no work shown required A company's 2019 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearnedrevenue account decreased $15,000 during 2019. How much cash was collected from customers during 2019?O A. $1,160,000O B. $1,175,000O C. $1,225,000O D. $1,185,000 Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginningof the year and a balance of $840,000 at the end of the year. Net credit sales during the yearamounted to $6,800,000.Instructions: Calculate the average collection period (DAYS). Only record the number andround to one decimal.

Cash collected during the year is dependent upon the unearned revenue as well as increase or…

A company's 2019 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2019. How much cash was collected from customers during 2019? O A. $1,160,000 O B. $1,175,000 OC.$1,225,000 O D.$1,185,000

A company's 2019 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2019. How much cash was collected from customers during 2019? O A. $1,160,000 O B. $1,175,000 OC.$1,225,000 O D.$1,185,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

See similar textbooks

Related questions

Q: Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1....

A: Working Note 1. Number of Shares to be remaining to be sold Total Authorised Capital- Number of s...

Q: How much is the share options outstanding as of the 2nd year in the exercise period assuming out of ...

A: An employee stock option gives the right to employees to purchase a pre specified number of shares a...

Q: On January 1, there were two jobs in process at Fifo Company. Details of the jobs are: Job A-15: DM...

A: Cost of job completed in January will equal the total cost of Job A-15 and Job A-38

Q: The controller of D-Day Chemical Supply has established the following activity centers with overhead...

A: Overhead Cost: Overhead expenditures are the costs associated with running a company, such as rent, ...

Q: Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 202...

A: The question is related to Cash Flow Statement. The Cssh Flow Statement is summary of cash receipts ...

Q: Fred is considering three job offers in advertising. • Afull-time position as a coordinator that pay...

A: Introduction Gross monthly income is the earnings before any deductions or taxes are taken out, annu...

Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $56,900, terms n/3...

A: Req-a Transaction General Journal Debit Credit (1) Accounts Receivable $56,900 ...

Q: calssify the following expenses between selling expenses and general and administrative expenses. re...

A: Indirect expenses can be classified into three part: (1) Factory expenses (2) Office and administra...

Q: Required: (a) Calculate (1) the actual sales volume; (ii) the actual quantity of materials used;

A: Variance refers to those deviation which is used to determine the difference between the actual unit...

Q: What is the total amount that should be disclosed as compensation to key management personnel for Bu...

A: Related Party Disclosures governs by IAS 24. "Related Party Definition : A person or a member of per...

Q: 8.Determine when each of the following must deposit its Form 941 tax liabilities. Quikstep, a month...

A: 1.Quikstep, a monthly depositor, pays employees on Friday. Its 941 tax liability for the April 17, 2...

Q: The Sino-Fizer Company is concerned about the cash flow of the company. They consulfed you to prepar...

A: Cash Budget The preparation of cash budget is important for the business which can make the evaluati...

Q: eal-Goode Inc. purchased a patent on a new drug. The patent cost $12,000. The patent has a life of v...

A: The amortization expense is charged on intangible assets such as patent, goodwill, etc.

Q: On January 1, there were two jobs in process at Worship Printing Company. Details of the jobs are: J...

A: Cost of job completed in January = cost of job A-15 and cost of job A-38

Q: Give all journal entries related to the disposal of Machine B in the current year. (If no entry is r...

A: At the time of sale of a fixed asset, accumulated depreciation is deducted from the original cost of...

Q: The Products 4U Inc. manufactures and sells one product which has the following available informatio...

A: Lets understand the basics. Break even point is a point at which no profit/no loss situation is aris...

Q: to improve the 90 per unit, an : will the two al me? (Round yo

A: Answer) Calculation of Selling price per unit to earn operating Income of $ 1,600 Operating Income =...

Q: b. Crilically cfiscuss the conporation's kverage pusiticn ancd profitatility perfonance for i: finan...

A: Leverage position refers to the ability of the company to pay off its debt I,e. the ability of the c...

Q: Honesty Manufacturing Company manufactures a standard recliner. During December, the firm’s Assembl...

Q: 22. SONA Co. received an order for 1,000 units of item AY-14. Because of the order’s exacting speci...

A: Effective cost per unit is calculated for measuring the actual cost incurred for the production of e...

Q: Direction: Journalize the given transactions below of BAM General Merchandise on the month of May 20...

A: Journal is a book in which all business transactions are recorded in the order in which they occur, ...

Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The ...

A: Uncollectible account expense- Uncollectible accounts expense is accuse made to the books when a con...

Q: Corp produces 200 units of A and 100 units of B products. Final sales amount of A is 9,000. Joint co...

A: solution given Number of units of A 200 units Number of units of B 100 units Final s...

Q: 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership i...

A: Let's understand the basics Partnership is an agreement between two or people to run and monitor bu...

Q: 11. The trial balance of 8R's Company, Interior Decorator, for December 31, 2020 appears below: Acco...

A: Adjusted Trial Balance- The adjusted trial balance is one of the processes in the closure process th...

Q: Class Assignment: From the following information prepare the Income Statement of a sole proprietor f...

A: For Income statement of sole proprietor first of all we need to prepare cost of goods sold statement...

Q: Determine the COGS based on the given info: Sales - P424,000 Beginning inventory - P45,000 Purchases...

A: Gross profit = Net Sales - Cost of goods sold Cost of goods sold = Net Sales - Gross profit

Q: resented below are data taken from the records of Shamrock Company. December 31, 2020 ...

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement th...

Q: Honesty Manufacturing Company makes three products that can either be sold, or processed further and...

A: The decision of further processing of joint products is based in incremental analysis. If the increm...

