One of the companies decided to check the debtors' balance of 264,000 dinars as it appears in the ledger, and the following information was available about the first year of work Collections from debtors 396000 dinars purchased merchandise 720,000 dinars Inventory of goods at the end of the period 180,000 dinars Follow the merchandise at 40% more than its cost Required/- Extract the debtors' balance at the end of the period that must appear in the ledger and determine the amount of the deficit, if any, if you know that all sales are

One of the companies decided to check the debtors' balance of 264,000 dinars as it appears in the ledger, and the following information was available about the first year of work Collections from debtors 396000 dinars purchased merchandise 720,000 dinars Inventory of goods at the end of the period 180,000 dinars Follow the merchandise at 40% more than its cost Required/- Extract the debtors' balance at the end of the period that must appear in the ledger and determine the amount of the deficit, if any, if you know that all sales are

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available for Newport Company and Jasper Incorporated at December 31: Jasper Incorporated $ 111,000 Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Newport Company $ 86,000 22,800 632,000 Accounts receivable turnover Average collection period 24,800 885,000 Required: a. What is the accounts receivable turnover for each of the companies? Note: Round your answers to 1 decimal place. b. What is the average days to collect the receivables? Note: Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number. Newport Company Jasper Incorporated times times days days
can uou help wit the worksheet in the picture wit the given information The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
Peru Industries began operations on January 1, 2023. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:2023 Sold merchandise on credit for $2,320,000, terms n/30 (COGS = $1,282,000). Wrote off uncollectible accounts receivable in the amount of $35,400. Received cash of $1,386,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. 2024 Sold merchandise on credit for $3,038,000, terms n/30 (COGS = $1,655,000). Wrote off uncollectible accounts receivable in the amount of $55,100. Received cash of $2,294,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. Company…
The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. 2. Compute the times-interest-earned ratio for the company. Round to two decimals. Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income…
Sheffield Shop had a balance in the Accounts Receivable account of $751000 at the beginning of the year and a balance of $879000 at the end of the year. Net credit sales during the year amounted to $5949500. The average collection period of the receivables in terms of days was (Round intermediate calculation to 3 decimal places, e.g. 1.235 and final answer to 1 decimal places, e.g. 0.5.) O 47.0 days. O 3.7 days. O 46.1 days. O 50.0 days.
Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0
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Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:2020 Sold merchandise on credit for $2,280,000, terms n/30 (COGS = $1,258,000). Wrote off uncollectible accounts receivable in the amount of $34,600. Received cash of $1,354,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. Question: 1. a) Record the sales. b) Record cost of sales 2. Record written off uncollectible accounts 3. Record collections from credit customers 4. Record the estimate for uncollectible accounts
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Festivus Company has working capital of $140,680 on December 30. On December 31 it has the following transactions: 1) An account payable for $10,000 is paid off 2) An account receivable of $1,000 is written off (Festivus does not use the direct write-off method) 3) $16,600 more inventory is purchased on account. Assume a 365 day year. Sales for the period amounted to $1,700,000 and the average mark up is 25%. Required 1: What is the working capital on December 31st after all transactions took place? $[ Required 2: The working capital turnover for the period ended on December 31st is: Required 3: If Account Payable balance on December 30th is $10,000 what is the Accounts Payable Turnover? Use ending balance of AP instead of the average. Required 4: If Account Payable balance on December 30th is $10,000 what is the Days Accounts Payable are outstanding? Use ending balance of AP instead of the average. Required 5: Festivus' Gross profit percentage is (report it as multiplied by 100 to…
Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total sales of $765,000 were made. Of the total sales, $250,000 were cash sales while the remaining amount was credit sales. The company collected $555,000 from customers for amounts owed. Fill in the amounts in the T-account, including the ending Accounts Receivable balance. Accounts Receivable Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text.
A company purchased $12,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,500, was added to the invoice amount. On June 20, it returned $2,400 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: