ABC reports sales of $100 million. Accounts receivable at the beginning and end of the year are S6 million and S9 million, respectively. What is the amount of cash received from customers? A. $100 million. B) S109 million. ) 97 million. D) S103 million.
Q: The following information is taken from the annual report of Coca-Cola Enterprises, Inc.: (amounts…
A: Accounts receivable turnover is calculated by dividing the Net credit sales by the Average accounts…
Q: April Wood Products’ accounts receivable increased during the year by $4 million. What is the amount…
A:
Q: 3. A company collected $100,000 cash from a customer who both received and was billed for the goods…
A: Account Receivable :— Accounts receivable are the funds that customers owe your company for products…
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning…
A: whenever good is sold to the customer on credit then whatever will be received from the customer in…
Q: 9. Net income is $132,000, accounts payable increased $10000 during the year, inventory decreased…
A: Option d is correct.
Q: Sohar Company's income statement for 2021 is given below. If Accounts receivable balances are 14000…
A: Accounts receivable represents the current assets which increases with the level of credit sales…
Q: At the beginning of the period, FDN Trading had a cash balance of P22,000 and a notes payable of…
A: Solution Given Opening cash balance 22000 Opening notes payable 17000 Collection…
Q: A company reported annual sales revenue of $950,000. During the year accounts receivable increased…
A: Cash collected from customers during the year = Annual sales - Decrease in Unearned revenue +…
Q: The financial statements of Neale Corporation include the following information:…
A: According to the rule, we will answer the first three subparts, for the remaining subparts, kindly…
Q: Garden Gate, Inc. reported the following data in its August 31 annual report. Cash and cash…
A: cash burn refers to the cash available in an organization for the given period to maintain its…
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning…
A:
Q: accounts payable are P1,350,000 and P1,850,000, respectively. During the current year, accounts…
A: Gross Sales of a business include cash sales as well as credit. Gross sales are the total of that…
Q: In 2021, Hope Company incurred sales on account of $105,000. The company also has the following…
A: Solution:- Calculation of the amount of cash received from customers for Hope Company in 2021 as…
Q: Naples Inc. reported sales of $2.16 million for 2022. Accounts receivable decreased $180,000 and…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for…
A: Return on assets indicates the efficiency of the business entity for managing its assets for earning…
Q: Discount Computers' accounts receivable increases during the year by $3.7 million. What is the…
A: Working notes 1 Cash Received from customer Million Credit Sales…
Q: How much were the receipts from customers of Koronadal Gardens? If the balance of accounts…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Suppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a…
A: Amount of cash receipts from customers = Beginning Accounts receivable + Sales revenue - Ending…
Q: At year end, Bottle Water Company had currency and coins in cash registers of $5,600, money orders…
A: Cash and cash equivalents = Currency and coins + money orders from customers + deposits in checking…
Q: During the year, Tempo Inc. has monthly cash expenses of $144,468. On December 31, its cash balance…
A: Calculate the ratio of cash to monthly cash expenses as follows: Ratio of cash to monthly cash…
Q: Company Abel has total sales of $375,000, of which, $125,000 represents cash sales. Its annual…
A: Accounts receivable is the amount of money not paid by customers that is due to the organization for…
Q: Damalerio Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its…
A: Sales Revenue under the accrual basis of accounting = Accounts receivable at the end of the year +…
Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…
A: Introduction: Current Assets: Assets which can be easily converted in to cash with in a year period…
Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000…
A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year.
Q: Given beginning and ending accounts receivable of $20,000 and $23,000, respectively, and assuming…
A: Sales on account = Ending accounts receivable + Cash collections - Beginning accounts receivable…
Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…
A: Introduction: Current Assets: Currents assets are shown in Balance sheet. Assets which can be easily…
Q: Taehyung Company provided the following data: On January 1, the company’s account receivable and…
A: Net sales = Cash receipts from customers + Ending accounts receivable - Beginning accounts…
Q: How much is the company’s current liabilities?
A: Current liabilities: Liabilities which have to be paid within one year or one operating cycle,…
Q: What is the amount of cash received from customers during the year?
A: There are two types of Sales: (1) Cash Sales and (2) Credit Sales. Cash is received immediately at…
Q: A company had a beginning balance in accounts receivable of 15,00015,00015,000 USD. At the end of…
A: To calculate the cash collected from the customer, the sales on the account are added to the…
Q: A company had a beginning balance in accounts receivable of 15,000 USD. At the end of the period,…
A: Given that, beginning balance in accounts receivable of 15,000 USD closing balance in accounts…
Q: YOLO Corporation reported sales revenue of $220.000 for the current year If accounts receivable…
A: ACCOUNT RECEIVABLE : It is the asset for the company as cash flows in. If there is decrease in…
Q: Barga Co.’s net sales for Year 1 and Year 2 are $730,000 and $1,095,000, respectively. Its year-end…
A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…
Q: Bailey Co earns $27,792 of revenue on account and in $6,256 cash revenue transactions in Year 1.…
A: Under the accrual basis of accounting, recognition of revenues and expenses is made as and when they…
Q: Yanie's coffee beans store had accounts receivable of $18,000 at the beginning of the year and…
A: Cash received from customers = Beginning balance of Accounts Receivable + Credit sales during the…
Q: Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash…
A: Dollar change in Cash = Current Year Cash - Prior Year Cash Dollar change in Accounts receivables =…
Q: Hamilton Company reported an increase of $400,000 in its accounts receivable during the year 2018.…
A: Accounts Receivables means those accounts to whom business has made credit sales on account. This…
Q: Damalerio Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its…
A: Prepare a T-account of accounts receivable and post the beginning balance, ending balance and cash…
Q: 1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross…
A: Net sales means the amount of revenue earned and it is calculated by deducting the sale return ,…
Q: Erie Company began the accounting period with $15,700 in accounts receivable. The ending balance in…
A: The account receivables are reported in the balance sheet as the current assets of the business.
Q: he following information was taken from statement of financial position of ABC Company. Calculate…
A: Ratio analysis: Ratio analysis is a mathematical method for determining a company ’s performance,…
Q: 9 Maxwell Furniture Centre had accounts receivable of $20000 at the beginning of the year and $54000…
A: Collections from customers is the result of beginning account receivable plus credit sales during…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?
- Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
- Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, S30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: What was the total amount of dividends declared and paid? What journal entry was made at the date of declaration?A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________. A. $11,985 B. $12,000 C. $15 D. $10,150