Need answer Plant Mart has a beginning receivablesbalance on February 1 of $965. Sales forFebruary through May are $510, $580, $820,and $1,450, respectively. TheThe accountsreceivable period is 30 days. What is theamount of the April collections? Assume ayear has 360 days.a. $510b. $580c. $820d. $545e. $700

Step 1: Introduction to the Accounts ReceivableAccounts receivable is the amount expected to be…

Answered: Plant Mart has a beginning receivables…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
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Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
R-Mart has a beginning receivables balance on February 1 of $1050. Sales for February through May are $625, $698, $975, and $1,990, respectively. The accounts receivable period is 30 days. What is the amount of the April collections? Assume a year has 360 days.
What is the amount of the April collections?
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What is the amount of the May collections on these general accounting question?
R-Mart has a beginning receivables balance on February 1 of $1050. Sales for February through May are $625, $698, $975, and $1,990, respectively. The accounts receivable period is 30 days. What is the amount of the April collections? Assume a year has 360 days. NO AI ANSWER
ABC Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year. Multiple Choice $620 $490 $510 $380 $410
ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year.
For the credit card account, assume one month between billing dates (with the appropriate nmber of days) and interest of 1.5% per month on the average daly balance Find (a) the average dally balance (b) ehe monthly fitance charge and (c) the account balance for the next billing Previoun Balance $754 56 July 8 July 16 July 25 August 5 Concert tickets Bling Date Paynent Lunch $300 $32 30 (a) The average daly balance is (Round to the tearest cent as needed) (b) The france charge is Round ta the nearest cont as neuded) t The account balance for the net biing is (Round to nearet.cent as neaded)
Swathmore Clothing Corporaton grants ts customers 30 deys' credit. The compeny uses the allowance method for tos uncollectible accounts receivable. During the year, a monthly bed debt accrual Is made by multiplying 2% times the amount of credt sales for the month. At the fiscal year-end of December 31, an aging of accounts recelveble schedule is prepared and the allowance for uncollectible accounts Is adjusted accordingly. Se & B S At the end of 2017, accounts recelvable were $592,000 and the allowance account had a credit balance of $56,000. Accounts recelvable activity for 2018 was as follows: Beginning balance Credit sales Collections $ 592,000 2,710,000 (2,573,000) (48,000) Write-offs Ending balance $ 681,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Percent Uncollectible Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $415,000 98,000 58,000 110,000 12 28 39 Total $681,000 Required: - Prepare a summary…

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