16. Elaine Company experienced the following changes in selected accounts for the current year as reflected below. What total amount of cash was received from customers during the year? Accrual sales 5,000,000 Accounts receivable: January 1 800,000 December 31 500,000 Advances from customers: January 1 300,000 December 31 400,000 O a. 5,400,000 Ob. 5,300,000 O c. 4,800,000 O d. 4,600,000
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- Cash and accounts receivable for Adams Company are as follows: Prior Current Year Year Cash $41,208 $30,300 Accounts receivable (net) 26,313 53,700 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash Accounts Receivable ems (Previous Next to search a. 53°F Sunny 3:28 PM (中岁 12/14/2021Considering the financial statement information below for the The C’mon Cam! Co., how long is the cash cycle? Item Beginning EndingInventory $9,338 $11,550Accounts Receivable 5,670 6,947Accounts Payable 7,689 9,625 Net Sales $82,544Cost of Goods Sold $58,638 a. 28 daysb. 39 daysc. 65 daysd. 93 days10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…
- 48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 3,000,000 Cash Sale Sales on account Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? а. 2,700,000 b. 2,200,000 с. 3,500,000 d. 3,320,000Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $88,172 $65,800 Accounts receivable (net) 32,424 57,900 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %Cash and accounts receivable for Adams Company are provided below: Prior Year Current Year Cash $50,799 Accounts receivable (net) 26,163 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash Accounts Receivable $41,300 45,900
- The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $120,200 $128,000 $134,800 Sales on account 719,780 670,140 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1Accounts receivable, end of year $ 725,000 $ 650,000 $600,000Sales on account 5,637,500 4,687,500a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days’ sales in receivables. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning accounts receivable and credit policies?Accounts receivable analysis. The following data are taken from the financial statement of sigmon Inc. Terms of all sales are 2/ 10, n / 45. Accounts receivable the end of the year $725,000 20y3 $ 650,000 20y2 $600,000 20y 1 Sales on account 5,637,500 20y 3 4,687,500 20y 2 A. 20y 2 and 20 y3, determine (1) the accounts receivable turnover and (2) the number of days sales in receivable. Round interim calculations to the nearest dollar final answer to one decimal place assume a 365-day year. 1. Accounts receivable turnover 20y3 2. Number of days sales in receivable 20y2 B. The collection of accounts receivable has_______ this can be seen in both the_______ in accounts receivable turnover and the_______ in the collection period.
- The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Υ2 20Υ1 Accounts receivable, end of year $212,000 $226,000 $241,200 Sales on account 1,270,200 1,214,720 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Υ2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.3. The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10, n/45. Accounts Receivable, end of year Sales on account of Required: 20Y3 $725,000 $5,637,000 a. For 20Y2 and 20Y3, determine: 1. Accounts Receivable Turnover 2. The number of Days' Sales in Receivables 20Y2 $650,000 $4,687,000 20Y1 $600,000 b. What conclusions can you draw from these data concerning Sigmon's accounts receivable and credit policies?A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivable