Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Assume Gibson Company uses the direct method for showing net cash flow from operating activities. Prepare a statement of cash flows using the direct method.
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- The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the yearThe following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.
- The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?
- At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales from the ledger were P 590,000 including P 390,000 cash sales. The collection from credit customers was 190,000. As of the year-end, the remaining balance of the receivable was estimated at 80% collectible. Prepare the journal entry for the transactions above.A company recorded the following transactions: cash sales $10,000, credit sales $20,000, cash received from customers $15,000, and accounts receivable at the beginning of the period $5,000. Calculate the accounts receivable turnover ratio and the average collection period.Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000. The balance in accounts receivable at the beginning of the year was $110400 and at the end of the year was $143600. What was the accounts receivable turnover
- Sandhill Co. had a beginning balance in accounts receivable of $65,960 and an ending balance of $96,690. Credit sales during the period were $634,680Beginning 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.On January 1, Year 2, Grande Company had a $76,000 balance in the Accounts Receivable account and a $4,000 balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $215,000 recognized service revenue on account. The company collected $271,100 cash from accounts receivable. Uncollectible accounts are estimated to be 1% of sales on account. The amount of uncollectible accounts expense recognized on the Year 2 Income statement is: Multiple Choice O O O $760. $2,150 $2.711. $2,100.