As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and cash sales) in the month of March?   a - 74,800 b- 102,000 c- 116,800 d- 146,800

Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Nonna's Re-Appliance Store data Month December January February Sales $21,512 $63,966 $72,252

During March, Sam Company had cash sales of $35,000 and sales on account of $210,000. In April, payments on account totaled $175,000. The journal entry prepared by Sam to record the March sales would include a debit to: A. Cash for $35,000, debit to accounts receivable for $210,000, and credit to sales revenue for $245,000 B. Cash for $35,000, debit to deferred revenue for $210,000, and credit to sales revenue for $245,000 C. Cash for $35,000, debit to accounts payable for $210,000, and credit to sales revenue for $245,000 D. Cash and credit to sales revenue for $35,000

Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of year 1, accounts receivable were presented in the company's balance sheet as follows. Accounts receivable from clients Less: Allowance for doubtful accounts $3,100,000 80,000 During year 2, $190,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $14,000 were subsequently collected. At the end of year 2, an aging of accounts receivable indicated a need for a $256,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. Required: a. Prepare the following general journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. One entry to summarize all accounts written off against the Allowance for Doubtful…

Medwig Corporation has a DSO of 17 days. The company averages $8,500 in sales each day (all customers take credit). What is the company's average accounts receivable? Assume a 365-day year. Round your answer to the nearest dollar.

Medwig Corporation has a DSO of 17 days. The company averages $3,500 in sales each day (all customers take credit). What are the company’s average accounts receivable?

Nonna's Re-Appliance Store collects 52% of its accounts receivable in the month of sale and 37% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Month Sales Nonna's Re-Appliance Store data December $20,688 January $62,044 February $69,259

Chik’s Chickens has average accounts receivable of $5,533. Sales for the year were $9,000. What is its average collection period? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)   Average collection period  days

Pardee Company makes 30% of its sales for cash and 70% on account. 60% of the account sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month                   1                      2                      3                      4 Total sales $78,000           $80,000           $68,000           $48,000 Total cash receipts in Month 4 will be: A. 38,780 B.68,000 C.53,180 D.50,600

On April 1, ABC has an Accounts Receivable balance of $190,000. During the month, credit sales total $210,000. As a result of collections efforts, the aging of Accounts Receivable is as follows for April 30: Current $100,000 (1% is estimated to be uncollectible) 0-30 Days Past Due $50,000 (5% is estimated to be uncollectible) 31-60 Days Past Due $ 20,000 (10% is estimated to be uncollectible) 31-90 Days Past Due $10,000 (20% is estimated to be uncollectible) > 90 Days Past Due $20,000 (50% is estimated to be uncollectible) Balance in Allowance for Doubtful Accounts (prior to any April 30 entry) $5,000 Credit If ABC is using the % of sales method of estimating its bad debts, what is the journal entry made at the end of the month if the estimated % of sales that are uncollectible is 4% ?