ViewHistoryBookmarksWindowHelpFri Apr 9 6:16 PMedugen.wileyplus.comWeygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community CollegeHelp | System AnnouncementsCALCULATORPRINTER VERSIONBACKNEXTExercise 7-04 a-d (Part Level Submission)Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; CuddyerCompany, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred.Credit SalesCollectionsReturnsBixler Company$9,500$7,700$ 0Cuddyer Company7,3002,6003,300Freeze Company9,0009,000(a)What is the January 1 balance in the Freeze Company subsidiary account?Balance in the Freeze Company subsidiary account$4Click if you would like to Show Work for this question: Open Show WorkSSAVE FOR LATERAttempts: 0 of 4 used(b)The parts of this question must be completed in order. This part will be available when you complete the part above.%D FileEditViewHistoryBookmarksWindowHelpedugen.wileyphus.comWeygandt, Accounting Principles, 13th Edition, Custom wileyPLUS Course for Bronx Community CollegePLUS Help I System AnnouncementsCALCURCESExercise 7-04 a-d (Part Level Submission)ents-Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounaCompany, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred.PartPartCredit SalesCollectionsReturnsBixler Company$9,500$7,700$07,3002,6003,300Cuddyer CompanydyFreeze Company9,0009,0000.(a)What is the January 1 balance in the Freeze Company subsidiary account?$4Balance in the Freeze Company subsidiary accountClick if you would like to Show Work for this question: Open Show Work> (b)(Ь)This nart will be available when you complete the part above.

Account’s receivables can be defined as the payment which is yet to be received by the business in…

Weygandt, Accounting Help I System Announcements Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Boder Company, balance $4,500; Cuddyem Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 v (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account Click if you would like to Show Work for this question: Open Show Work SAVE FOR LATER Attempts: 0 of 4 used

Weygandt, Accounting Help I System Announcements Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Boder Company, balance $4,500; Cuddyem Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 v (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account Click if you would like to Show Work for this question: Open Show Work SAVE FOR LATER Attempts: 0 of 4 used

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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Accounts 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 c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change
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[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
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Using the table, what is the average daily balance of the credit card for the December 1 - December 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 -- -- 9,500 6 Purchase +500 10,000 16 Purchase +1,250 11,250 21 Purchase +3,000 14,250
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1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
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1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…
Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
The following information is available for Crane Company. Beginning accounts receivable Ending accounts receivable Net sales Compute the accounts receivable turnover and the average collection period. (Round average collection period to 1 decimal places, eg. 15.2. Use 365 days for calculation.) Accounts receivable turnover $72,800 114,400 1.216,800 Average collection period times days