667,000.$1,745,000.

The net sales is reported in the income statement of the company. The cost of goods sold would be…

Answered: Newark Company has provided the…

Business

Accounting

Newark Company has provided the following information: Cash sales, $450,000 Credit sales, $1,350,000. ●

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Newark Company has provided the following information: • Cash sales, $640,000 • Credit sales,…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: During the year, the following sales transactions occur. There is a charge of 3% on all credit card…

A: Cash receipt from customers is the amount of cash received from customer for sales of goods or…

Q: Alco Roofing Company's beginning accounts receivable were $200,000 and ending accounts receivable…

A: Equation is opening receivables + credit sales - collections = ending receivables

Q: Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts…

A: Days sales in outstanding is the number of days required to collect receivables from credit…

Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…

A: Cash collections for the period = Opening balance of accounts receivable + Credit sales for the…

Q: The Griggs Corporation has credit sales of $908,950. Total assets turnover Cash to total assets…

A: Formula to be used: i) Total asset turnover= Sales / Total assets ii) Cash to total assets = Cash /…

Q: The Daisy Company had net credit sales of $880,000 for the year. Cash sales for the year were…

A: DAYS SALES IN RECEIVABLEDays Sales to Receivable is a ratio between 360/365 Days and Receivable…

Q: Norwood Company reported a receivables turnover ratio of 8.0. Cost of goods sold was $700,000 and…

A: Accounts receivable turnover :— It is calculated by dividing net credit sales revenue by average net…

Q: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts…

A: calculation of average collection period are as follows

Q: A firm has $375,000 in credit sales and $135,000 in accounts receivable. Compute the average number…

A: Average number of collection days = 365 days / Average receivable turnover ratio Average receivable…

Q: Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable…

A: Average collection period is calculated by dividing number of days in a year by accounts receivable…

Q: What is the receivales turnover and what is the average collection period (days sales outstanding) ?

A: Information Provided: Credit sales = $10,640,000 Receivables = $1,520,000

Q: he following information relates to Zulu Company’s accounts receivable for 20X1:…

A: The question is based on the concept of Financial Accounting.

Q: Sales of $54,200 ($77,000 on account $7,200 for cash), ignore Cost of Goods Sold Collections on…

A: A typical journal entry includes a date, a description of the transaction, and one or more debit and…

Q: A firm starts with $5,000 of accounts receivables and ends the period with $4,000 of receivables. If…

A: Sales revenue: It can be defined as the amount received by an individual or entity against the sale…

Q: Which of the following would occur if a company factored $2,500,000 of receivables with a 2% fee?…

A: Formulas: Factoring expenses = Receivables * Fee rate

Q: Qwerty Limited has sales revenue of $4,500,000 (all on credit), cost of sales of $2,997,000,…

A: Accounts Receivable Turnover Ratio The ratio of the median trade receivables for a term divided by…

Q: #9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from…

A: Accounts Receivable A/c Particulars Amount Particulars Amount To balance b/d 150,000.00 By…

Q: Given beginning and ending accounts receivable of $20,000 and $23,000, respectively, and assuming…

A: Sales on account = Ending accounts receivable + Cash collections - Beginning accounts receivable…

Question

Newark Company has provided the
following information: • Cash sales,
$450,000 Credit sales, $1,350,000.
Selling and administrative expenses,
$330,000 Sales returns and
allowances, $90,000 Gross profit,
$1,360,000 Increase in accounts
receivable, $55,000 Bad debt
expense, $33,000 Sales discounts,
$43,000 Net income, $1,030,000
How much are Newark's net sales?
$1,800,000.
$1,634,000.
$1,667,000.
$1,745,000.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The cash register tape for sunland industries reported sales of 28,032.00. Record the journal entry that would be necessary for each of the following situations. (a) sales per cash register tape exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash reported by cash register tape by $27.50. Round answers to 2 decimal places, e.g. 52.75.
A company had the following sales transactions: 1. Total debit card sales = $280,000. 2. Total credit card sales = $410,000. 3. Total cash sales = $840,000. 4. Total check sales = $160,000. There is a charge of 3% on all credit card transactions. There is no charge on debit card transactions. Calculate total sales revenue recorded for the year. Sales revenue
Please provide answer in text (Without image)
Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 Selling and administrative expenses, $330,000 • Sales returns and allowances, $90,000 • Gross profit, $1,360,000 • Increase in accounts receivable, $55,000 • Bad debt expense, $33,000 • Sales discounts, $43,000 • Net income, $1,030,000 How much is Newark's cost of sales?
Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480. Determine how much cash was collected from customers.?
10 A trader provided the following information: Payables: opening balance = $4,000; closing balance = $5,000. Payments made = $20,000 Receivables: opening balance = $7,000; closing balance = $9,000. All sales are on credit. Inventory: opening balance = $5,500; closing balance = $2,500. Gross profit margin = 25% How much cash has been collected from the customers? Cash collected from the customers during the year was $32,000. Cash collected from the customers during the year was $28,000. Cash collected from the customers during the year was $26,000. Cash collected from the customers during the year was $30,000.
During the year, the following sales transactions occur. There is a charge of 3% on all credit card transactions and a 1% charge on all debit card transactions. Total cash sales = $380,000 Total check sales = $230,000 Total credit card sales = $480,000 Total debit card sales = $210,000 calculate the amount recorded as cash receipts from these transactions
Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000
Flyer Company has provided the following information:· Cash sales, $150,000· Credit sales, $450,000· Selling and administrative expenses, $110,000· Sales returns and allowances, $30,000· Gross profit, $490,000· Accounts receivable, $110,000· Sales discounts, $14,000· Allowance for doubtful accounts credit balance, $1,200How much is bad debt expense assuming that 5% of accounts receivable is estimated to be uncollectible? Group of answer choices A)$5,500 B)$6,700 C)$4,240 D)$4,300
J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:
Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used. Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000 Calculate the total depositors’ share from the annual profit. Calculate the weighted average balance for each type of deposits.
1. A company, extends credit to its customers. Total Sales is 2 Million, credit Sales is 850,000, Sales Return is 305,000, with percent of uncollectibility set at 4% What is the journal entry under percentage of net credit sales?