ANSWER ASAP THANKS! Company has Assets composed of Cash, Accounts Receivable and Inventory only. Their Accounts Receivable is 25% of Total Assets. Cash is 45% of Accounts Receivable. Inventory amounts to 50,000. Compute for: Cash, Accounts Receivable and Total Assets
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- Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.You are given the following information. Revenue Current liabilities Days sales in receivable Inventory turnover ratio Current ratio RM1,200,000 RM 375,000 40 4.8 1.2 The current account consists of cash, inventories and accounts receivable. Calculate the cash amount.XYZ Company has the following information: Beginning accounts receivable: $50,000 Ending accounts receivable: $60,000 Credit sales: $200,000 Cash collections: $180,000 Calculate the company's accounts receivable turnover ratio and average collection period.
- Find out the company's cash ratio which has cash of P7500, cash equivalents of P26,250, accounts receivables of P4,300. Its total current liabilities are P45,000. What are cash equivalents? Exe2.1The 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 bRay'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
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the cash basis?a. 15,000,000b. 18,000,000c. 17,000,000d. 16,000,000Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.
- Sweet Company has the following account balances: \table [[Inventory, 556,000], [Prepaid Insurance, 12,000], [Cash, 360,000], [Accounts Receivable,260,000], [Supplies, 26, 000], [Allowance for Doubtful Accounts, 36,000]] When listing Accounts Receivable, what is the cash (net) realizable value to be presented on the statement of financial position? 620,000 260,000 296,000 224,000The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.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.
