On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers? I want answer to this financial accounting Problem
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On January 1, 2015,
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- Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the year, $24,800 of sales on account were made. During the year, Price wrote off accounts receivable of $1,700 as uncollectible. If the ending balance of accounts receivable is $2,000, what is the amount of cash received from customers? Multiple Choice $21,200 $21,500 $28,400 $24,700Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.How do you get to the answer for #5. Answer: 2,525, but I keep getting 2275
- Please let me know what the formulas/rules I need to know to solve this problem.Maybe a step-by-step on this one? 4. On January 1, 2018, Accounts Receivable and Allowance for Uncollectible Accounts for XYZ Company carriedbalances of $30,000 and $650, respectively. During the year, the company reported $80,000 of credit sales. There were$400 of receivables written off as uncollectible in 2018. Cash collections of receivables amounted to $74,500. Thecompany estimates that it will be unable to collect 6% of the year-end accounts receivable balance. A. The amount of bad debts expense recognized in the 2018 income statement will be: B. The net realizable value of receivables appearing on the 2018 balance sheet will amount to:I need help with this problem
- What is the adjusted balance per bank as of December 31, 2017? What is the amount of cash overage (shortage) as of December 31, 2017?Phoenix Corp's4. Waran Co. has accounts receivable of $500,000 and an allowance for doubtful accounts of $20,000 at the end of 2015. On January 10, 2016, the company learns that its receivable from Ted Inc. is not collectible, and management authorizes a write-off of $3,000.a. Prepare the journal entry to record the write-off.b. What is the cash realizable value of the accounts receivable (1) before the write-off and after the write-off?
- (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2017. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.1. There were bank service charges for June of $25.2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.)3. Receipts for June 30 for $3,390 were not deposited until July 2.4. Checks outstanding on June 30 totaled $2,136.05.5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29.6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15.7. Check…On December 31, 2011, Wesam Company had a $60,275 balance in Accounts Receivable. During the year 2012, the company collected $104,050 from its credit customers. The December 31, 2012, balance of Accounts Receivable was $86,325. Determine the amount of Wesam Company's sales on account for 2012.I’m confused on how to enter these into the table. Specifically b & c. My table options are -beginning balance -cash disbursements -cash receipts -cash receipts on account -payments on account -purchases on account - sales on account Thank you!