RTE, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $970,000 80,000 $950 Allowance for uncollectible accounts 4,200 Sales discounts Sales returns $10,700 $1,300 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?

Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.

A company had the following information taken from various accounts at the end of the year: Sales discounts Deferred revenues $ 41,000 Total revenues Purchase discounts Sales allowances Accounts receivable 32,000 459,000 15,000 35,000 205,000 What was the company's net revenues for the year?

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The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45.   20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000   $113,000   $120,600   Sales on account 602,250   584,000       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 20Y2 1.  Accounts receivable turnover fill in the blank 1   fill in the blank 2   2.  Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days

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Doll Company provided the following data for the current year: Allowance for doubtful accounts- January 1, 180,000 Sales 9,500,000 Sales returns and allowances 800,000 Sales discounts 200,000 Accounts written off as uncollectible 200,000 The entity provided for doubtful accounts expense at the rate of 3% of net sales. What is the allowance for doubtful accounts at year-end?  a. P435,000 b. P265,000   c. P235,000 d. P241,000