Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The firm’s total sales for 2015 were $56.1 million. What is the year-end 2015 balance in accounts receivable for Mr. Husker’s Tuxedos?

Q: During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $170,000, of which…

A: Ending Allowance for Doubtful Accounts = Beginning Allowance for Doubtful Accounts + Bad debts…

Q: ABC Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year,…

A: Cash receipts from customers will be equal to : Accounts receivables at the beginning of the year  +…

Q: Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that…

A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…

Q: Ray Co.'s net accounts receivable were $500,000 at December 31, 2016 and $600,000 at December 31,…

A: As the questions asked have more than 1 question, the first question is answered. If you want the…

Q: Taehyung Company provided the following data: On January 1, the company’s account receivable and…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: During the year ended December 31, 2015, Kelly’s Camera Shop had sales revenue of $170,000,of which…

A: Introduction: Accounts receivables: The account that records the amount due owed to the debtors of…

Q: Suppose Columbia Sportswear Company had accounts receivable of $325,306,000 at January 1, 2017, and…

A: Definition:   Cash receipts: Cash receipts encompass all the cash revenue from sales of goods, and…

Q: Barga Co. reported net sales for 2016 and 2017 of $665,000 and $742,000, respectively. Its year-end…

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

Q: During its first year of operations, Cooper Company bills credit customers $19,800 for services…

A: As per accounting concept, revenue and expenses should be recognized on accrual basis. It means,…

Q: On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Irene & Co. had sales of € 15,000 during 2004, 80% of them on credit and 20% for cash. During the…

A: Accounts receivables:- Accounts receivables shows the money that is due to a firm on goods and…

Q: At June 1, 2022, Whispering Winds Corp. had an Accounts Receivable balance of $19,100. During the…

A: Calculate the accounts receivable balance at June 30, 2022:

Q: At January 1, 2017, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017,…

A: Cash receipts refers to evidence of purchase issued when buyer has paid in cash.

Q: In 2016, Grant Corporation recorded credit sales of $3,200,000 and bad debts expenses of $42,000.…

A: Hence, journal entries are passed for recording the sales revenue, bad debts expenses, write off of…

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: During 2015, Lacee Enterprises had gross sales of $247,000. At the end of 2015, Lacee had accounts…

A: Allowance for bad debts account is maintained for those customers from whom it is expected that they…

Q: Yellow Company had a balance of $85,000 in Accounts Payable at the beginning of June, and purchased…

A: Opening accounts payable = $85,000 Purchases = $180,000 Closing accounts payable = $60,000

Q: During 2014, Sigma Company earned service revenues amounting to $720,000, of which $605,000 was…

A: Solution: As per accrual system of accounting, revenue should be recognized when services are…

Q: Fairplay had the following information related to the sale of its products during 2009, which was…

A: Net Revenue should include revenue for the period, less any goods return

Q: At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC…

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

Q: Ming Company began operations on January 1, 2010. During its first two years, the company completed…

A: Journal is a book of original entry in which all the transactions of the business are recorded…

Q: Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the…

A: Hence, increase in account receivable is $100. It is obtained by subtracting uncollectibles and…

Q: On January 1, 2017, Gill Company reported accounts receivable of $216,000, which changed to $248,000…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

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: Microsoft Corporation reported the following information in its financial statements for three…

A:

Q: Watin Inc's 2015 income statement reported net sales of $5,000,000. Watin's average accounts…

A: We have the following information: Net Sales: $5,000,000 Average account receivables: $450,000 Days…

Q: At January 1, 2017 Eikenberry Inc. had accounts receivable of $72,000.  At December 31, 2017,…

A: Cash receipts refers to evidence of purchase issued when buyer has paid in cash.

Q: Dongguk Industry began the accounting year of 2010 with accounts receivable balance of $650,000 and…

A: Sno  Account Titles and Explanation   Debit   Credit  1  Accounts Receivable   $ 7,290,000…

Q: During 2020, Rumbo Corporation had cash and credit sales of $21,760 and $15,225, respectively. The…

A: Net Income (Loss) = Total Sales - Operating Expenses    Note: Since Accrual basis of accounting is…

Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales…

A: Accounts receivables are accounts of those customers to whom business has made credit sales on…

Q: On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.…

A: Prepare the journal entries:   Date Accounts title and explanation Debit ($) Credit ($)…

Q: Avon Products, Inc., located in New York City, is one of the world’s largest producers of beauty and…

A: Hey, since there are multiple sub-part questions posted, we will answer the first three sub-part…

Q: On January 1, the company’s account receivable and accounts payable were P1,200,000 and P1,500,000,…

A: Calculation of Gross Sales Gross Sales = Ending balance of Accounts Receivable + Cash Received from…

Q: XYZ has forecast its sales revenues and purchases for the last 5 months of 2015 to be as follows:…

A: The cash budget is prepared to record cash receipts and cash disbursements made during the period.…

Q: The company wants to assess the account receivable outstanding at the end of December 2016. During…

A: Accounts Receivable Payment PEriod = 365/Account Receivable turnover ratio Accounts Receivable…

Q: Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts…

A: Accounts receivables: It implies to the balance that is owed by the customers from the business…

Q: Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December…

A: Given the following information: Accounts receivable at the beginning: $250,000 Accounts receivable…

Q: Ernst Company experienced the following changes in selected accounts for the current year: ·…

A: Sales (S)= P6,000,000 Opening accounts receivable (OAR) = P1,000,000 Closing balance of accounts…

Q: Library Company provided the following data: On January 1, the company’s account receivable and…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: Prepare journal entries to record Liang’s 2014 summarized transactions and its year-end adjustments…

A: working note for calculating accounts receivable uncollected at the end of dec 31 2014   $…