Determine the amount of cash received Sales reported on the income statement were $295,420. The accounts receivablebalance declined by $29,760 over the year. Determine the amount of cash receivedfrom customers.a. $265,660b. $277,320c. $295,420d. $325,180

Step 1: Definition of Cash Received from CustomersCash received from customers refers to the actual…

Answered: Sales reported on the income statement…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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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.
Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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.
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.
You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
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
Compute the following ratios on these accounting question
Cash and accounts receivable for Adams Company are as follows: Cash $84,420 Accounts receivable (net) 38,428 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Dollar Change Percent Change Account Cash Current Year Accounts Receivable Prior Year $67,000 73,900 % % increase decrease
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A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year Current Year $ 4,517,000 150,000 $4,367,000 $3,617,000 183,000 Accounts receivable Less: Allowance for doubtful accounts $3,434,000 Net accounts receivable $ 35,797,000 Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do not round intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover Ratio Numerator 0 times Denominator Average Days Sales in Receivables Numerator O days Denominator
What was the accounts receivable turnover?
A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year Current Year $3,617,000 183,000 $ 4,517,000 150,000 Accounts receivable Less: Allowance for doubtful accounts $ 4,367,000 $3,434,000 Net accounts receivable $ 35,797,000 Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do not round intermediate calculations. Enter yo answers in thousands not in dollars.) Receivables Turnover Ratio Numerator 0 times Denominator Average Days Sales in Receivables Numerator 0 days Denominator II

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Sales reported on the income statement were $295,420. The accounts receivable balance declined by $29,760 over the year. Determine the amount of cash received from customers. a. $265,660 b. $277,320 c. $295,420 d. $325,180