PROBLEMS Bacolod Supermart made cash sales of P3,000,000 and credit sales of P8,000,000. Out of the sales made on credit, P7,000,000 had been collected by year-end. It paid out P5,000,000 for expenses and owed P2.000.000 1. rear end. What is the accrual profit?

PROBLEMS Bacolod Supermart made cash sales of P3,000,000 and credit sales of P8,000,000. Out of the sales made on credit, P7,000,000 had been collected by year-end. It paid out P5,000,000 for expenses and owed P2.000.000 1. rear end. What is the accrual profit?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A company had the following sales transactions: 1. Total debit card sales = $270,000. 2. Total…

A: Sales Transactions Revenue: Sales revenue is the amount of money earned by a corporation through the…

Q: YZ's receivables turnover is 24x. The accounts receivable at year-end are $410,000. The average…

A: Account receivables are payment due to the customers that are not received yet and will be received…

Q: 1. For the year just ended, a firm had average accounts receivable of $90,000 and total credit sales…

A: Data given: Av. Accounts Receivable=$90,000 Credit sales=$700,000 Discount=1% Required: Firm's…

Q: A firm had credit sales of $15,750,000 last year and its days sales outstanding was 65 days. What…

A: Given, Credit sales = $15,750,000. Days sales outstanding = 65 days.

Q: Nock Inc. has a Days Inventory Outstanding of 13, an Accounts Receivable $128, an Average Sales per…

A: Cash Conversion Cycle is a method used by the management and it can be calculated as follows, =Days…

Q: If trade Receivables Turnover is 5 ,and average Trade Receivables is 100.000 a) Other Receivables…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: You are a credit analyst of a growing commercial bank and have recently received loan applications…

A: Ratio analysis is a tool that establishes a relationship between the different items. It is used to…

Q: What is the accounts receivable turnover ratio? O 17.1 times 10.0 times 13.3 times 20.0 times

A: Financial ratios are those which provide a summary of the accounts of a company and helps an…

Q: 22. The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net,…

A: Average Accounts Receivables = (Beginning Accounts Receivables + Ending Accounts Receivables ) /2…

Q: Acme Bank: Net profit after taxes = $10 million Assets = 200…

A: Assets are the total belongings of the business which are used in income generation. Equity is the…

Q: average investment in accounts receivable?

A: Average investment in accounts receivable = Accounts receivable average collection period * Annual…

Q: NOTE: please use the given formula. Thank you.

A: The question is related to Ratio Analysis. The details are given regarding the same. Since you have…

Q: A manufacturer reports the data below. Accounts payable Accounts receivable Iaventory Set sales Cost…

A: Cash conversion cycle shows the number of days in which the company could efficiently collect and…

Q: lichael Company uses the percent-of-sales method for estimating bad debts expense. The company's bad…

A: Allowance for bad debts has normally a credit balance. Debit balance signifies…

Q: Information from three companles financial statements is shown below (amounts in millions).…

A: Ratio analysis helps stakeholders like investors, shareholders and customers to determine the actual…

Q: 21. The records of SOIREE EVENING PARTY Co. showed the following information: Increase in accounts…

A: Total sales = Cash sales + Collection on accounts + Increase in accounts receivable = 120000 +…

Q: Irene & Co. had sales of € 15,000 during 2004, 80% of them on credit and 20% for cash. During the…

A: Accounts receivables:- Accounts receivables shows the money that is due to a firm on goods and…

Q: The Daisy Company had net credit sales of $880,000 for the year. Cash sales for the year were…

A: DAYS SALES IN RECEIVABLEDays Sales to Receivable is a ratio between 360/365 Days and Receivable…

Q: Net sales for the month are W800,000,000 and bad debts are expected to be 1.5% of net sales. What…

A: Sales in the business can be made on cash basis or on credit basis. Accounts receivable are those…

Q: La Reina de Oriente, S.A., a company that sells sausages, knows that it pays its suppliers 10 times…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts…

A: calculation of average collection period are as follows

Q: Al Sharif Company's Average Accounts Receivables is OMR 360,000 and total Sales is OMR 1,200,000.…

A: Credit sale=Total sale×100-Cash sale %=OMR 1,200,000×100-40%=OMR 720,000

Q: Discount Computers' accounts receivable increases during the year by $3.7 million. What is the…

A: Working notes 1 Cash Received from customer Million Credit Sales…

Q: A firm starts with $5,000 of accounts receivables and ends the period with $4,000 of receivables. If…

A: Sales revenue: It can be defined as the amount received by an individual or entity against the sale…

Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances:…

A: A cash receipts journal is a type of journal that is used to record cash that a company receives…

