Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were P210,000 and total collections in March were P198,000. Credit sales in January and February are equal. How much is the credit sales for January? A P307,500 P615,000 P61,500 D P205,000
Q: RST Company acquired a building on January 1, 2021, for P25,000,000. At that date, the building has…
A: Fair Value Model: The circumstances of the market as at the conclusion of the reporting period are…
Q: BCO Mortgage Company has the following two service and production departments related to its lending…
A: Using direct method, the service department costs are directly allocated to production department.
Q: . Jackie Chan Leasing signs an equipment lease contract with Chris Tucker on January 1, 2022. The…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: How much is the amount attributable to the principal portion of the note on the payment made on…
A: Principal portion means the amount of instalment that is not attributable to the interest portion.
Q: Case Study: Jack’s Dog Sanctuary Jack’s Dog Sanctuary performs three services: housing and finding…
A: Direct Cost- Direct costs are expenses incurred in the production and maintenance of goods or…
Q: Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the…
A: The T-accounts are prepared to post the transactions to the specific accounts of the business. The…
Q: ch he will provide snowplowing for the en ter which of the following entries? (Check Check all that…
A: John Grey collects cash for snow plowing for $ 12,000. There is an inflow of cash . The cash is for…
Q: Assume that on December 31, 2019, Kimberly-Clark Corp. sgns a 10-year, non cancelatie lease…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Management is trying to determine which would be the best choice of the following investment…
A: Residual income means the excess of operating income over minimum required income to meet cost of…
Q: define cash flow activities used in Busine
A: A statement of cash flow is a basic financial report that depicts a company's cash inflows (cash…
Q: The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: (PPE) at December 31, 2021, and December
A: It is given that depreciation expense 26 million.
Q: how would the increase in liabilities of other partners assumed would contribute to the partner's…
A: Partner interest in the partnership business is the percentage which a partner owns in the…
Q: On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of…
A: Notes Receivable It is important to calculate the present value of the notes receivable which can…
Q: Top management is trying to determine which would be the best choice of the following investment…
A: Lets understand the basics. Return on investment indicates how much operating income is generated by…
Q: d. Double Declining Balance Method. BVs=P26,214.40 e. Sum of the Years Digit Method. BVs=P25,454.55…
A: Explanation of the concept In the present problem, we need to calculate the depreciation as per the…
Q: explain how to get total cash available
A: Cash available means total cash in the hand of business in order to make payments and keep ending…
Q: Chase Corporation has $7,500,000 of 5 percent, 10-year bonds dated January 1, with interest payment…
A: A bond payable's sustaining value is another word for the book value of a bond payable. Bond payable…
Q: ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…
A: Under the gross method, the accounts receivables are recognized as listed price less trade discount.…
Q: Make a calculation comparing the consideration given against the book value of the consideration…
A: Net Consideration = Net assets acquired - liabilities
Q: At the end of an accounting period, a company's liabilities equaled $295,000, and owner's equity…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: Perez Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and…
A: Activity Pools Cost Driver Manufacturing overheads (In $) Activity consumed by Decoder P Activity…
Q: Eunice Company provided the following information: Dividends on 1,000 cumulative preference…
A: Retained Earnings are the amount of profits of a company after paying all the expenses, direct cost,…
Q: Chapter 5: Process Costing Megan's Classic Cream Soda makes delicious old-fashioned cream soda which…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Kilgore Company experienced the following events during its first accounting period. (1) Issued…
A: The concept of a balance sheet is assets are equal to liabilities. Assets are of two categories…
Q: On July 1, 20X4, ABC Corp sold goods and receive a 12% P400,000 note due on July 1, 20X7. What was…
A: Interest income=Face value of note×Interest rate
Q: Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales…
A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Beginning Inventory for the next year is equal to the ending inventory of the last quarter of the…
Q: Calculate the yield to maturity of both bonds. All else being equal, explain which bond the issuing…
A:
Q: Make a journal entries for the parent company
A: If the consideration paid is lower than the net assets value, then the difference will be treated as…
Q: true or false: 21) The indivisible reserve of savings and credit cooperatives is NOT covered by…
A: The correct answer for the above mentioned questions is given in the following steps for your…
Q: Why "A debit posting of 800 for prepaid insurance was posted to Insurance expense" will have a trial…
A: The Trial Balance is one of the way to find out if any mistakes are made in any of the previous…
Q: The New York Post is evaluating buying a new machine for newspaper distribution. They have a MARR of…
A: To conclude whether to buy this machine or not firstly we compute the cash flows in order to derive…
Q: tality Rate Table, answer the f Farah, aged 37, purchases a th of RM500.000 Assume an inv
A: It is given that Coverage of RM500,000.
Q: Handheld fiber optic meters with white light polarization interferometry are useful for measurine…
A: The calculation of contribution margin per unit has been made as follows: Contribution margin per…
Q: How did you get 15,200 on part a for equipment instead of 15800? How did get 14200 for equip for…
A: 1)How did you get 15,200 on part a for equipment instead of 15800 Answer:- In part "A" Total credit…
Q: 35.Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…
A: Total deposits in bank during June = P55,000 Deposits pertaining to May = P12,000 Deposits in…
Q: Compute the accumulated depreciation at the end of year 5 of an equipment which wa purchased at P5…
A: Depreciation is used to denote a decrease in the value but in accounting, depreciation is used to…
Q: of a domestic corporation: 2018 2019 20 2,800,000.00 5,000,000.00 90
A: Taxable income is the income on which an individual calculates tax after all deductions in a given…
Q: A term that refers to a situation where the revenue function is equal to the cost function.
