The following are the ourrent month's balances for selected acoounts of Sandin Marketing CompanyAccounts PayableRavenueS0,0008,000Cash7,660Expenses1,100Fumiture11,000Accounts Receivable12,000Common Stock10,250Notes Payable4,500What is the net income tor Sandin Markoting for the ourrent month?OA $6.900OB. $15,650OC. S0,100OD. $8,000MeA Servoigetcontet wihmertensereom mentnghaMoemt oy m ano thentty mev an brytandae ehe tae s em. e rem e sorytefo The andadMOA nOR OwOc bere00 Cre

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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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A wants you to calculate its average days in accounts receivable for theyear. Its beginning and ending balances for Accounts Receivable were $11,500 and$17,250, including GST, respectively. The beginning and ending balances for theAllowance account were $350 and $500, respectively. All sales are on credit andamounted to $135,000, while the ending balance for Sales Returns & Allowances was$10,000. What is the average days in accounts receivable?a. 35.26.b. 41.98.c. 40.73d. 36.50.
Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $18,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $21,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $17,000, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore's account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $25,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $22,500. Dec.31 Made the…
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4.The following data were available for ABC Company at Dec 31, 20X2:Accounts Receivable, beg P15,000Accounts Receivable, end P10,000Collection of accounts 450,000Sales returns, P8,000 (25% is related to cash sales)Sales discounts, P5,000How much were the credit sales during the period? 451,000 453,000 456,000 458,000
A firm has an ACP of 38 days and its annual sales are $5.3 million. What is its account receivable balance? Multiple Choice $551,781 $619,304 $692,098 $759,021
The following information is available for Market, Incorporated and Supply, Incorporated at December 31. Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Required Market, Incorporated Supply, Incorporated $56,800 $80,200 3,048 666,960 2,456 887,100 a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.) Company Market Supply Average Collection Period days days
Gandi brothers has DSO of 22 days and its annual sales on account are $7,665,000. Assume number of days in year as 365 days. Calculate the accounts receivable balance. O $550,000 O $462,000 O $410,000 O $450,000
The assignment of accounts receivable journal entries are based on the following information:1. Accounts receivable 50,000 on 45 days terms2. Assignment fee of 1% (500)3. Initial advance of 80% (40,000)4. Cash received from customers 6,0005. Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395) For each of the transactions above, create a journal. You can use either Excel or Word for this assignment
The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Market, Incorporated Supply, Incorporated $ 58,600 $ 79,600 Accounts receivable Allowance for doubtful accounts 3,148 Sales revenue 636,960 2,556 917,100 Required: 1. What is the accounts receivable turnover for each of the companies? 2. What is the average days to collect the receivables? 3. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company
The following data were reported by Vegetta Company during the current year: Accounts payable – January 1 P 22,000 Accounts payable – December 31 150,000 Notes payable – January 1 190,000 Notes payable – December 31 110,000 Advances to suppliers – January 1 42,100 Advances to suppliers – December 31 44,230 Purchases returns and allowance 1,920 Purchased discount 2,030 Cash payment 442,000 What is gross purchases under the accrual basis of accounting? (no peso sign, no comma, whole number only)
3. Calculate the average billing daily balance for each of the monthly statements for the following revolving credit accounte assume a 30-day billing cycle: Billing date Payment amount Charge date(s) Charge amount(s) Average daily balance Previous Payment date 332.03 balance 4/29 $56 $35 a. 4/10 b. 6/15 $329 4/25 $25 6/26 6/30 $573 6/25 $60 $72 $12.50 $108 c. 9/15 $335.50 9/20 $33.55 9/25 9/26 find the finance charge for each monthly statement (problem 3) if the annual percentage rate is 15%
Use the attachment to answer the following Accounts receivable days outstanding at the end of Year 2 is closest to: a) 30.6 days b) 26.0 days c) 27.0 days d) 6.1 days

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