The Dun wood Industries reported sales revenue of $900,000 during the year. The beginning accounts receivable balance was $45,000, and the ending accounts receivable balance was $50,000. What amount of cash was collected from customers during this period?

The Dun wood Industries reported sales revenue of $900,000 during the year. The beginning accounts receivable balance was $45,000, and the ending accounts receivable balance was $50,000. What amount of cash was collected from customers during this period?

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: I need guidance with this financial accounting problem using the right financial principles.

A: Step 1: Definition of EBIT (Earnings Before Interest and Taxes)EBIT is a measure of a company's…

Q: What is the gross profit margin?

A: Explanation of Sales Revenue:Sales revenue is the total amount of income a business earns from…

Q: Please show me how to solve this financial accounting problem using valid calculation techniques.

A: Concept of GoodwillGoodwill is an intangible asset that arises when one company acquires another for…

Q: Financial Accounting

A: Step 1: Define Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a company uses…

Q: Can you help me solve this general accounting problem using the correct accounting process?

A: Step 1: Definition of Quantity Variance (Inventory)Quantity variance in inventory is the difference…

Q: Mia Steel started the year with total assets of $325,000 and total liabilities of $174,000. During…

A: Provided Data:Beginning Total Assets = $325,000Beginning Total Liabilities = $174,000Revenues during…

Q: Get correct answer with accounting question

A: Step 1: Definition of Days Sales in Receivables (DSR)Days Sales in Receivables (DSR) measures how…

Q: Triton Apps is developing a new tablet software. The application costs $96,000 to develop and only…

A: Step 1: Definitions Concept of Fixed Costs:Fixed costs are expenses that do not change with the…

Q: Please help me solve this general accounting problem with the correct financial process.

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is calculated by…

Q: Compute the total overhead variance

A: Here's a detailed, step-by-step explanation of how to calculate the Total Overhead Variance for…

Q: What are the total product costs for the company under absorption costing?

A: Explanation of Absorption Costing:Absorption Costing is a method of costing in which all…

Q: Net sales for the year were $2,790,000 and cost of goods sold was $2,050,000 for the company's…

A: Provided Data:Net Sales = $2,790,000Cost of Goods Sold (COGS) = $2,050,000Expected selling price of…

Q: Please solve this General accounting questions step by step

A: Step 1: Define Variable OverheadThe variable overhead is the portion of overhead costs that varies…

Q: I need help solving this general accounting question with the proper methodology.

A: Step 1: Definition of Beginning Work-in-Process InventoryThe Beginning Work-in-Process Inventory…

Q: I need help with this general accounting question using standard accounting techniques.

A: Step 1: Definition of Deferred Income Tax LiabilityDeferred income tax liability is a future tax…

Q: Please explain the solution to this financial accounting problem with accurate explanations.

A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a valuation ratio…

Q: Please provide problem with accounting question

A: Here's a detailed step-by-step answer to the problem involving Highland Industries' manufacturing…

Q: I need guidance with this financial accounting problem using the right financial principles.

A: Step 1: Definition of Total Equity Total equity, also known as shareholders' equity or owners'…

Q: Please explain the solution to this financial accounting problem with accurate principles.

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial metric that measures how…

Q: Yankee Fixtures has received a special one-time order for 1,800 light fixtures at $4.50 per unit.…

A: Concept of Variable CostVariable cost refers to expenses that change in direct proportion to the…

Q: Solve this question and accounting question

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: I need help with this problem and accounting question

A: Step 1: Definition of Cash BalanceCash balance is the amount of cash a business has at a specific…

Q: You have been asked to test the effectiveness of Ingo Corporation’s control of manually approving…

Q: Please provide the correct answer to this general accounting problem using accurate calculations.

A: Step 1: Definition of Overhead AllocationOverhead Allocation refers to the process of assigning…

Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution

A: Step 1: DefinitionStockholder's equity represents the residual value of a company's assets after all…

Q: Accurate answer

A: Explanation of Gross Margin: Gross margin is the difference between revenue and cost of goods sold,…

Q: Rock Industries had sales of $415,000 last year and a net income of $28,245. Its year-end assets…

A: ROE=Profit Margin×Total Asset Turnover×Equity Multiplier Let's calculate each component…

Q: Can you explain the correct approach to solve this general accounting question?

A: Step 1: Definition of Current RatioThe current ratio is a liquidity ratio that measures a company's…

Q: What is the unit product cost?

A: Step 1: Definitions Concept of Variable Costing:Variable costing is a method in managerial…

Q: Please provide the accurate answer to this general accounting problem using valid techniques.

