On November 30, Sullivan Enterprises had Accounts Receivable of $145,600. During the month of December, the company received total payments of $175,000 from credit customers. The Accounts Receivable on December 31 was $98,200. What was the number of credit sales during December?

On November 30, Sullivan Enterprises had Accounts Receivable of $145,600. During the month of December, the company received total payments of $175,000 from credit customers. The Accounts Receivable on December 31 was $98,200. What was the number of credit sales during December?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

See similar textbooks

Related questions

Q: Financial accounting

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial metric that shows how…

Q: No WRONG ANSWER

A: Concept of Beginning InventoryThe beginning inventory refers to the value of goods available for…

Q: Account Question answer wanted.

A: Step 1: Definition of Interest ExpenseInterest expense is the cost a company incurs for borrowing…

Q: ?? Financial accounting question

A: Step 1: Define Capitalized Cost of an AssetThe capitalized cost of an asset includes all expenses…

Q: Stevenson Corporation reported a pretax book income of $500,000 in 2022. Included in the computation…

A: Explanation of Pretax Book Income:Pretax Book Income is the company's total income reported on…

Q: During 20x2 Creswell Corporation sold $5,500 of inventory on credit. The company's beginning and…

A: To determine how much cash Creswell Corporation collected from accounts receivable, we use the…

Q: A company reported the following financial data for the current period: Service Revenue: $275,000…

A: Step 1: Definition of Income Summary AccountThe Income Summary Account is a temporary account used…

Q: Financial Accounting Question please answer

A: Step 1: Definition of Interest ExpenseInterest Expense is the cost incurred by a company for…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Property, Plant, and Equipment (PP&E)Property, Plant, and Equipment…

Q: What is the ratio of the market value of equity to ita book value for this financial accounting…

A: Step 1: Define Market-to-Book Ratio of EquityThe Market-to-Book Ratio of Equity measures the market…

Q: provide correct answer accounting question

A: Step 1: Definition of Investment Turnover (Detailed Explanation)Investment Turnover (also called…

Q: Financial Accounting Question need help

A: Step 1: Define Operating CycleThe Operating Cycle refers to the time it takes for a company to…

Q: What is the Allocation rate per setup using activity based costing?

A: Step 1: DefinitionsDefinition of Activity-Based Costing (ABC)Activity-Based Costing (ABC) is a cost…

Q: Financial Accounting

A: Step 1: Define Cash Flow from Operating ActivitiesCash Flow from Operating Activities represents the…

Q: What is the earnings per share (EPS)?

A: Earnings per share (EPS) is calculated using the formula:EPS = Net Income / Shares…

Q: Help

A: Explanation of Cash Proceeds from Sale:The cash proceeds from sale refer to the actual amount of…

Q: Riverstone Publishers Inc. collects 80% of its sales on account in the month of the sale and 20% in…

A: Explanation of Sales on Account: Sales on account represent transactions where customers purchase…

Q: What is the correct amount for purchase ?

A: Explanation of Cost of Goods Sold (COGS): Cost of goods sold represents the direct costs…

Q: Need help this question provide answer please accounting

A: Components of Total Manufacturing CostsThe total manufacturing costs include:Direct Materials Used =…

Q: Don't use ai given answer accounting

A: Step 1: Definition of Rate of Return on Net SalesThe Rate of Return on Net Sales (also known as Net…

Q: What is the operating leverage?

A: Solution: Calculating the Degree of Operating Leverage (DOL) The degree of operating leverage (DOL)…

Q: Ans.

A: To calculate the total manufacturing overhead costs, we need to include only the indirect costs…

Q: Need answer

A: Explanation of Accounts Receivable Turnover Ratio:The accounts receivable turnover ratio measures…

Q: What truck depreciation should be allocated

A: Explanation of Units of Production Depreciation:The Units of Production Depreciation method…

Q: A Medical Lab has introduced a new sample processing efficiency measurement system. This system…

A: Let's go through the calculation and analysis of the overall efficiency percentage of the Medical…

Q: answer ? Financial Accounting

A: Step 1: Given Value for Calculation Initial Investment = i = $320,000Final Amount = f = $335,000time…

Q: Kazama owns JKL Corporation stock with a basis of $20,000. He exchanges this for $24,000 of STU…

A: Kazama's basis in the STU stock is determined using the carryover basis rules for a tax-free…

Q: RDX Corporation's production budget for September is 22,000 units and includes the following…

A: Explanation of Fixed Overhead Budget Variance:The fixed overhead budget variance is the difference…

Q: Explain how this theory can help individuals in at least two fields (business, medical, education,…

A: The theory in question is the Intercultural Communication Theory. This theory, according to credible…

Q: What is the total contribution margin?

A: Explanation of Contribution Format Income Statement: A contribution format income statement is an…

Q: Answer

A: Explanation of Work in Process (WIP):Work in process (WIP) refers to partially completed goods that…

Q: determine the total martials variance.

A: Step 1: Definition of Total Materials VarianceTotal materials variance measures the difference…

Q: Beginning inventory is $60,000. Purchases of inventory during the year are $100,000. Cost of goods…

A: Step 1: DefinitionsDefinition of InventoryInventory refers to the goods and materials a business…

Q: Do fast answer of this general accounting question

A: The gross margin is calculated as:Gross Margin=Sales Revenue−Cost of Goods Sold (COGS) Given:Sales…

Q: What is the price earnings ratio of this financial accounting question?

A: Step 1: Definition of Price-Earnings (P/E) RatioThe price-earnings (P/E) ratio is a valuation metric…

Q: At the end of the current year, the owners' equity in Marino Corp. is $425,000. During the year, the…

A: Step 1: Definition of Owners' EquityOwners' equity represents the residual interest in the assets of…

Q: What is the actual cost of the direct materials used?

A: Explanation of Standard Cost of Direct Materials:The standard cost of direct materials represents…

Q: Financial Accounting question.

Q: What is the projected increase in Retained Earnings on these financial accounting question?

A: Step 1: Definition of Retained EarningsRetained earnings refer to the portion of net income that a…

Q: The past 36 months and reported the following results

A: To estimate the overhead cost, we first need to write down the regression equation using the formula…

Q: On January 1, Trump Financial Services lends a corporate client $180,000 at an 8% interest rate. The…

A: Step 1: Understanding the Problem Trump Financial Services lends a corporate client $180,000 on…

Q: Account Question answer wanted.

A: Step 1: Definition of High-Low MethodThe High-Low Method is a cost estimation technique used to…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the direct…

Q: How much cash would creswell corporation have collected?

A: Explanation of Accounts Receivable (A/R):Accounts receivable (A/R) represents the amount of money…

Q: Find the sale made during the December

A: Explanation of Accounts Receivable:Accounts receivable represent the amount of money a company is…

Q: Provide solution and accounting

A: Step 1: Definition of Total LiabilitiesTotal Liabilities represent the financial obligations a…

Q: Question 3.6.14: - During FY 2023, Dixer Company reported sales of $400,000, a contribution margin…

A: Step 1: Definitions Related to the QuestionDefinition of Contribution MarginContribution margin is…

Q: what is the balance in the supplies account after adjustment

A: Step 1: Definition of Supplies Account AdjustmentA supplies account records the purchase of…

Q: ???

A: Step 1: Definition of Stockholders' EquityStockholders' Equity represents the owners' claim on the…

Q: Solve the following requirements for these financial accounting question

A: Step 1: Definition of Asset Turnover RatioThe Asset Turnover Ratio measures a company's efficiency…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
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)?
What was the number of credit sales
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
What was the amount of credit sales?
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900 help