Credit Sales Cash Collections Jan. 10 Stern Company... $4,000 Jan. 20 Stern Company.. $2,000 19 Diaz Brothers 1,600 28 Diaz Brothers 1,600 23 Rex Company. 2,500 31 Rex Company . 1,300
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Following is information from Fredrickson Company for its first month of business.
1. Identify the balances listed in the accounts receivable subsidiary ledger.
2. Identify the Accounts Receivable balance listed in the general ledger at month’s end.
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- Please, help me only with question b) Ratio calculations are: Net profit Margin = net profit/sales = (210)/5600 = - 3.75% Gross profit margin = gross profit/sales = 770/5600 = 13.75% Current ratio= current assets/current liability= 15,840/5,150= 3.08 Acid test ratio = (cash+ accounts receivable) / current liability = (7,340+8030+150)/5,150 = 3.02 Accounts receivable collection period = Receivables / Average daily credit sales = 150/ (5600/360 days) = 9.64 days or 10 days Accounts payable payment period = Accounts Payable / Average daily purchases = (5,150/ (5,150/360 days) = 360 days Financial statements from part A are:Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000Use the following information to answer the question that follow: Net Income : $205,000 Profit margin : 7.80% A/R : $151,642 Credit sales : 60% of total sales Compute the days’ sales in receivables
- 4.The following data were available for ABC Company at Dec 31, 20X2:Accounts Receivable, beg P15,000Accounts Receivable, end P10,000Collection of accounts 450,000Sales returns, P8,000 (25% is related to cash sales)Sales discounts, P5,000How much were the credit sales during the period? 451,000 453,000 456,000 458,000Total sales at a store are $1,000,000 and 80% of those sales are on credit. Thebeginning and ending accounts receivable balances are $100,000 and $140,000,respectively. What is the accounts receivable turnover?a. 3.33b. 6.67c. 8.33d. 10.67Use the following information to answer the question that follow:Net Income : $205,000Profit margin : 7.80%A/R : $151,642Credit sales : 60% of total sales Compute the days’ sales in receivables
- Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.0042.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000Logan Sales provides the following information: Net credit sales: $770,000 Beginning net accounts receivable: $45,000.00 Ending net accounts receivable: $22,000 Calculate the accounts receivable turnover ratio. (Round your answer to the nearest whole number.) A. 23 times B. 35 times C. 33 times D. 17 times
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the cash basis?a. 15,000,000b. 18,000,000c. 17,000,000d. 16,000,000Help me with question b) only: Ratio calculations are: Anne's business for October 2021 Net profit Margin = net profit/sales = (210)/5600 = - 3.75% Gross profit margin = gross profit/sales = 770/5600 = 13.75% Current ratio= current assets/current liability= 15,840/5,150= 3.08 Acid test ratio = (cash+ accounts receivable) / current liability = (7,340+8030+150)/5,150 = 3.02 Accounts receivable collection period = Receivables / Average daily credit sales = 150/ (5600/360 days) = 9.64 days or 10 days Accounts payable payment period = Accounts Payable / Average daily purchases = (5,150/ (5,150/360 days) = 360 daysThe following information is available for Rivers, Inc.: 12/31/20A2 12/31/20A1Cost of Goods Sold $ 900,000 $ 700,000Net Sales 1,500,000 1,000,000Accounts Receivable 180,000 200,000Allowance for Doubtful Accounts 30,000 40,000What was the accounts receivable turnover ratio for 20A2? Group of answer choices 8.33 9.68 7.89 5.81