On 1 October 20X2, the receivables' balance at G was $80,000. A summary of the transactions in the month of October is set out below. $ Cheques received 100,000 Contra payables 6,000 Sales 90,000 Returns inwards 4,000 Discounts allowed 10,000 The receivables' balance at 31 October was $ ........................................

Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…

A: When a company buys and/or sells goods and services in a foreign currency, the value of that…

Q: These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash…

A: We have the following information: Balance at 1/1/X1: $2,500 Balance at 31/12/X1: $2,000 Cash from…

Q: Using the data in the preceding question, assume accounts receivable had a beginning balance of…

A: Given information is: Net credit Sales = $807,800 Beginning Account Receivables = $67,400 Ending…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Accounts receivable turnover ratio is an efficiency ratio or  an activity ratio that measures the…

Q: 3. The following data were reported by Son Goku Company during the current year: Accounts…

A: Cash basis of accounting is that basis of accounting in which only cash receipts and cash payments…

Q: 22. Ernst Company experienced the following changes in selected accounts for the current year: ·…

A: Accrual sales (A) = P6,000,000 Account receivable, January 1 (B) =  P1,000,000 Account receivable,…

Q: Jay Company provided the following data relating to accounts receivable for the current year:…

A: Total = Accounts receivable, Jan 1 + Credit Sale=650,000+2,700,000=3,350,000

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: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: You are given the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31…

A: We have the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31 December…

Q: A company reports the following:Sales…

A: (a)Accounts receivable turnover = Credit sales / Average accounts receivableAccounts receivable…

Q: At December 1, 2021, Concord Company's accounts receivable balance was $1740. During December,…

A: Ending accounts receivable balance = Beginning accounts receivable balance + Credit sales during the…

Q: At 30 June 20X4 a company's allowance for receivables was $39,000. At 30 June 20X5 trade…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: The following information is from the annual financial statements of Raheem Company. Year 3 Year 2…

A: Average Accounts Receivable = Opening Accounts Receivable + Closing Accounts Receivable2…

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $24,000 (debit) Bad…

A: Gross accounts receivables = Beginning accounts receivables  + credit sales = $24000 + 100000 =…

Q: s an Accounts Receivable balance of $375,000 on April 30. ABC's credit terms are 2/10 net 30. The AR…

A: The quantity of money owed to a firm by its creditors is measured by current accounts receivable…

Q: Faith Company provided the following information relating to current operations: Accounts…

A: Accounts receivable as on year end is calculated as below: Beginning accounts receivable + Credit…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables  number of days…

Q: A company’s accounts receivable balance after posting net collections from customers is $150,000.…

A: Net realizable value of the accounts receivable = Accounts receivable - Allowance for doubtful…

Q: 31.The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1: Accounts…

A: Working notes=  Cash discount 2℅ calculation  P107800/98℅ = P110000 Cash discount allowed=…

Q: Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending…

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

Q: The entries in a receivables' ledger control account for the first accounting period were: Sales…

A: We have the following information: Sales: $250,000 Bank: $225,000 Returns: $2,500 Irrecoverable…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Trade Receivable Turnover ratio - It is used to measure how effective a company is in extending…

Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…

A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…

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: 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: The following information was taken from the books of Olmeck, Inc. Sales Accounts receivable:…

A: Accounts receivable turnover = Net sales of company / Average accounts receivable of company Number…

Q: 4.The following data were available for ABC Company at Dec 31, 20X2: Accounts Receivable, beg…

A: 1. Accounts Receivable, beg P15,000 - It is related to the prior period 2. Accounts Receivable, end…

Q: trade receivables Total current receivables

A: Trade receivables are receivables in respect of trade due within one accounting year. Current…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Average Accounts Receivable =(Opening Accounts Receivable + Closing Accounts Receivable) / 2…

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: 3. At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3…

A: Given that: Receivables allowance in the beginning = $18000 Debts written off = $14600 Receivables…

Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange…

A: Foreign exchange rate is the value of one currency in the terms of other currency. Foreign exchange…

Q: Salalah company’s recent financial statements showed the following information.   Net Sales…

A: Answer) Journal Entry if Company recognizes bad debts expense as a percentage of Net Sales…

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: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Accounts receivable turnover indicate the effectiveness of the company in recovering receivable…

Q: Ön September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: The control account's aim is to keep the general ledger safe and clean of information while still…

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Doubtful accounts: Doubtful accounts means accounts receivable that might become uncollectible or…

Q: The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in…

A: Credit sales is a term in which the goods is transferred to the customer on a credit basis. In which…

Q: A company reports the following:Sales…

A: a.Compute accounts receivable turnover ratio.

Q: On January 1 five star services has the following balances accounts receivable $26,000 debit bad…

A: The accounts receivables are the debtors who would make the payment on due date.

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: a (1)Determine accounts receivable turnover:

Q: SISSY Company provided the following information relating to accounts receivable for the current…

A: Balance of account receivables is the values due to a firm on which the customer has yet not paid.…

Q: 10. Wint Clothing Store had a balance in the Accounts Receivable account of P390,000 at the…

A: Average collection period shows in how many days on an average a debtors pays his dues Average…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivables. Division of…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is