Sherlock Company’s net accounts receivable were P250,000 at December 31, 2011 and P300,000 at December 31, 2012. The accounts receivable turnover for 2012 was 5.0. What were Sherlock’s total net sales for 2012? a. P1,375,000 b. P1,500,000 c. P1,600,000 d. P2,750,000

Q: The financial statements of the Pina Colada Co report net sales of $408000 and accounts receivable…

A: Accounts Receivable is the amount of money the company will get by way of credit sales.

Q: For its most recent year a company had Sales (all on credit) of $750,000 and Cost of Goods Sold of…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: The following is the data from Company X for 2016 and 2017. 2016 2017 Net Sales S800,000 S900,000…

A: Ratio analysis is very important technique used in management accounting. Accounts receivable…

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: If Cactus, Inc. has annual sales of $83,000, average accounts payable of $30,000, and average…

A: Given: Annual sales = $83,000 Average accounts receivables = $25,000

Q: The financial statements of Marigold Manufacturing Company report net sales of $1278000 and accounts…

A: In order to compute the average collection period of account receivable, we need to first determine…

Q: A company has net sales on account of $1,750,000. Net accounts receivable at the beginning of the…

A: Accounts receivable turnover ratio = Net credit sales / Average Accounts Receivables where, Average…

Q: In 2022, Blossom Company has net credit sales of $1,761,000 for the year. It had a beginning…

A: Account receivable turnover ratio is calculated by the company to check the effectiveness of a…

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: At the beginning of 2021, Clay Ventures has total accounts receivable of $100,000. By the end of…

A: Receivables turnover ratio = Net credit sales / Average Accounts Receivable where, Average Accounts…

Q: Winther Company has a receivables turnover of 15 times. The average net receivables during the…

A: Winther company's Receivable turnover = 15 Average net receivables = P430000 Average net receivable…

Q: Suppose the 2017 financial statements of 3M Company report net sales of $23.1 billion. Accounts…

A: Solution: Accounts Receivable Turnover ratio: Accounts receivable is most important part of current…

Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Analyz JReceivables The following information was taken from the annual reports of two high- end…

A: Solution: Part A)  Net Credit Revenue /  Accounts Receivable = Receivable Turnover Ratio Company A…

Q: Black Co. net accounts receivable were $500,000 at 12/31/2016 and $600,000 at 12/31/2017. Net cash…

A: ACCOUNT RECEIVABLE 500,000 AT 12/31/2016 ACCOUNT RECEIVABLE 600,000 AT 12/31/2017 NET CASH SALE…

Q: Wall Corporation’s books disclosed the following information as of and for the year ended December…

A: Accounts receivable turnover is a measure how effectively the company is able to collect its…

Q: y has net sales of 1,630,200 an

A: The accounts receivable turnover ratio,   also known as the debtor’s turnover ratio, is an…

Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average…

A: Solution.. Credit sales = P18,600,000  Average accounts receivable = P1,380,000  Average collection…

Q: Company Abel has total sales of $375,000, of which, $125,000 represents cash sales. Its annual…

A: Accounts receivable is the amount of money not paid by customers that is due to the organization for…

Q: The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of…

A: The answer is as fallows

Q: During 2014, SABA Company had net sales of $11,400,000. Most of the sales were on credit. At the end…

A: Journal Entry       Date Accounts Debit Credit             2014 Bad Debt Expenses      Dr.…

Q: The financial statements of the Sheffield Corp. reports net sales of $690150 and accounts receivable…

A: Accounts receivable turnover ratio is computed to determine the efficiency of the entity to collect…

Q: The Nicholas Company had net sales on account of $6,570,000 during 1998. The beginning and ending…

A: Given the following information: Net credit sales: $6,570,000 Beginning accounts receivables:…

Q: ord Corporation had net credit sales during the year of $1116550 and cost of goods sold of $448000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2…

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: Blue Air Inc., has net sales of $735,000 and  accounts receivables of $164,000. What are the firm's…

A: Accounts Receivables Turnover Ratio measures the efficiency of the company in collecting receivables…

Q: JPJ Corp has sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million…

A: (1) Account Receivable Days = (Average Receivable x 365) / Credit Sale Here we are assuming that all…

Q: A company has net sales of $1,531,800 and average accounts recelvable of $414,000. What is Its…

A: Accounts Receivable Turnover Ratio means Net Sales Divided by Average Receivable. It is used to know…

Q: Nathalie Drug Store had net credit sales of P6,000,000 and cost of goods sold of P2,000,000 for the…

A: A ratio that provides information regarding the company’s efficiency to collect their accounts…

Q: 15. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended…

A: In order to increase the sales revenue, business organizations sells their goods on a credit basis.…

Q: Marbel had $4,448 million in sales and $1,218 million in ending accounts receivable for the current…

A: Note: Day's sales uncollected determines the no. of days a company take to collect its receivable on…

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: 2. On January 1, 2017, the balance of accounts receivable of Kate Company was P5,000,000 and the…

A: Provision for doubtful accounts is created for probable bad debts on the basis of past experience.…

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: A company has net sales of $489,600 and average accounts receivable of $40,800. What is its accounts…

A: Given information is: A company has net sales of $489,600 and average accounts receivable of…

Q: The financial statements of the Splish Brothers Inc. reports net sales of $325500 and accounts…

A: The ratio analysis helps to analyze the financial statements of the business.

Q: For its most recent year a company had Sales (all on credit) of $830,000 and Cost of Goods Sold of…

A: Inventory  turnover  ratio = cost of goods sold/Average  Inventory

Q: Blue Air Inc., has net sales of $767,000 and accounts receivables of $162,000. What are the firm's…

A: We have the following information: Net Sales: $767,000 Accounts Receivables: $162,000

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