Ranto In een pto on ytof heet yerwth200 lan Fty p e e ee o phand larly 20% of puh Febury wing date pply Janary and Fey Sales .00 30.00 Punhes Operaing epere 7.000 peraing epes dhe monh inure indude mony derton of e the ange in Ranows ch alne ng Fey $2.000 woreae 30.000 imare $4.500
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- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above
- The following information is available from the accounting records of Waxford Ltd.: 19-- January February March April Purchases R42 000 48 000 54 000 36 000 Purchases Total sales Administrative expenses Total sales R72 000 66 000 Twenty percent of sales are expected to be for cash. Collections from customers are normally 70% in the month of sale, 20% in the month following the month of sale, and 9% in the second month following the month of sale. Customers paying in the month of sale get a 5% discount. 78 000 60 000 The corporation pays its creditors in the month following the month of purchase, and qualifies for a 5% discount on all its purchases. Budgeted information for the months of May and June is as follows: May R45 000 72 000 14 500 June R42 000 70 000 16 600 Administrative expenses, which include depreciation of R600 per month, are payable in the month incurred. Rates for the year, amounting to R1 500, are included in the administrative expenses for June. The balance per cash…Fitbands’ estimated sales are: Oct. $131,989 Nov. 195,710 Dec. 249,288 Jan 124,318 Feb. 124,276 Mar. 124,361 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January February MarchD3 Company marks up all merchandise at 25% of gross purchase. All purchases are made on accountwith terms of 1/10, net/60. Purchase discounts which are recorded as miscellaneous income are alwaystaken. Normally, 60% of each month’s purchases are paid for in the month of purchase, while the other40% are paid during the first 10 days of the first month after purchase. Inventories of merchandise atthe end of each month are kept at 30% of the next month’s projected cost of goods sold.Terms for sales on account are 2/10, net/30. Cash sales are not subject to discount. Fifty percent ofeach month;s sales on account are collected during the month of sale, 45% are collected in thesucceeding month and the remainder are usually uncollectible. Seventy percent of the collections in themonth of sale are subject to discount while 10% of the collections in the succeeding month are subjectto discount.Projected sales data for selected month follow:Sales on Account Gross Cash salesDecember P1,900,000…