Hamilton Company reported an increase of $400,000 in its accounts receivable during the year 2018. The company's statement of cash flows for 2018 reported $1.3 million of cash received from customers. What amount of net sales must Hamilton have recorded in 2018? 54 Multiple Choice $900,000 $1700.000 S400.000 $1300,000

Hamilton Company reported an increase of $400,000 in its accounts receivable during the year 2018. The company's statement of cash flows for 2018 reported $1.3 million of cash received from customers. What amount of net sales must Hamilton have recorded in 2018? 54 Multiple Choice $900,000 $1700.000 S400.000 $1300,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
STATEMENT OF CASH FLOWS An entity provided the following data: December 31, 2017 December 31, 2018 Trade accounts receivable, net of allowance 840,000 780,000 Inventory 1,500,000 1,400,000 Accounts payable 950,000 980,000 Total sales were P12,000,000 for 2018 and P11,000,000 for 2017. Cash sales were 20% of total sales each year. Cost of goods sold was P8,400,000 for 2018. Variable expenses for 2018 amounted to P1,200,000 and varied in proportion to sales. Variable expenses had been paid 50% in the year incurred and 50% the following year. Fixed expenses, including P350,000 depreciation and P50,000 bad debt expense, totaled P1,000,000 each year. Eighty percent of fixed expenses involving cash were paid in the year incurred and 20% the following year. Each year there was a P50,000 bad debt estimate and a P50,000 writeoff. 1. What amount of cash was disbursed for variable expenses during 2018? 2. What amount of cash…
STATEMENT OF CASH FLOWS An entity provided the following data: December 31, 2017 December 31, 2018 Trade accounts receivable, net of allowance 840,000 780,000 Inventory 1,500,000 1,400,000 Accounts payable 950,000 980,000 Total sales were P12,000,000 for 2018 and P11,000,000 for 2017. Cash sales were 20% of total sales each year. Cost of goods sold was P8,400,000 for 2018. Variable expenses for 2018 amounted to P1,200,000 and varied in proportion to sales. Variable expenses had been paid 50% in the year incurred and 50% the following year. Fixed expenses, including P350,000 depreciation and P50,000 bad debt expense, totaled P1,000,000 each year. Eighty percent of fixed expenses involving cash were paid in the year incurred and 20% the following year. Each year there was a P50,000 bad debt estimate and a P50,000 writeoff. 1. What is the cash collected from customers during 2018? 2. What is the amount of purchases…
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