What is the impact to Liabilities when a business purchases $1,500 supplies on account? O Supplies increases by $1,500 Accounts Payable increases by $1,500
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- What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CRRatio Analysis The following information was taken from Nash Inc.s trial balances as of December 31, 2018, and December 31, 2019. Required: 1. Calculate the net profit margin and accounts receivable turnover for 2019. ( Note: Round answers to two decimal places.) 2. How much does Nash make on each sales dollar? 3. How many days does the average receivable take to be paid (assuming all sales are on account)?Based on this financial data, calculate the Savings Ratio. $7470 Net Worth Liquid Assets $ 4610 Monthly Credit Payments $720 Monthly Savings $ 640 Gross Income Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc. Do not include a comma or"$" sign in your response. Liabilities Current Liabilities Take-home Pay $ 77300 $2000 $ 3150 $ 4890
- A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivableInterest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860Cash and accounts receivable for Adams Company are provided below: Current Year PriorYear Cash $68,511 $55,700 Accounts receivable (net) 22,064 39,400 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
- Calculate the Accounts Receivable Turnover and Average Collection Period using the following information: Net Sales Beginning Accounts Receivable Ending Accounts Receivable 1.25 times and 292 days 5.0 times and 73 days 1.67 times and 219 days 2.5 times and 146 days $100,000 $60,000 $20,000 2020At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $100,000 and the allowance for uncollectible accounts is estimated at 6% of gross receivables? a. $94,000 b. $60,000 c. $106,000 d. $100,000Calculate the Accounts Receivable Turnover for 2021 using the following information: Net Sales Beginning Accounts Receivable Ending Accounts Receivable 4.29 7.5 8.58 10.00 2021 $30,000 $4,000 $3,000
- Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectibleYou are given the following information. Revenue Current liabilities Days sales in receivable Inventory turnover ratio Current ratio RM1,200,000 RM 375,000 40 4.8 1.2 The current account consists of cash, inventories and accounts receivable. Calculate the cash amount.Accounting A company purchased inveritory worth $20,000 on credit terms of 2/10, net 30. The company decides to take advantage of the discount and pays the invoice within the discount period. Calculate the amount the company will pay after taking the discount
