tements for the year ended 30 June 2013: Financial year 2013 2012 $82,000 Trade Receivables $99,000 Sales Revenue $1,019,000 $825,000 11 July 2012, the Wondai Ltd Group gained control over Stansbury Ltd. At the date of quisition, the Stansbury Ltd single entity accounts included the following balance: 1 July 2012 Trade Receivables $85,000 equired: Based on the available information, the reconciliation of profit (before tax) to cash

tements for the year ended 30 June 2013: Financial year 2013 2012 $82,000 Trade Receivables $99,000 Sales Revenue $1,019,000 $825,000 11 July 2012, the Wondai Ltd Group gained control over Stansbury Ltd. At the date of quisition, the Stansbury Ltd single entity accounts included the following balance: 1 July 2012 Trade Receivables $85,000 equired: Based on the available information, the reconciliation of profit (before tax) to cash

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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Required information [The following information applies to the questions displayed below] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 28 Purchased $37,508 of merchandise on credit fron Locust, terms n/30. May 19 Replaced the April 28 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $66,080 cash from NBR Bank by signing a 120-day, 12%, $66,088 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,08e cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date.
ccounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow: 20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year 195,300 184,700 End of year 224,700 195,300 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place. AccountsReceivableTurnover 20Y2 fill in the blank 1 20Y1 fill in the blank 2 b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days’ Salesin Receivables 20Y2 fill in the blank 3 days 20Y1 fill in the blank 4 days
US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)
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On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
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Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $180,000 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $102,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000,…
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Υ3 20Y2 20Y1 Accounts receivable, end of year $476,800 $420,000 $377,000 Sales on account 4,125,280 3,347,400 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Υ2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has This can be seen in both the in accounts receivable turnover and the in the collection period.