The comparative balance sheet of Sloan company reveal that accounts receivable (before deducting allowance) increased by $15,000 in 2016. During the same period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016nand bad debt expenses were 2% of sales, how much cash was collected from customers during the year?  Please show the work.

Q: THE FOLLOWING DATA ARE TAKEN FROM THE FINANCIAL STATEMENTS OF KRAWCHECK INC.  TERMS OF ALL SALES ARE…

A: Accounts Receivable Turnover = Net Credit Sales/ Average Accounts Receivables Number of days sales…

Q: Schwert Corp. shows the following information on its 2015 income statement: Particulars ($) Sales…

A:

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: 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: The following information is related to December 31, 2016 balances. Accounts receivable $1,400,000…

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

Q: Pepsi Inc has the following information for the year 2015. Accounts Receivables, beginning of the…

A: Accounts Receivable, year ending = Accounts Receivable, year ending, before any write-off - Amount…

Q: Molino Inc. reported sales revenue of $2 million for 2020. Accounts receivable decreased $200,000…

A: Cash receipts: A purchase proof that is issued when the payment is done by the buyer in cash. It is…

Q: At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $241,000, and the…

A: As per the given information: Beginning accounts receivable balance - $241,000 Balance in allowance…

Q: Pronghorn Corp.’s balance sheet at December 31, 2016, included the following. Note receivable…

A: The account receivable are the debtors who owe the money to the business.

Q: Use the following financial information from Akerley Cafe to calculate its gross profit and gross…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Grau Company reported sales revenue of $100,000 and total expenses of $90,000 (including…

A: Cash flow from operating activities:  This section of cash flow statement provides information about…

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: 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: Use the data from the following financial statements in the popup​ window, LOADING... . The company…

A: The net balance of cash moving into and out of a business at a specific time occurs due to…

Q: Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales…

A: The cash conversion cycle (CCC) refers to metric that expresses the length of time which in days…

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: At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the…

A: Assets Liabilities Equation: It is the balance sheet equation showing  the relationship between the…

Q: Determine the cash flows from operations for 2015 using the direct method.

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable…

Q: The December 31, 2013 balance sheet of Barone Company had Accounts Receivable of $400,000 and a…

A: Sales = 1500000 Cash received  = sales - sales returns  = 1500000-50000 =1250000

Q: General Mills reported the following information in its 2017 financial statements ($ in millions):…

A:

Q: At the end of the annual reporting period, the accounts of Berry Company showed the following…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

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: A company had credit sales of $500,000 during the third quarter of 2013. It had to write-off $300 of…

A: Bad Debt Expense (% of Sales Method) = Credit Sales x Estimated % Uncollectible

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: 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: The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard…

A: Compute balance of allowance for doubtful accounts at the end of period as shown below:

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: How do I calculate based on the Income Statement and Balance sheet below: Times Interest Earned…

A: Income before interest and tax expense =  Income before taxes + Interest Expense = $7,060 + 900 =…

Q: FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts…

A: Accounts receivable is the amount that is due to be received from the customer of the business of…

Q: Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.4 billion and cost of…

A: Ratio analysis helps to analyze the financial performance of the company. The management can take…

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: The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard…

A: Allowance for Doubtful Accounts: Allowance for doubtful accounts is determined as the reduction in…

Q: Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like…

A:

Q: Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The…

A: Calculate the accounts receivables as follows: