Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows: Sales: $700,000 Gross Profit (based on sales): 30% Increase in trade accounts recievable for the month: $20,000 Change in accounts payable during month: $0 Increase in inventory during month: $10,000 Variable selling, general, and administrative expenses include a charge for uncollectible accounts of 1% of sales. Total selling, general, and administrative expenses are $71,000 per month plus 15% of sales. Depreciation expense of $40,000 per month is included in fixed selling, general, and administrative expense.  Required: On the basis of the preceding data, what are the estimated cash dispursements from operations for June?

The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, Februray 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts  12,450 Purchase returns and allowances 23,870 sales 276,900 sales discounts 34,660 Gross purchaases 120,400

The comparative balance sheet of Sloan company reveal that accounts receivable (before deducting allowance) increased by $15,000 in 2016. During the same period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016nand bad debt expenses were 2% of sales, how much cash was collected from customers during the year?  Please show the work.

The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands)         % of Net Sales   Net sales   $2,111,000   enter percentages of net sales %   Cost of goods sold   1,464,000   enter percentages of net sales %   Selling and administrative expenses   312,200   enter percentages of net sales %   Nonrecurring expenses   27,600   enter percentages of net sales %   Earnings before interest, taxes, depreciation, and amortization (EBITDA)   $307,200   enter percentages of net sales %   Depreciation   117,000   enter percentages of net sales %   Earnings before interest and taxes (EBIT)   190,200   enter percentages of net sales %   Interest expense   118,600   enter percentages of net sales %   Earnings before taxes (EBT)…

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Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.

Using the information​ provided, what is the length of the production cycle for the​ firm?   Allied​ Industries, Inc. Selected Income Statement​ Items, 2017 Cash Sales​ $1,500,000 Credit Sales ​$7,500,000 Total Sales​ $9,000,000 COGS​ $6,000,000   Allied​ Industries, Inc. Selected Balance Sheet Accounts ​12/31/2017​12/31/2016Change Accounts Receivable​ $270,000 $240,000​ $30,000 Inventory​ $125,000 $100,000​ $25,000 Accounts Payable​ $110,000 $90,000​ $20,000

Use the following financial information to find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2008: Gross sales, $262,000; sales returns and allowances, $13,300; sales discounts, $2,400. Merchandise inventory, Jan. 1, 2008, $50,800; merchandise inventory, Dec. 31, 2008, $85,900; net purchases, $95,200; freight in, $625; salaries, $89,700; rent, $19,100; utilities, $1,300; insurance, $2,100; and income tax, $18,700.   Use parentheses to show a loss

At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…