On January 1, 2018, Accounts Receivable was $25,000. Sales on account for 2018 totaled $180,000. The ending balance of Accounts Receivable was $38,000. What is the amount of cash collected from customers? a. $140,000 b. $167,000 c. $185,000 d. $195,000

On January 1, 2018, Accounts Receivable was $25,000. Sales on account for 2018 totaled $180,000. The ending balance of Accounts Receivable was $38,000. What is the amount of cash collected from customers? a. $140,000 b. $167,000 c. $185,000 d. $195,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

See similar textbooks

Similar questions

Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CR
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Calculate the amount of cash Apex collected from customer's during fiscal 2023. Accounting
Cash and accounts receivable for Adams Company are as follows: Prior Current Year Year Cash $41,208 $30,300 Accounts receivable (net) 26,313 53,700 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash Accounts Receivable ems (Previous Next to search a. 53°F Sunny 3:28 PM (中岁 12/14/2021
The following information relates to Halloran Company's accounts receivable for 2024: Accounts receivable balance, 1/1/2024 $ 841,000 Credit sales for 2024 3,450,000 Accounts receivable written off during 2024 51,000 Collections from customers during 2024 2,960,000 Allowance for uncollectible accounts balance, 12/31/2024 218,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2024?
On January 1, 2015, Accounts Receivable was $20,000. Sales on account for 2015 totaled $160,000. The ending balance of Accounts Receivable was $32,000. What is the amount of cash collected from customers? a. $128,000 b. $148,000 c. $172,000 d. $180,000
10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…
Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and…