Luna Company accepted credit cards in payment for $6,800 of services performed during July 2018. The credit card company charged Luna a 2.30 percent service fee; it paid Luna as soon as it received the invoices. Required Based on this information alone, what is the amount of net income earned during the month of July? (Do not round intermediate values. Round final answer to 2 decimal places.) Net income

Luna Company accepted credit cards in payment for $6,800 of services performed during July 2018. The credit card company charged Luna a 2.30 percent service fee; it paid Luna as soon as it received the invoices. Required Based on this information alone, what is the amount of net income earned during the month of July? (Do not round intermediate values. Round final answer to 2 decimal places.) Net income

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
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Luna Company accepted credit cards in payment for $7,100 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < A Record service revenue on credit card payment and credit card expenses. Note: Enter debits before credits. Transaction 1 General…
Question: Perform the following accounting for the receivables of A & G, an accounting firm, at December 31, 2014. 1. Start with the beginning balances for these T-accounts: Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $9,000 Post the following 2014 transactions to the T-accounts: a. Service revenue of $850,000, all on account b. Collections on account, $790,000 c. Write-offs of uncollectible accounts, $7,000 d. Bad debt expense (allowance method), $8,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show two ways A & G could report accounts receivable on its balance sheet at December 31, 2014. Please explain & show steps, thank you.
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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,453,630, beginning accounts receivable balance of $586,900, and an ending accounts receivable balance of $623,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days