Sales revenue for Bancroft was $560,000. The following data are from the accounting records of Bancroft:$100, 00072,000Accounts receivable, January 1Accounts receivable, December 31The cash received from customers was:Multiple Choice$488,000.$532,000.$560,000.$588,000.

The cash collection is calculated as sales revenue plus change in receivable balance

Sales revenue for Bancroft was $560,000. The following data are from the accounting records of Bancroft: $100, 000 Accounts receivable, January 1 72, 000 Accounts receivable, December 31 he cash received from customers was: Multiple Choice $488,000. $532,000. $560,000. $588,000.

Sales revenue for Bancroft was $560,000. The following data are from the accounting records of Bancroft: $100, 000 Accounts receivable, January 1 72, 000 Accounts receivable, December 31 he cash received from customers was: Multiple Choice $488,000. $532,000. $560,000. $588,000.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

See similar textbooks

Related questions

Q: The following information is for Ivanhoe Company in September. 1. Cash balance per bank, September…

A: A reconciliations statement that compares the cash balance on a company's balance sheet to the…

Q: Calculate the following: a. Determine the cash receipts for April based on the following data: Cash…

A: Cash account balances and account receivable balances are identified in cash budgets. The cash…

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…

A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year…

Q: The following account balances come from the records of Ourso Company: Accounts receivable Allowance…

A: Accounts receivables are the current assets which are reported on the balance sheet. These indicate…

Q: A company had the following sales transactions: 1. Total debit card sales = $230,000. 2. Total…

A: Total sales include all the transactions related to sales i.e debit card, credit card, check sales,…

Q: The cash register tape for Oriole Industries reported sales of $7,612.00. Record the journal entry…

A: For (a) part cash amount to be debited is $7566.50 (7,612.00 - 45.50) For (b) part cash amount to be…

Q: When the cash count sheets for the day equal $14280 and the cash register reports $14280 the journal…

A: Journal entry: It refers to the recording of company's financial transactions in it's primary book…

Q: The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: the cash receipts journal. Total and rule the sales journal. Ignore sales taxes. Use the journal…

A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…

Q: On January 1, Year 2, Grande Company had a $76,000 balance in the Accounts Receivable account and a…

A: When a company is unable to collect money owed to them, it incurs an expense known as "Estimated…

Q: Given the following data: a. Determine the cash receipts for April based on the following data: Cash…

A: T-account:— It is the general ledger account which is prepared to post journal entries. It is the…

Q: This information relates to the Cash account in the ledger of Carla Vista Company. Balance…

A: Prepare the bank reconciliation at September 30, 2022.

Q: The following is information related to Sunland Company for its first month of operations. Credit…

A: When an organization prepares the subsidiary ledger, it contains more detailed information about the…

Q: Multiple Choice $11,910 $11,770 $10,640

A: Banks maintain the account of the account holder but some time they give unadjusted balances due to…

Q: At the end of the day, the cash register tape shows $1,380 in cash sales but the count of cash in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Determine the net sales for the month of December 20X1.

A: Formula of net sales Net sales= Cash sales+ Credit sales- sales return& allowances Where Cash…

Q: A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's…

A: In this scenario, we just need to pass the journal entries for expenses and income incurred by the…

Q: 1. A petty cash fund had $200 and the cash payments report shows $300 in miscellaneous expenses and…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: Determine the cash balance per Oriole Limited's books. Cash balance $ Prepare the bank…

A: Introduction:- A bank reconciliation statement is plays vital role in any organization. which…

Q: The following information relates to a company's accounts receivable: gross accounts receivable…

A: Bad debt expense is the estimated amount a company sets aside to account for debts that are unlikely…

Q: The cash register tape for Shamrock Industries reported sales of $ 9,207.80. Record the journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Following is information from Fredrickson Company for its first month of business. Credit Sales Jan.…

A: Introduction: Journal entries are the fundamental building blocks that would provide answers to…

Q: he actual cash received from cash sales was $36,728 and the amount indicated by the cash register…

A: Cash Sales - Cash Sales are the Sales made in consideration of cash. In this transaction cash is…

Q: The information below relates to the Cash account in the ledger of Vaughn Company. Cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: The actual cash received during the week ended June 7 for cash sales was $18,921, and the amount…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Q: The following selected transactions relate to cash collections for a firm that maintains a days of…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Need help with this Question

A: Step 1: Step 2: Step 3: Step 4:

Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…

A: Accounts Receivable is a ledger that represents those customers to whom the company has made sales…

Q: The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the…

A: Accounts receivable, often abbreviated as "AR," refers to the outstanding payments owed to a company…

Q: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at…

A: The bank reconciliation statement is prepared to equate the cash and pass book balances with various…

Q: At the end of the day, the cash register tape lists $1,147.42 as total income from services. Cash on…

A: Cash short and over = Income from services + Change Fund - coins - currency - traveler's checks -…

Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…

A: Total cash = coins + currency + traveler's checks + customers' checks = 18.25+433.60+100.00+427.00 =…

Q: A company had beginning accounts receivable of $175,000. All sales were on account and totaled…

A: Ending accounts receivable means the amount of receivables that are due from the customers at the…

Q: The following selected transactions relate to cash collections for a firm that maintains a $100…

A: Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Sales revenue for Bancroft was $560,000. The following data are from the accounting records of Bancroft:
$100, 000
72,000
Accounts receivable, January 1
Accounts receivable, December 31
The cash received from customers was:
Multiple Choice
$488,000.
$532,000.
$560,000.
$588,000.

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

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

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

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
Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice $545,000. $651,000. $589,000. $620,000.
Domestic
Sales revenue for Hy Marx Tutoring was $540,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 98,000 Accounts receivable, December 31 71,000 The cash received from customers was:
4.
Beginning and ending accounts receivable are $76,000 and $42,000, respectively. Sales for the period total $384,000, of which $40,000 was directly for cash. How much cash was collected from making sales and collecting accounts receivable? a) $418,000 b) $344,000 c) $378,000 d) $376,000
The balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the period $9,440 of credit sales were made to customers balance in Accounts Receivable amounted to $1,880, and uncollectible accounts expense amounted to $800, then the amount of cash inflow from customers appear in the operating activities section of the cash flow statement would be Multiple Choice $9.640 $9,440 $12.120 Nore of these answers are correct b
Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit. Required: Determine the amount of cash collections for the period. $1
I need answer of this question solution general accounting
Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts receivable were $302,300. Cash amounting to $2,965,000 was collected from customers' credit sales. Required: Calculate the amount of sales on account during the period.
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
Karen company's net accounts receivable were P430,000 on December 31, 19x8 and P480,000 on December 31, 19x9. Cash sales during 19x9 were P175,000. The accounts receivable turnover for 19x9 was 5. Karen Company's total sales for 19x9 were a. P3,150,000 b. P2,450,000 c. P2,275,000 d. P2,575,000 True or false When the market price of stock options, warrants, and rights is higher than the current option price, exercise might occur; therefore, there is potential dilution from these securities and they would be included in the computation of diluted earnings per share.