A trader has made a sale of R75,500 out of which cash sales amounted to R25,500. He showed trade receivables on 31-3-2020 at R25,500. Which concept is followed by him?
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00The balances of opening and closing accounts receivable are R40 000 and R15 000 respectively, what would be the value of cash received from customer if the net sales are R45 000? Select one: a. R85 000 b. R60 000 c. R70 000 d. R100 000
- Considering the financial statement information below for the The C’mon Cam! Co., how long is the cash cycle? Item Beginning EndingInventory $9,338 $11,550Accounts Receivable 5,670 6,947Accounts Payable 7,689 9,625 Net Sales $82,544Cost of Goods Sold $58,638 a. 28 daysb. 39 daysc. 65 daysd. 93 daysAt 30 June 2018, Ruby Ltd had net accounts receivable of $180 000. At 30 June 2019 accounts receivable were $220 000 and sales for the year amounted to $ 1800 000. Doubtful debts expense was $55 000 for the year. DisCount allowed was $35 000 for the year. Required Calculate cash received from customers by Ruby Ltd for the your ended 30 June 2019?Sage Corp. uses the direct method to prepare its statement of cash flows. Sage trial balances at December 31, 2020 and 2019, are as follows. December 31 Debits 2020 2019 Cash $35,200 $32,200 Accounts receivable 33,300 29,900 Inventory 31,300 47,500 Property, plant, & equipment 99,600 94,700 Unamortized bond discount 4,600 5,100 Cost of goods sold 250,100 378,800 Selling expenses 140,300 172,900 General and administrative expenses 135,900 151,600 Interest expense 4,300 2,700 Income tax expense 20,600 61,400 $755,200 $976,800 Credits Allowance for doubtful accounts $1,300 $1,000 Accumulated depreciation—plant assets 16,600 15,100 Accounts payable 25,000 15,300 Income taxes payable 20,900 28,900 Deferred tax liability 5,200 4,500 8% callable bonds payable 44,900 20,000…
- Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508DJ Company’s net accounts receivable were P250,000 as of December31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020were P100,000. The accounts receivable turnover for 2020 was 5.00.What were DJ’s total net sales for 2020? A. P1,500,000B. P1,475,000C. P1,400,000D. P1,375,000In its income statement for the year ended December 31, 2020, Angel Company reported revenue of P5,000,000. The accounts receivable at January 1 is P300,000; Uncollectible accounts written off is P20,000; and accounts receivable at December 31 is P200,000. How much revenue will be reported under the cash basis of accounting? *A. P4,900,000B. P4,920,000C. P5,080,000D. P5,100,000E. answer not given
- 10) olo traders has the following transactions for the month of February 2019. 9- Goods purchased and paid cash of RO 2,200 14- Paid Salaries of RO 800 19- Paid cash of RO 2,500 to NBO for the payment of loan. 24- Paid RO 6,600 to Black traders for the goods purchased on credit. Calculate and show the amount which will be transferred to Others column of Cash payments book for the month of February 2019? a. RO 12,100 b. RO 5,500 c. RO 2,200 d. RO 3,300n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400Riverbed Corp. uses the direct method to prepare its statement of cash flows. Riverbed trial balances at December 31, 2020 and 2019, are as follows. December 31 Debits 2020 2019 Cash $34,800 $32,300 Accounts receivable 32,800 29,800 Inventory 30,900 47,000 Property, plant, & equipment 100,800 95,900 Unamortized bond discount 4,600 5,100 Cost of goods sold 252,100 378,200 Selling expenses 142,700 172,900 General and administrative expenses 136,800 152,300 Interest expense 4,300 2,600 Income tax expense 20,400 60,600 $760,200 $976,700 Credits Allowance for doubtful accounts $1,300 $1,100 Accumulated depreciation—plant assets 16,600 15,100 Accounts payable 25,300 15,600 Income taxes payable 21,000 29,000 Deferred tax liability 5,200 4,500 8% callable bonds payable 44,500…
