Help! On December 31, a company's monthly records show the following accounts.CashAccounts receivableSuppliesLandServices revenueAccounts payableWages expenseSupplies expenseRent expense$ 27,4004,90011,90071,90089,50031,90041,9009,4005,400Use this information to prepare a December income statement.RevenuesExpensesIncome StatementFor Month Ended December 31Total expenses0$0

Approach to solving the question: This is just a simple classification of revenues and expenses from…

Answered: On December 31, a company's monthly…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.
Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.
Sales taxes collected from customers are sent to the state at the end of each month. What journal entry is prepared? A. debit Sales Taxes Payable and credit Cash OB. debit Sales Tax Payable and credit Sales OC. debit Accounts Receivable and credit Sales O D. debit Accounts Payable and credit Cash
Sheridan Company provides the following information for the month ended October 31, 2022: sales on credit $366,100, cash sales $108,300, sales discounts $5,100, and sales returns and allowances $12,900.Prepare the sales section of the income statement based on this information.
Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 19,805 $ 12,895 $ 23,325 $ 22,110 Balance Sheets: Accounts receivable, net Income statements: Sales revenue 6/30/2020 (04) $ 15,361 $ 24,545 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Answer is complete but not entirely correct. Receivables turnover ratio Q4 Receivables turnover ratio Q3 Average collection period Q4 Average collection period Q31 1.396 times 1.427 Simes 261.46 days 255.78 days
Please answer the following requirements on these general accounting question
explain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendation
Vishal
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 $4,468,392 $4,972,722 $45,349,943 Receivables as of 31 December 2021 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Not Accounting receivable Average Day's sales in receivable = 154; 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial

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