Subimitting an external tool Attempts 1 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATOR PRINTER VERston BACK NEXT Budgeted Sales Budgeted D.M. Purchases January $237,000 $36,500 February 251,400 39,800 March 336,600 41,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50%cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March > > >

Subimitting an external tool Attempts 1 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATOR PRINTER VERston BACK NEXT Budgeted Sales Budgeted D.M. Purchases January $237,000 $36,500 February 251,400 39,800 March 336,600 41,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50%cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March > > >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Home * CengageNOWv2 | Online teachin x "takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $210,000 February 300.000 March 440,000 All sales are on account. 60% of sales are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash…
ab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.
VVIICH UI the TVWO TmetiTIOUS UC you pTeter affa wiry: P8-4 (LO3) EXCEL (Compute FIFO, LIFO, and Average-Cost) Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Instructions (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost.
Current Attempt in Progress The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. If total sales on account were $39500 for the year, what were the total collections on account? $69600 O $79000 O $18800 O $60200 Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air DII DD 000
iCloud x Q Accounti X Norfolk S X Q CIS Test b Answere x x O Week 6 -X * Paraphra x BLOG 31 X + Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A sales invoice included the following information: merchandise price, $6,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a credit for merchandise returned of $700 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. S7,040 Ob. S693 Oc. $8,426 Od. $7,733 Nex Previous
O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51
Saved to my Mac Design Layout References Mailings Review View Q Tell me | 11 A^ A Aa v AaBbCcDdE ab X2 x A v Av 三三三=| 三。 Normal 3. Given the following financial data below prepare the appropriate closing journal entries Owner's Capital Ending Inventory $ 50,000 18,000 Owner's Withdrawals 23,000 Sales Revenue 500,000 Purchases 110,000 20,000 కంకిలో Sales Returns and Allowances Freight Hn 5,400 Sales Discounts 7,500 Purchase returns and Allowances Beginning inventory Freight-Out Advertising Expense Interest Expense 4,000 17,000 2,300 15,000 19,200 53,000 Salaries and Wages Expense Utilities Expense 18,000 9,000 Depreciation Expense Interest Revenue 18,000 Required: Prepare the closing entries
US Kimmel, Financial Accounting, 8e Helo I System Announcements CALCULATOR PRINTER VERSION 4BACK NEXT Multiple Choice Question 187 Pharoah Company had net credit sales during the year of $1407600 and cost of goods sold of $424000. The balance in accounts receivable at the beginning of the year was $115200 and at the end of the year was $190800. What was the accounts receivable turnover? О 6.00 7.90 О 1.20 O 9.20 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER
con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapp Given the following: 29 day billing cycle 4/17 Billing date previous balance $1,100 4/27 Payment 4/29 Charge 5/7 Payment 2$ 700 2$ 300 24 50 The average daily balance is: Multiple Choice $910.34 $810.43 None of these
4G 4G 7:43 O 80 TP-PRELIMS.docx The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents Bank overdraft P400,000 100,000 900,000 Accounts receivable Allowance for doubtful accounts 40,000 Raw materials Goods in process Finished goods Financial assets at fair value through other comprehensive income Land, at fair market value 12/31/20 Building Accumulated depreciation - building Plant and equipment Accumulated depreciation - plant and equipment Patent Goodwill, recognized in Jan. 2019 thru a business combination Note payable, bank - due June 30, 2021 560,000 600,000 1,400,000 2,500,000 1,000,000 6,000,000 1,600,000 2.400.000 400,000 800,000 1,400,000 1,300,000 Note payable, bank - due June 30, 2022 Accounts payable Employee benefit provisions Warranty liabilities Income tax payable Deferred tax liability Accumulated profits, January 1, 2020 Revaluation surplus on Land, January 1, 2020 Unrealized gain on financial assets,…
Next Question 24/10 Find the amount of the credit given to the business, based on the Sales/Refunds record for 09/24/10, after the 2.25% fee is subtracted. Sales Refunds $82.84 $32.06 $69.45 ..... $434.45 $69.19 $235.87 The total amount of credit will be $ $108.53 $123.32 (Round to the nearest cent as needed.) $60.85 $86.23 $139.47 $288.49 $150.28
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search