Transaction eived $7,300 on cash sale. The cost of the goods sold was $3,796 orded bad debt expense of $730 using allowance method. ote off a $146 account receivable as uncollectible (Uses allowance method.) orded $3,650 sales on account. The cost of the goods sold was $2,190. Current Ratio (2:1) Accounts Receivable Turnover (10X)

Logan Sales provides the following​ information:   Net credit​ sales: $770,000 Beginning net accounts​ receivable: $45,000.00 Ending net accounts​ receivable: $22,000 Calculate the accounts receivable turnover ratio.​ (Round your answer to the nearest whole​ number.)         A. 23 times   B. 35 times   C. 33 times   D. 17 times

M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns LO6-1 Total gross sales for the period include the following: Credit card sales (discount 3%) Sales on account (3/15, n/60) $ 10,300 $ 11,000 Sales returns related to sales on account were $200. All returns were made before payment. One- half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales

company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt receivable balance at the beginning and end of the year were 516000 and 581000. receivables turnover ratio is 1. 10.8 2. 6.0 3. 11.4 4. 5.7

From the following information, find receivable turnover. Sales 375000 (60% credit ) Account receivable 31.12 125000 Current Assets 760000 Cost of sale 120000 Fixed Assets 1440000 Net profit 30000 Inventory 800000 Current Liabilities 600000. Total assets 125000 Account receivable 1.1 25000 Select one: O a. 3 O b. The correct answer not available О с.5 O d. 1.5

The following information has been extracted from the annual reports of Lilydale Ltd and Monbulk Ltd. Lilydale Ltd Monbulk Ltd $2 950 300 17 100 Sales (net credit) revenue for year Allowance for Doubtful Debts, 1/7/18 Allowance for Doubtful Debts, 30/6/19 Accounts receivable (gross) 1/7/18 Accounts receivable (gross) 30/6/19 $2 204 300 27 100 19780 28 100 722 650 368 000 485 800 384 200 (a) Calculate the receivables turnover ratio and average collection period for both companies. Comment on the difference in their collection experiences. (b) Compare the success or otherwise of their cash collection policies, given that the average receivables turnover for the industry in which the companies operated is 7. Credit terms for both companies are 2/10, n/30.

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Total credit sales of the company was OMR 100,000 and total credit purchase was OMR 60,000. The estimated bad debts expense based on past experience is 8%. Calculate the value of bad debts expense under percentage of sales method. E (1 Mark) OMR 12,800 OMR 3,200 OMR 4,800 OMR 8,000

Visno

ABE Company factored P100,000 of its accounts receivable to Cee Company for P85,000. An allowance for bad debts equal to P3,000 was previously established for the account factored. Cee Company withheld 5% of the purchase price as protection against sales returns and allowance.   Determine the following assuming sale of receivable is with recourse.   1. Cash receivedAnswer   2. Cost of factoring