VIOLET Company reported total purchases of P 3,200,000 in its accrual basis financial statement on December 31, 2021. Additional information revealed the following: Accounts payable, December 31, 2020 - P 900,000; Accounts payable, December 31, 2021 - P 1,250,000. What is the amount of purchases under the cash basis on December 31, 2021?
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- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2020. Additional information revealed the following: Accounts payable, December 31, 2019 P900,000 Accounts payable- December 31, 2020 1,250,000 What is the amount of purchases under the cash basis for the year ended December 31, 2020? A.P4,100,000 B. P4,450,000 C. P2,850,000 D. P3,550,000Meta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 42. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 43. What amount of bad debts are recognized for the current year? а. 60,000 b. 70,000 80,000 d. 110,000 С.
- n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial
- V Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 69. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 70. What amount of bad debts are recognized for the current year? 60,000 b. 70,000 a. c. 80,000 d. 110,000Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.0020. Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on December 31, 2020. Additional information revealed the following: Accounts payable, January 1, 2020, P600,000 and Accounts payable, December 31, 2020, P800,000. Under the accrual basis, how much is the total purchases for the year ended December 31, 2020? Choices: P2,700,000 P2,300,000 P3,900,000 P2,500,000
- The data depicted in the table below were extracted from the annual financial reports of WBE enterprises for the 2021 and 2022 financial years. If all purchases are on credit, calculate the creditors payment period of WBE enterprises for the 2022 financial year. Sales (80% credit sales) Cost of sales Inventories Accounts receivable Accounts payable Cash and cash equivalents Other current liabilities OA. 214 days OB. 163 days OC. 66 days OD. 168 days 2022 R 480 000 264 000 270 000 204 000 177 000 45 750 82 500 2021 R 375 000 192 000 243 000 183 000 165 000 27 300 58 500Six Incorporated reported total purchases of 840,000 under cash basis. For the year 2021, it was determined Accounts Payable has a net increase of 122,000. Beginning and ending inventory balances were 330,000 and 447,000 respectively. Cost of sales under Accrual Basis would beThe following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the net purchases under accrual basis of accounting. A. P985,000 B. P1,050,000 C. P1,025,000 D. P945,000