Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash amounting to $2,950,000 was collected from customers' credit sales. Calculate the amount of sales on account during the period.

Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash amounting to $2,950,000 was collected from customers' credit sales. Calculate the amount of sales on account during the period.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

See similar textbooks

Related questions

Q: A company had the following sales transactions: 1. Total debit card sales = $270,000. 2. Total…

A: Sales Transactions Revenue: Sales revenue is the amount of money earned by a corporation through the…

Q: Alco Roofing Company's beginning accounts receivable were $200,000 and ending accounts receivable…

A: Equation is opening receivables + credit sales - collections = ending receivables

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…

A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year…

Q: A company has net income of 213,700 a profit margin of 7.1 percent, and an accounts receivable…

A: Net income = 213,700 Profit margin = 7.1% Sales = Net income/Profit margin = 213700/0.071…

Q: A company had the following sales transactions: 1. Total debit card sales = $230,000. 2. Total…

A: Total sales include all the transactions related to sales i.e debit card, credit card, check sales,…

Q: Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000…

A: The accrual basis accounting records the revenue and expenses of the current period when they are…

Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…

A: Cash collections for the period = Opening balance of accounts receivable + Credit sales for the…

Q: Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…

A: Dear student, as per Bartleby answering guidelines we can answer only the first question if the…

Q: Assuming 77 percent of sales are on credit, what is the company's days' sales in receivables?

A: Information Provided: Net Income = $191,000 Profit Margin = 9.10% Accounts Receivable = $106,919…

Q: JKL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Average Collection Period: In terms of Accounts Receivable, the average collection time of the…

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Corentine Company had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: Laundry services rendered totaled 180,000 of which 30% was settled with a note and the balance on…

A: Notes receivable represent the note contains a promise to pay a certain amount provided in the…

Q: The cash received from customers was:

A: Cash Received from Customers = Accounts Receivable at Beginning + Sales - Accounts Receivable at the…

Q: Net credit sales total $1,512,500. Beginning and ending accounts receivable are $46,000 and…

A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…

Q: Accounts Receivable Balance Beginning accounts receivable were $275,500 and ending accounts…

A: Amount of sales = Cash collected from customers - Beginning accounts receivable + Ending accounts…

Q: Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables + Ending Accounts Receivables ) /2 =…

Q: On June 1, the cash account balance was $96,980. During June, cash receipts totaled $342,630 and the…

A: Cash Payments- It is the immediate payment of transactions for the purchase of goods, services, and…

Q: The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit…

A: Accounts receivable are the money owed to a company by its customers. This happens because of Credit…

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectible Accounts Expense = Credit sales during the year x 2% of all credit sales

Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…

A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…

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: 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: Falafel Hut has sales of $512,630. The cost of goods sold is equal to 60 percent of sales. The…

A: The accounts receivable are the current assets of the company. The increase in the credit sales or…

Q: Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts…

A: Accounts receivable are the customers of the company; from whom, amount is receivable due to the…

Q: Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000…

A: The cash basis system state that the revenue should be recorded when the actual amount of cash is…

Q: Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan…

A: The amount of sales generated during a period without adjusting any discount and return is known as…

Q: Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales…

A: Cash collected from customers = Beginning accounts receivable + Credit sales - Ending accounts…

Q: Financial statement data for the year ending December 31 for Flagg Co. are as follows: Sales…

A: The number of days sales in receivable indicates the number of days the credit sales converted into…

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: he following data were reported by Son Goku Company during the current year: Accounts receivable –…

A: Under the cash basis of accounting, the revenues, as well as expenses, are recorded at the time when…

Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…

A: Calculation of the amount of cash collections for the period:

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: A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable…

A: Days sales in receivables = Accounts receivable/credit sales *365

Q: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Solution: Net Credit Sales = 80% of $1,000,000 = 800,000 For calculating…

Q: Dedpul Company provided the following transactions affecting accounts receivable during the current…

A: The account receivable is referred to as the amount that a company is yet to received from its…

Q: Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Alco Roofing Company’s beginning accounts receivable were $200,000. Ending accounts receivable were…

A: Cash collected from customers = Beginning accounts receivable + credit sales - Ending accounts…

Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…

A: Introduction: Revenue (sometimes known as sales revenue) is a term used to describe the amount of…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Provided $57,971 in service to customers during the year, with $21,658 on account and the rest…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The following data were reported by ABC Company during the current year: Accounts receivable –…

A: The question is based on the concept of Financial Accounting.

Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…

A: Introduction: The term "revenue" refers to the quantity of money earned. It is the entire amount of…

Q: Blue Air Inc., has net sales of $767,000 and accounts receivables of $162,000. What are the firm's…

A: We have the following information: Net Sales: $767,000 Accounts Receivables: $162,000

Question

Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash amounting to $2,950,000 was collected from customers' credit sales.

Calculate the amount of sales on account during the period.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
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)?
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?