A: Step 1: Define Operating Income and Net IncomeOperating Income is calculated by subtracting…

Q: Socrates Manufacturing's budget for the coming year includes $840,000 for manufacturing overhead,…

A: Step 1: Definitions Concept of Predetermined Overhead Rate:The predetermined overhead rate is a cost…

Q: Accounting

A: Step 1: Definition of Realized Gain or LossA realized gain or loss refers to the difference between…

Q: Acme Corporation purchases machinery for $78,000 with a salvage value of $8,000 and an expected…

A: Explanation of Straight-Line Depreciation Method: The straight-line depreciation method is an…

Q: Can you explain this general accounting question using accurate calculation methods?

A: Step 1: Definition of Profit MarginProfit margin is the percentage of sales that turns into profit.…

Q: The Aryan Corporation forecasts that total overhead for the current year will be $12,600,000 and…

A: Definition of Predetermined Overhead Rate:The predetermined overhead rate is a calculated rate used…

Q: I need help finding the accurate solution to this general accounting problem with valid methods.

A: Step 1: Definition of Sales Volume for Target ProfitSales volume for a target profit is the number…

Q: I need the correct answer to this financial accounting problem using the standard accounting…

A: Step 1: Definition of Extended Accounting EquationThe Extended Accounting Equation is an expanded…

Q: I am looking for a step-by-step explanation of this financial accounting problem with correct…

A: Concept of Preferred StockPreferred stock is a class of ownership in a corporation that has a higher…

Q: What is the gross profit margin?

A: Explanation of Gross Profit Margin: Gross profit margin is a financial ratio that measures the…

Q: Solve this Accounting MCQ

A: Explanation of Assets:Assets are resources owned by a business that provide future economic…

Q: Preston Company sold 5,250 units in November at a price of $78 per unit. The variable cost is $59…

A: Explanation of Contribution Margin per Unit:Contribution Margin per Unit is the amount by which a…

Q: General accounting

A: Step 1: Definition of Weighted-Average MethodThe weighted-average method calculates the average cost…

Q: What is the operating income for the year?

A: Step 1: DefinitionsConcept of Cost of Goods Sold (COGS):Cost of Goods Sold represents the direct…

Q: I am searching for the correct answer to this general accounting problem with proper accounting…

A: Step 1: Define Fixed Manufacturing Overhead Volume VarianceFixed Manufacturing Overhead Volume…

Q: What is the gross profit for the period?

A: Explanation of Sales Revenue:Sales revenue represents the total amount earned by a company from…

Q: Can you demonstrate the accurate method for solving this general accounting question?

A: Step 1: Definition Profit Margin RatioThe profit margin ratio measures how much of every dollar in…

Q: The standard cost of Product ZT includes 3.5 hours of direct labor at $16 per hour. The…

A: Explanation of Applied Overhead:Applied Overhead is the amount of manufacturing overhead assigned to…

Q: You have been asked to test the effectiveness of Ingo Corporation’s control of manually approving…

Q: What is the unit product cost for the month under variable costing?

A: Definition of Variable Costing:Variable costing is a method where only variable manufacturing…

Q: What is the predetermined overhead rate

A: Explanation of Variable Manufacturing Overhead:Variable Manufacturing Overhead consists of indirect…

Question

Please explain the solution to this general accounting problem with accurate principles.

The Dun wood Industries reported sales revenue of
$900,000 during the year. The beginning accounts
receivable balance was $45,000, and the ending accounts
receivable balance was $50,000. What amount of cash was
collected from customers during this period?

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 by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
The Parker Corporation reported sales revenue of $750,000 during the year. The beginning accounts receivable balance was $35,000, and the ending accounts receivable balance was $40,000. What amount of cash was collected from customers during this period? A. $750,000 B. $755,000 C. $745,000 D. $5,000
Summit Enterprises had sales of $980,000. The beginning accounts receivable balance was $78,000, and the ending accounts receivable balance was $240,000. How much is the cash collected from customers for this reporting period? Please help me
Given beginning and ending accounts receivable of $20,000 and $23,000, respectively, and assuming $100,000 of cash collections on account during the period, total sales on account for the period totaled $97,000. True or False?
Sweeten Corporation had sales of $1,050,000. The beginning accounts receivable balance was $80,000, and the ending accounts receivable balance was $250,000. How much is the cash collected from customers for this reporting period? a. $880,000 b. $1,220,000 c. $980,000 d. $1,150,000
General Accounting
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
A company had a beginning balance in accounts receivable of 15,000 USD. At the end of the period, this balance had increased to 34,000 USD. Sales on account during the period were 446,000 USD and sales discounts were 8,900USD. What was the amount of cash collected from customers during the period?
Sales reported on the income statement for Lansing Corp. were $315,420. The accounts receivable balance declined by $29,750 over the year. Determine the amount of cash received from customers.
Please given answer general account