On January 1, Year 2 Grande Company had a $10,000 balarice in the Accounts Receivable account and account. During Year 2. Grande provided $56,000 of service on account. The company collected $52.500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice O $51,450 $52,500 $56,000 $46,200

On January 1, Year 2 Grande Company had a $10,000 balarice in the Accounts Receivable account and account. During Year 2. Grande provided $56,000 of service on account. The company collected $52.500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice O $51,450 $52,500 $56,000 $46,200

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

See similar textbooks

Similar questions

Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Denger
On January 1, Year 2, Grande Company had a $76,000 balance in the Accounts Receivable account and a $4,000 balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $215,000 recognized service revenue on account. The company collected $271,100 cash from accounts receivable. Uncollectible accounts are estimated to be 1% of sales on account. The amount of uncollectible accounts expense recognized on the Year 2 Income statement is: Multiple Choice O O O $760. $2,150 $2.711. $2,100.
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
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 $_
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable Allowance for doubtful accounts $ 2,570 128 $ 3,414 187 During the accounting period, Ourso recorded $12,450 of sales revenue on account. The company also wrote off a $192 account receivable. Required: 1. Determine the amount of cash collected from receivables. 2. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts During the accounting period, Ourso recorded $11,850 of sales revenue on account. The company also wrote off a $194 account receivable. Required Beginning Balance Ending Balance $3,198 $3,549 134 203 a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
At the beginning of Year 3 Omega Company had a $60,000 balance in its accounts receivable account and a $3,000 balance in allowance for doubtful accounts. During Year 3, Omega experienced the following events. (1) Omega earned $200,000 of revenue on account (2) Collected $210,000 cash from accounts receivable (3) Wrote-off $2,000 of accounts receivable as uncollectible Omega estimates uncollectible accounts to be 4% of receivables. Based on this information, the December 31, Year 3 unadjusted (current) balance in allowance for doubtful accounts account (balance before expense recognition) is Multiple Choice $920. $1,000. $1,920. $5,000.
At the beginning of Year 3 Omega Company had a $60,000 balance in its accounts receivable account and a $3,000 balance in allowance for doubtful accounts. During Year 3, Omega experienced the following events. (1) Omega earned $200,000 of revenue on account (2) Collected $210,000 cash from accounts receivable (3) Wrote-off $2,000 of accounts receivable as uncollectible Omega estimates uncollectible accounts to be 4% of receivables. Based on this information, the amount of net realizable value of receivables shown on the Year 3 balance sheet is Multiple Choice $50,000. $49,920. $46,080. $48,000.
At the beginning of Year 3 Omega Company had a $75,000 balance in its accounts receivable account and a $10,400 balance in allowance for doubtful accounts. During Year 3 Omega experienced the following events. (1) Earned $256,000 of revenue on account. (2) Collected $248,000 cash from accounts receivable. (3) Wrote off $8,500 of accounts receivable as uncollectible. Omega estimates uncollectible accounts to be 4% of receivables. The December 31, Year 3 ending balance in the allowance for doubtful accounts account (balance after expense recognition) is: Multiple Choice $2,980. $8,500. $2,660. $3,300.
At the beginning of Year 3 Randall Company had a $16,070 balance in its accounts receivable account and a $1,310 balance in allowance for doubtful accounts. During Year 3, Randall experienced the following events. (1) Randall earned $24,300 of revenue on account. (2) Collected $16,460 cash from accounts receivable. (3) Wrote-off $710 of accounts receivable as uncollectible. Randall estimates uncollectible accounts to be 3% of receivables. Based on this information, the December 31, Year 3 the ending balance in the allowance for doubtful accounts account (balance after expense recognition) is $_________