Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 •Selling and administrative expenses, $330,000 • Sales returns and allowances, $90,000 • Gross profit, $1,360,000 • Increase in accounts receivable, $55,000 • Bad debt expense, $33,000 • Sales discounts, $43,000 •Net income, $1,030,000 How much cash was collected from customers? A) Cash flow increased $1,295,000. B) Cash flow increased $1,612,000. C) Cash flow decreased $1,855,000. D) Cash flow increased $1,405,000

Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 •Selling and administrative expenses, $330,000 • Sales returns and allowances, $90,000 • Gross profit, $1,360,000 • Increase in accounts receivable, $55,000 • Bad debt expense, $33,000 • Sales discounts, $43,000 •Net income, $1,030,000 How much cash was collected from customers? A) Cash flow increased $1,295,000. B) Cash flow increased $1,612,000. C) Cash flow decreased $1,855,000. D) Cash flow increased $1,405,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Newark Company has provided the following information: • Cash sales, $640,000 • Credit sales, $1,540,000 Selling and administrative expenses, $520,000 Sales returns and allowances, $109,000 • Gross profit, $1,550,000 • Increase in accounts receivable, $74,000 • Bad debt expense, $52,000 • Sales discounts, $62,000 • Net income, $1,030,000 How much is Newark's cost of sales?
A company has provided the following information: Cash sales, $650,000 • Credit sales, $1,550,000 . Selling and administrative expenses, $530,000 • Sales returns and allowances, $110,000 ● . Gross profit, $1,560,000 • Increase in accounts receivable, $75,000 • Bad debt expense, $53,000 • Sales discounts, $63,000 . Net income, $1,030,000 How much is the company's cost of sales? Multiple Choice O $640,000. $392,000. $467,000.
Newark Company has provided the following information: • Cash sales, $450,000 Credit sales, $1,350,000. Selling and administrative expenses, $330,000 Sales returns and allowances, $90,000 Gross profit, $1,360,000 Increase in accounts receivable, $55,000 Bad debt expense, $33,000 Sales discounts, $43,000 Net income, $1,030,000 How much are Newark's net sales? $1,800,000. $1,634,000. $1,667,000. $1,745,000.
Newark Company has provided the following information:· Cash sales, $450,000· Credit sales, $1,350,000· Selling and administrative expenses, $330,000· Sales returns and allowances, $90,000· Depreciation expense, $101,000· Gross profit, $1,360,000· Increase in accounts receivable, $55,000· Bad debt expense, $33,000· Sales discounts, $43,000How much is Newark's cost of goods sold? Group of answer choices A)$307,000 B)$252,000 C)$440,000 D)$340,000
The following data were provided by Ninety Incorporated for the year 2021: Accounts Receivable, beginning 1,100,000 Accounts Receivable, ending 1,400,000 Accounts written off 45,000 Credit Sales 6,890,000 Cash Sales 3,455,000 Sales discounts granted to credit customers 132,000 Allowance for doubtful accounts 230,000 Sales Revenues under accrual basis would be Sales Revenues under cash basis would be
Newark Company has provided the following information:Cash sales, $600,000Credit sales, $1,500,000Selling and administrative expenses, $480,000Sales returns and allowances, $105,000Gross profit, $1,510,000Increase in accounts receivable, $70,000Bad debt expense, $48,000Sales discounts, $58,000Net income, $1,030,000How much are Newark's net sales?how would i find net sales without revenue? I think it what I am trying to find
Dedpul Company provided the following transactions affecting accounts receivable during the current year: Sales (cash and credit) P5,900,000 Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10, n/30 3,024,000 Cash received from cash customers 2,100,000 Accounts receivable written off as worthless 50,000 Credit memorandum issued to credit customers for sales returns and allowances 250,000 Cash refunds given to cash customers for sales returns and allowances 20,000 Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from customers stated above 80,000 The balances on January 1 were as follows: Accounts receivable P950,000 Allowance for doubtful accounts 100,000 The entity provided for uncollectible account losses by crediting allowances for doubtful accounts in the amount of P70,000 for the…
Flyer Company has provided the following information:· Cash sales, $150,000· Credit sales, $450,000· Selling and administrative expenses, $110,000· Sales returns and allowances, $30,000· Gross profit, $490,000· Accounts receivable, $110,000· Sales discounts, $14,000· Allowance for doubtful accounts credit balance, $1,200How much is bad debt expense assuming that 5% of accounts receivable is estimated to be uncollectible? Group of answer choices A)$5,500 B)$6,700 C)$4,240 D)$4,300
Flyer Company has provided the following information • Cash sales, $325,000 • Credit sales, $850.000 Selling and administrative expenses, $220,000 • Sales retums and allowances, S75,000 Gross profit, $830,000 • Increase in accounts receivable $75,000 • Bad debt expense, $28,000 Sales discounts, 552,000 • Net income, $920,000 How much is Newark's cost of sales?
XYZ Company has the following information: Beginning accounts receivable: $50,000 Ending accounts receivable: $60,000 Credit sales: $200,000 Cash collections: $180,000 Calculate the company's accounts receivable turnover ratio and average collection period.
You have the following selected account balances from the books of LMT Inc. as of December 31, 2020: Cash $80,000 Sales returns $89,000 FVTOCI investments 223,000 Bank overdraft 9,000 Accounts receivable 780,000 AFDA(Allowance for doubtful accounts) 10,000 (creditbalance) Inventory Sales 440,000 2,120,000 Other Comprehensive Income Retained earnings 40,000cr. 970,000 The company asked you to enter the necessary journal entries and end-of-year adjusting entries which are required for the following accounts: Accounts receivable and AFDA: The current balances of the Accounts receivable and the AFDA accounts ($780,000 and $60,000, respectively) do not include a write-off of an account receivable of $20,000. Prepare the required journal entry. 2. Accounts receivable and AFDA: after recalculating the balances of these two accounts based on (1), you determine that the AFDA ending balance in December 2020 should be 2% of the ending…
Sweet Company has the following account balances: \table [[Inventory, 556,000], [Prepaid Insurance, 12,000], [Cash, 360,000], [Accounts Receivable,260,000], [Supplies, 26, 000], [Allowance for Doubtful Accounts, 36,000]] When listing Accounts Receivable, what is the cash (net) realizable value to be presented on the statement of financial position? 620,000 260,000 296,000 224,000