Partial balance Sheetsas of December 11debit accounts 2022 2021Cash $42,000 33,750Accounts receivable 60,000 70,000Inventory 30,000 24,000Credit accoutsAccoutns payable $60,00 72,000Additional information for 2022Net Income was $42 500The bad debt expense was $5,400.Sales were $528,800.Write off was $4,650.What is the amount of cash receivedfrom customers during 2022.529,500524,850534,150530,250

The cash flow statement is prepared to record the cash flow from various activities during the…

Answered: Partial balance Sheets as of December…

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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and le. Print Item AMy Explore | Honey Use the following excerpts from Yardley Company's financial information. 2018 Balance Income Sheets Statement Sales $465,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (58,600) Depreciation Expense (23,000) Gain on Sale of Plant 23,500 Assets Net Income $185,400 Dec. 31,2018 Cash $333,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $40,000; book value $16,500. Dividends of $23,000 were deciared and paid. Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments Yardiey Company Statement of Cash Flowws (Indirect Method) For the Year Ended December 31, 2018 Operating Activities: Adjustments to…
As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $45,537 $35,300 Accounts receivable (net) 35,900 71,800 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 % increase,decrease
Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $64,800 $54,000 Accounts receivable (net) 58,982 76,600 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45,000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a:. A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000
Preparing a Cash Flow Worksheet Taser Corporation’s recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2019 2020 Assets Cash and cash equivalents $93,600 $153,120 Accounts receivable (net) 163,200 163,200 Merchandise inventory 374,400 408,000 Investments, long-term 48,000 Plant assets 808,800 866,400 Accumulated depreciation (211,200) (163,200) Total assets $1,228,800 $1,475,520 Liabilities and Stockholders’ Equity Accounts payable $100,800 $91,200 Salaries payable 7,200 2,400 Income taxes payable 9,600 16,800 Bonds payable 480,000 480,000 Premium on bonds payable 19,200 17,760 Common stock, no-par 576,000 746,400 Retained earnings 36,000 120,960 Total liabilities andstockholders’ equity $1,228,800 $1,475,520 Income Statement,For Year Ended December 31 2020 Sales revenue $576,000 Cost of goods sold (230,400) Depreciation expense (28,800) Salaries expense (105,600) Income tax…
Problem 9: The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain amounts were: Accounts receivable Inventory Accounts payable 20,000 increase 15,000 decrease 30,000 decrease Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on credit. Various expenses of 50,000 were paid in cash. 29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?
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Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $70,000 $50,000 Accounts receivable (net) 70,400 80,000 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
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Cash and accounts receivable for Adams Company are provided below: Prior Year Current Year Cash $50,799 Accounts receivable (net) 26,163 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash Accounts Receivable $41,300 45,900
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?

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