Q: Accounts Receivable, beg. 140,000.00; Accounts Receivable, end 75,000; Net Sales - 3,500,000.00. Of…

A: Answer - Cash Collection from Sales on Account = Beginning Accounts receivables + Sales - Ending…

Q: Accounts Receivable, beg. 140,000.00; Accounts Receivable, end 75,000.00; Net Sales - 3,500,000.00.…

A: Formula: Cash Collection from Sales on Account = Beginning Accounts receivable + Credit sales -…

Q: Flyer Company has provided the following information. Cash sales, $325,000 Credit sales, $850.000…

A: Formula: Total sales = Cash sales + Credit sales. Cash and credit sales combined called as Credit…

Q: #9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from…

A: Accounts Receivable A/c Particulars Amount Particulars Amount To balance b/d 150,000.00 By…

Q: Related data of Jimin Company: Accounts receivable, beginning P395,200…

A: The net realizable value (NRV) is the one at which an asset is sold, deduct the forecasted cost of…

Q: Problem Solving. Raymar Alison Trading has the following transactions during the fiscal year 2021.…

A: The formula for calculating days sales outstanding is Avg account's receivable / net credit sales…

Q: 4.The following data were available for ABC Company at Dec 31, 20X2: Accounts Receivable, beg…

A: 1. Accounts Receivable, beg P15,000 - It is related to the prior period 2. Accounts Receivable, end…

Q: You are a credit analyst of a growing commercial bank and have recently received loan applications…

A: Average Collection Period: An accounting indicator known as the average collection period is used…

Q: A company had the following sales transactions: 1. Total debit card sales = $280,000. 2. Total…

A: Credit card and debit card sales are the sales where customers pays there payment through their…

Q: Net Credit Sales = 12,000. Accounts receivable turnover = 18.8 times. Cost of goods sold = 2,000.…

A: average collection period in days = 365 days / accounts recievables turnover ratio Given that,…

Q: Sagar

A: Approach to solving the question: For better clarity of the solution, I have provided the…

Question

PROBLEMS:
1 Bacolod Supermart made cash sales of P3,000,000 and credit sales of P8,000,000. Out of the
sales made on credit, P7,000,000 had been collected by year-end. It paid out P6,000,000 for
expenses and owed P2,000,000 at year-end. What is the accrual profit?

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 1

VIEW

Step 2 Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

if the net sales is P200,000 and the average accounts receivable is P50,000, what is the accounts receivable turnover?
Would you only answer the last question please Thank you !
Q3: Salalah company’s recent financial statements showed the following information. Net Sales 250,000 OMR Accounts Receivables 180,000 OMR The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables Calculate and record journal entries in each case. If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case
For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of P525,000. At the beginning of the year, its Accounts Receivable were P80,000 and its Inventory was P100,000. At the end of the year, its Accounts Receivable were P86,000 and its Inventory was P110,000. Answer the ff: without any explanations, just answer a. The inventory turnover ratio for the year was? b. The accounts receivable turnover for the year was? c. On average how many days of sales were in Accounts Receivable during the year? d. On average how many days of sales were in Inventory during the year?
15. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended December 31, 2011. Additional information is given below. Under the cash basis of accounting, what amount should be reported as sales revenue for 2011? 12/31/2010 12/31/2011 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Zeta wrote off uncollectible accounts totaling P20,000 during 2011. O a. 4,900,000 O b. 4,350,000 O c. 4,300,000 O d. 4,280,000
5. Find the average receivables
Use the following information to answer the question that follow:Net Income : $205,000Profit margin : 7.80%A/R : $151,642Credit sales : 60% of total sales Compute the days’ sales in receivables
1. A company, extends credit to its customers. Total Sales is 2 Million, credit Sales is 850,000, Sales Return is 305,000, with percent of uncollectibility set at 4% What is the journal entry under percentage of net credit sales?
i need full details solution.
Related data of J Company: Accounts Receivable, Beginning 395,200 Allowance for Bad debts, beg. 8,500 Sales for the year. 5,000,000 Collection. 4,680,000 Percentage of Bad debts is 2% of Accounts Receivable How much is the net realizable value?
A company currently has the following accounts: Cash: $7,000 Accounts Receivable (net): $11,000 Short-Term Investment: $3,000 Inventory: $3,000 Current Liabilities: $5,000 The company has just learned that a $4,000 accounts receivable will not be collectible. How will this change impact the current ratio? It will decrease from 4.8 to 4.0. It will increase from 4.2 to 5.0. It will decrease from 4.2 to 3.4. It will increase from 4.8 to 5.6.