Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following data was generated as of December 31 Accounts receivable, Jan 1        550,000.00 Accounts receivable collected   875,000.00 Cash Sales                                350,000.00 Inventory, January 1                  450,000.00 Inventory, December 31            275,000.00 Purchases                                 950,000.00 Gross Margin on Sales              375,000.00 a.) How much is the total sales? b.) How much is the cost of sales? c.) How much is the ending Receivable as of Dec 31? d.) How is the credit sales?

The following data was generated as of December 31 Accounts receivable, Jan 1        550,000.00 Accounts receivable collected   875,000.00 Cash Sales                                350,000.00 Inventory, January 1                  450,000.00 Inventory, December 31            275,000.00 Purchases                                 950,000.00 Gross Margin on Sales              375,000.00 a.) How much is the total sales? b.) How much is the cost of sales? c.) How much is the ending Receivable as of Dec 31? d.) How is the credit sales?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

The following data was generated as of December 31
Accounts receivable, Jan 1        550,000.00
Accounts receivable collected   875,000.00
Cash Sales                                350,000.00
Inventory, January 1                  450,000.00
Inventory, December 31            275,000.00
Purchases                                 950,000.00
Gross Margin on Sales              375,000.00

a.) How much is the total sales?
b.) How much is the cost of sales?
c.) How much is the ending Receivable as of Dec 31?
d.) How is the credit sales?

Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS