On January 1, 2024, Summit Corporation's accounts receivable balance was $25,800; on December 31, 2024, it was $31,200. Sales revenue for the year was $278,450. Calculate the cash received from customers in 2024.
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $In 2021, Lmao company reported cash basis income of P 7,800,000. Tracing back its records, accounts receivable and accounts payable on December 31, 2021 were P5,200,000 and P 1,950,000 respectively. During the year, the accounts receivable increased by 200% while accounts payable decreased by 50%. How much were net income using accrual method?
- In 2021, Allen company reported cash basis income of P 7,800,000. Tracing back its records, accounts receivable and accounts payable on December 31, 2021 were P5,200,000 and P 1,950,000 respectively. During the year, the accounts receivable increased by 200% while accounts payable decreased by 50%. How much were net income using accrual method?Bailey Co earns $27,792 of revenue on account and in $6,256 cash revenue transactions in Year 1. Cash collections of receivables amount to $7,152 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show Total Revenue in Year 1 of $_Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:
- Naples Inc. reported sales of $2.16 million for 2022. Accounts receivable decreased $180,000 and accounts payable increased $254,000. Compute cash receipts from customers, assuming that the receivable and payable transactions are related to operations.Sheridan Company completed its first year of operations on December 31. 2022. It initial income statement showed that Sheridan had sales revenue of $190,900 and operating expenses of $73,200. Accounts receivable and accounts payable at year-end were $63,900 and $31,600 respectively. Assume that accounts payable related to operating expenses. Inore income taxes. Compute net cash provided by operating activities using the direct method. (Show amo wnts that decrease cosh fow with either a sign eg 1s oog orinparenthesises (15,000) Net cash provided by operating activitiesFedEx Corporation, a multinational delivery services company, is preparing its annual financial statements for the fiscal year ending May 31, 2024. The company's accounting department has compiled the following information: accounts receivable balance on June 1, 2023, was $8.2 billion; credit sales for the year totaled $92.5 billion; cash collections from customers amounted to $90.8 billion; and write-offs of uncollectible accounts were $0.4 billion. FedEx estimates that 2% of its ending accounts receivable balance will be uncollectible. The company wants to determine the balance of its accounts receivable, the allowance for doubtful accounts, and the net realizable value of accounts receivable as of May 31, 2024. PepsiCo, Inc., a multinational food and beverage corporation, is evaluating its fixed assets at the end of its fiscal year 2023. The company purchased a new bottling machine on January 1, 2020, for $5,000,000 with an estimated useful life of 10 years and a salvage value of…
- Suppose Columbia Sportswear Company had accounts receivable of $277,236,000 at January 1, 2022, and $237,235,000 at December 31, 2022. Assume sales revenue was $1,345,870,000 for the year 2022.What is the amount of cash receipts from customers in 2022?Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $7,949 Cost of goods sold 4,767 Selling and administrative expense 1,909 Interest expense 416 Income before tax 857 Net income 458 12/31/2021 12/31/2020 Cash and cash equivalents $ 975 $ 64 Receivables, net 1,010 664 Inventories 1,055 519 Land, buildings and equipment at cost, net 13,500 3,844 Total assets $ 16,540 $ 5,091 Total current liabilities $ 5,747 $ 2,209 Long-term debt 5,591 2,221 Total liabilities $ 11,338 $ 4,430 Total stockholders' equity $ 5,202 $ 661 Required:Compute the return on assets for 2021. (Round your answer to 1 decimal place.)