Q: was de rite-off assuming the company uses the allowance method? ag pine Multiple Choice Debit Allowa...

A: Bad debts: Bad debt is the amount owed to the business that is written off because it has become irr...

Q: homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual ...

A: Solution Given Monthly mortgage payment 716.40 Number of year 40 years Annual rate o...

Q: What is the total amount that was disclosed as compensation to key management personnel for the pare...

A: Compensation is the amount of money which has been earned by the employees of the company or which i...

Q: Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The fo...

A: The financial transactions are initially recorded in the form of journal entries. It would be posted...

Q: Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The fo...

A: Using perpetual inventory system, the cost of goods sold is to be record every time the sales are ma...

Q: Twenty (20) workers, paid at a wage rate of P70.00 per hour, worked 40 hours each, entirely on Job #...

A: The job order costing system tracks the record of cost with respect to specific job. The material, l...

Q: 0. A wants to just pay that penalty instead of delivering the horse. Has B the right to refuse to ac...

A: The contract refers to the legal form of agreement between two parties who are abiding by the terms ...

Q: . You are considering purchasing only one of the two bonds issued 24 Hours Corporation. Bond A and B...

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...

Q: Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its...

A: Journal is the initial step in recording the financial transaction, date wise as per the dual entity...

Q: Prepare journal entries relating to the stock option plan for the years 2020, 2021, and 2022. Assume...

A: Introduction: Shares are units of equity ownership in a firm. For certain businesses, shares exist a...

Q: Jolly Company uses the FIFO method in its process costing system. Beginning inventory in the mixing ...

A: GIVEN Beginning inventory in the mixing processing centre consisted of 4,000 units, 75% complete ...

Q: Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month i...

A: Journal is the primary book of entry which is used to record the transactions for preparing financia...

Q: Blue Company has considerable excess manufacturing capacity. A special order's cost sheet includes t...

Q: Alice promised to give you a car if Mark will pass the CPA board examination. When Mark passed the s...

A: A potestative condition is a condition suspensive in nature and which depends upon the sole will of ...

Q: JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a co...

A: Job Costing or otherwise called as Job Order Costing is a method of calculating the cost of particul...

Q: Byrd Inc., a calendar year-end company, purchased a machine on 1/1/X1 with the following attributes:...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: Jan 2 Additional money was introduced by Dada in a form cash GH¢50,000.00 and cash at bank GHe70,00c...

A: Journal entry is the entry which the business has to record at the time when ever the business trans...

Q: ibble Company has observed that at an activity level of 8,000 units the cost for maintenance is £15,...

A: As per the High low method we should calculate the variable cost per unit first, we can use the belo...

Q: If an investor wants to earn an annual interest rate of 10.76% on a 26 week T-bill with a maturity v...

A: Interest means the extra amount which we received because of investment made and will be paid in c...

Q: Victorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...

A: Calculation of Total manufacturing cost per unit (Amount In P) Direct material Cost per uni...

Q: Piit Company currently sells 1,0 ariable costs are P1.50. A discou COL anits of product M. The manag...

A: Variable Cost - The total cost of production of a good comprises of the total fixed cost of producti...

Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

no work shown required

A company's 2019 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned
revenue account decreased $15,000 during 2019. How much cash was collected from customers during 2019?
O A. $1,160,000
O B. $1,175,000
O C. $1,225,000
O D. $1,185,000

Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning
of the year and a balance of $840,000 at the end of the year. Net credit sales during the year
amounted to $6,800,000.
Instructions: Calculate the average collection period (DAYS). Only record the number and
round to one decimal.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Average Collection Days

VIEW

Step 2: Correct Answers

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Ratio Analysis The following information was taken from Nash Inc.s trial balances as of December 31, 2018, and December 31, 2019. Required: 1. Calculate the net profit margin and accounts receivable turnover for 2019. ( Note: Round answers to two decimal places.) 2. How much does Nash make on each sales dollar? 3. How many days does the average receivable take to be paid (assuming all sales are on account)?
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Financing Deficit Stevens Textile Corporation’s 2018 financial statements are shown here: Balance Sheet as of December 31, 2018 (Thousands of Dollars) Income Statement for December 31, 2018 (Thousands of Dollars) Suppose 2019 sales are projected to increase by 15% over 2018 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2019. The interest rate on all debt is 10%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2018, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as notes payable. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. What is the resulting total forecasted amount of the line of credit? In your answers to parts a and b, you should not have charged any interest on the additional debt added during 2019 because it was assumed that the new debt was added at the end of the year. But now suppose that the new debt is added throughout the year. Don’t do any calculations, but how would this change the answers to parts a and b?
Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000
DJ Company’s net accounts receivable were P250,000 as of December31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020were P100,000. The accounts receivable turnover for 2020 was 5.00.What were DJ’s total net sales for 2020? A. P1,500,000B. P1,475,000C. P1,400,000D. P1,375,000
n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
DJ Company's net accounts receivable were P250,000 as of December 31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020 were P100,000. The accounts receivable turnover for 2020 was 5.00. What were DJ's total net sales for 2020? * P1,500,000 P1,475,000 P1,375,000 P1,400,000
Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00
X Corp’s net accounts receivable were P 250,000 at Dec 31, 2019 and P 300,000 at Dec 31, 2020. Net cash sales for 2020 are P 100,000 and the accounts receivable turnover for 2020 was 5. What were the company's total net sales for 2020?
Company's 2020 income statement reported total sales revenue of $1,500,000. The 2019-2020 comparative balance sheets showed that accounts receivable increased by $120,000. The 2020 "cash receipts from customers" would be Group of answer choices A)$240,000. B)$1,500,000. C)$1,620,000. D)$1,380,000. e)None of the above