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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Analyze this transaction as an asset, liability, paid in capital or retained earnings(plus or a negative) collected $235,000 in cash from credit customers.What is the total cash received from the financing of receivables and the amount of loss, respectively? P1,420,000 and P150,000 P1,320,000 and P150,000 P1,320,000 andP50,000 P1,420,000 and P50,000
- 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 daysThe 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 000The following information relates to Maharlika Corporation for the year ended June 30, 2021. Sales revenue 450000 Opening balance of trade receivables (net of allowance) 100000 Closing balance of trade receivable (net of allowance) 132500 Doubtful debt expense 5000 Increase in allowance for doubtful debts 2000 Bad debts are written off against the allowance for doubtful debts. What is the amount of cash collected from the customers during the year ended June 30, 2021? 487,500 481,500 418,500 412,500
- 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. P1,575,000.00ABC Company finances some of its current operations by factoring its accounts receivable to a finance company. On July 1, 2020, the company factored P2,000,000 of its accounts receivable to XYZ Finance Company. Purchase price was 85% of the receivable factored. XYZ withheld 5% of the. purchase price as protection against sales returns and allowances. What was the net cash received by ABC from this factored accounts? A. P1,600,000 B. P2,385,000 C. P1.615,000 D. 2,015,000If Inland uses $350 of cash to pay off $350 of its accounts payable, what is thenew current ratio after this action?(a) 1.68 (b) 2.03(c) 3.12 (d) 1.45
- In 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 givenDuring the year ended 31 March 2019, a business made sales of GH₵ 560,000 of which 25% were for cash. The trade receivables at 31 March 2018 were GH₵ 52,000 and at 31 March 2019 they were GH₵56,000. What is the trade receivables turnover based on average trade receivables?1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis . 2. What is the net increase or decrease in the Cash account for year 2021?