A: Revenue function and cost function are two important terms used in cost volume profit analysis.
Q: each of the journals is va = $2,000, vg scription prices, to which journals does t
A: Given as,
Q: 3. Ben Baker purchased Ajax Company stock five years ago for $9,000, which he gave (gift) to Anne…
A: The answer for the multiple choice question and relevant working are presented hereunder : Ben Baker…
Q: 6,864,000 Less: Fixed costs (incl. advertising) 4,011,744 Operating income $2,852,256
A: An income statement is a financial statement that displays a company's revenue and costs. It can…
Q: An owner of a Cinema Hall, on ascertaining that a portion of the ceiling of the hall was in need of…
A: The primary purpose of income tax accounting is to offer information about anticipated income taxes…
Q: The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given…
A: Cash Flow Statement: A cash flow statement is a kind of financial statement that gives aggregate…
Q: Accounts Recei vable. Prepare Journal Entries Allowance for Doubliful Accaunts Transactions 9000 31…
A: Accounts receivable are funds due by purchasers that have yet to pay for purchases to a seller. They…
Q: 2) Prepare a trend analysis for the following Statement of Cash Flows. Round to nearest whole…
A: INTRODUCTION: The trend analysis is the method of analysing financial position of an organisation on…
Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…
A: Common stock represents the ownership portion of the stockholder over the business and its resources…
Q: Distinguish between qualitative and quantitative decision analys
A: As per the guidelines, only one question is allowed to be solved so I am answering the 2nd question…
Q: Prepare an amortization table for the five-year term of the lease. Prepare journal entries in the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Step by step
Solved in 3 steps
- Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in March and April?
- Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were P210,000 and total collections in March were P198,000. Credit sales in January and February are equal. How much of the March credit sales are expected to be uncollectible? A P20,500 В P21,000 C) P30,750 D) P10,500Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were P210,000 and total collections in March were P198,000. Credit sales in January and February are equal. How much of the January credit sales are expected to be collected in February? P20,500 В P10,500 P21,000 P30,750Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were ₱210,000 and total collections in March were ₱198,000. Credit sales in January and February are equal. How much of the January credit sales are expected to be collected in February? ₱30,750 ₱20,500 ₱21,000 ₱10,500
- March, April, and May sales are $100,000, $120,000, and $125,000, respectively. Atotal of 80% of all sales are credit sales and 20% are cash sales. A total of 60% of creditsales are collected in the month of the sale and 40% are collected in the next month.There are no bad debt expenses. What is the amount of cash collections for April?a. $89,600b. $111,600c. $113,600d. $132,600The company has the following expected pattern of collections on credit sales 70 percent collected in the month of sale, 15 percent in the month after the month of sale, and 14 percent in the second month after the month of sale. The remaining 1 percent is never collected. At the end of May, the company has the following accounts receivable balances From April sales P21.00 From May sales P48.000 The company's expected sales for June are P150,000. How much cash will the company to collect in June?1.A company has the following expected pattern of collections on credit sales 70 percent collected in the month of sale, 15 percent in the month after the month of sale, and 14 percent in second month after the month of sale. The remaining 1 percent is never collected. At the end May, it has the following accounts receivable balances From April sales P21,000 From May sales 48.000 The expected sales for June are P150,000. What are the total sales for April? 2. A company has a policy of maintaining an inventory of finished goods equal to 30 percent of the following month's sales. For the forthcoming month of March, the budgeted beginning inventory at 30,000 units and the ending inventory at 33,000 units. This suggests that
- Besoluck company has sales of P480,000 and P450,000 for September and October respectively. Of the total Sales, 1% is returned.75% of the 4 points total sales account for credit sales and 20% of credit sales avail of the discount of 2%. The company is able to collect 40% of credit sales in the month of sales and 60% is collected in the following month. During October, the company has written off P20,000 of worthless accounts but had collected P13,000 from an account previously written off. The company uses, 10% percent of receivables for estimating doubtful accounts. What amount is debited to doubtful accounts expense if the balance of the allowance for doubtful accounts on Oct 1 is P7,350.50? Your answer If the company reported doubtful accounts expense at P195,000, how much was the recovery from accounts that were previously written off? * 4 points Laudy company provided the following aging of receivables: Days outstanding 30 days or less 31-60 days 61-180 days 181-365 days More than…7. March, April and May sales are P100,000, P120,000, and P125,000 respectively. A total of 80% of all sales are credit sales and P20% are cash sales. A total of 60% of credit sales are collected in the month of sale and 40% are collected in the next month. There are no bad debt expenses. What is the accounts receivable balance at the end of May? P72,000 P50,000 P80,000 P40,000Hawaii Inc. has projected sales to be P260,000 in June, P 270,000 in July and P300,000 in August. Hawaii collects 30% of a month’s sales in the month of sale, 50% in the month following the sale and 20% in the second month following the sale. What is the accounts receivable balance on August 31?