O b. 6,550,000
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- Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.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. $286,400THE FOLLOWING DATA ARE TAKEN FROM THE FINANCIAL STATEMENTS OF KRAWCHECK INC. TERMS OF ALL SALES ARE 2/10, N/55. 2014 2013 2012 ACCOUNTS RECEIVABLE, EOY 500,000 475,000 440,000 NET SALES ON ACCOUNT 3,412,500 2,836,500 FOR 2013 AND 2014, DETERMINE (1) THE ACCOUNTS RECEIVABLE TURNOVER AND (2) THE NUMBER OF DAYS' SALES IN RECEIVABLES. ROUND TO THE NEAREST DOLLAR AND ONE DECIMAL PLACE.
- 18. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited. Under accrual basis, what amount should be reported as gross purchases for the current year? a. 4,700,000 b. 4,350,000 c. 4,300,000 d. 4,000,00017. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited.17. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited. Under accrual basis, what amount should be reported as gross sales for the current year? 12/31/2010 12/31/2011 Physical inventory, at cost 600,000 1,000,000 Sales 4,000,000 Cost of sales 2,400,000 Accounts receivable - trade 1,200,000 1,350,000 Accounts payable-trade 1,500,000 1,850,000 a. 6,600,000 Ob. 6,550,000 c. 6,650,000 Od. 6,350,000 18. Using the information in MC 17, under accrual basis, what amount should be reported as gross purchases for the current year? a. 4,700,000 b. 4,350,000 ● c. 4,300,000 d. 4,000,000
- The 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 information below has been extracted from the financial statements of Gifts Pty Ltd. Sales Revenue (20% Cash Sales) Sales Returns Cost of sales Accounts Receivable 2018 $4,5000,000 316,000 3,580,000 316,000 The Accounts receivable balance for 2017 was 11% of Net Credit Sale for 2018. Required: A. Calculate the following for year 2018: 1. Receivable Turnover Ratio Accounts Receivable Turnover Ratio = Net credit sales/ Average Accounts Receivable. | 2. Average Collection Period (Ctrl) - I15. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended December 31, 2011. Additional information is given below. Under the cash basis of accounting, what amount should be reported as sales revenue for 2011? 12/31/2010 12/31/2011 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Zeta wrote off uncollectible accounts totaling P20,000 during 2011. O a. 4,900,000 O b. 4,350,000 O c. 4,300,000 O d. 4,280,000
- A company had a beginning balance in accounts receivable of 15,00015,00015,000 USD. At the end of the period, this balance had increased to 34,00034,00034,000 USD. Sales on account during the period were 446,000446,000446,000 USD and sales discounts were 8,9008,9008,900 USD. What was the amount of cash collected from customers during the period?At January 1, 2017, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017, accounts receivable is $54,000. Sales revenue for 2017 total $420,000. Compute Eikenberry’s 2017 cash receipts from customers.At January 1, 2017 Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017, accounts receivable is $54,000. Sales revenue for 2017 is $420,000. Compute Eikenberry's 2017 cash receipts from customers.
