Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 16, Problem 6PEB
To determine
Determine the amount of cash received from customers.
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Sales reported on the income statement were $690,000. The accounts receivable balance
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Cash Received from Customers—Direct Method
Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year.
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Chapter 16 Solutions
Financial Accounting
Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - A corporation issued 2,000,000 of common stock in...Ch. 16 - A retail business, using the accrual method of...Ch. 16 - If salaries payable was 100,000 at the beginning...Ch. 16 - Prob. 6DQCh. 16 - A corporation issued 2,000,000 of 20-year bonds...Ch. 16 - Fully depreciated equipment costing 50,000 is...Ch. 16 - Prob. 9DQCh. 16 - Prob. 10DQ
Ch. 16 - Prob. 1PEACh. 16 - Prob. 1PEBCh. 16 - Pearl Corporations accumulated...Ch. 16 - Ya Wen Corporations accumulated...Ch. 16 - Alpenrose Corporations comparative balance sheet...Ch. 16 - Prob. 3PEBCh. 16 - Prob. 4PEACh. 16 - Staley Inc. reported the following data: Prepare...Ch. 16 - Prob. 5PEACh. 16 - IZ Corporation purchased land for 400,000. Later...Ch. 16 - Prob. 6PEACh. 16 - Prob. 6PEBCh. 16 - The cost of merchandise sold reported on the...Ch. 16 - The cost of merchandise sold reported on the...Ch. 16 - Prob. 8PEACh. 16 - Prob. 8PEBCh. 16 - Prob. 1ECh. 16 - State the effect (cash receipt or payment and...Ch. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - The net income reported on the income statement...Ch. 16 - Prob. 7ECh. 16 - The board of directors declared cash dividends...Ch. 16 - An analysis of the general ledger accounts...Ch. 16 - An analysis of the general ledger accounts...Ch. 16 - On the basis of the details of the following fixed...Ch. 16 - On the basis of the following stockholders equity...Ch. 16 - Prob. 13ECh. 16 - Prob. 14ECh. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - The comparative balance sheet of Pelican Joe...Ch. 16 - List the errors you find in the following...Ch. 16 - Prob. 19ECh. 16 - Prob. 20ECh. 16 - Prob. 21ECh. 16 - The income statement of Booker T Industries Inc....Ch. 16 - The income statement for Rhino Company for the...Ch. 16 - Prob. 24ECh. 16 - The financial statements for Nike, Inc., are...Ch. 16 - Lovato Motors Inc. has cash flows from operating...Ch. 16 - The comparative balance sheet of Cromme Inc. for...Ch. 16 - The comparative balance sheet of Del Ray...Ch. 16 - The comparative balance sheet of Whitman Co. at...Ch. 16 - The comparative balance sheet of Canace Products...Ch. 16 - Prob. 5PACh. 16 - Prob. 1PBCh. 16 - The comparative balance sheet of Harris Industries...Ch. 16 - Prob. 3PBCh. 16 - The comparative balance sheet of Martinez Inc. for...Ch. 16 - The comparative balance sheet of Merrick Equipment...Ch. 16 - Lucas Hunter, president of Simmons Industries...Ch. 16 - Prob. 2CPCh. 16 - Prob. 3CPCh. 16 - The Commercial Division of Tidewater Inc. provided...
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- Sales for the year were $551,730. Accounts receivable were $107,769 and $86,221 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method. Select the correct answer. a-$573,278 b-$594,826 c-$659,499 d-$551,730arrow_forwardThe balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end of the year. Credit sales for the year totaled $4,120,000. During the year, $450,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $3,550,000 B) $4,000,000 C) $4,450,000 D) $4,690,000 10arrow_forwardGiven beginning and ending accounts receivable of $20,000 and $23,000, respectively, and assuming $100,000 of cash collections on account during the period, total sales on account for the period totaled $97,000. True or False?arrow_forward
- A company had a beginning balance in accounts receivable of 15,000 USD. At the end of the period, this balance had increased to 34,000 USD. Sales on account during the period were 446,000 USD and sales discounts were 8,900USD. What was the amount of cash collected from customers during the period?arrow_forwardA company recorded the following transactions: cash sales $10,000, credit sales $20,000, cash received from customers $15,000, and accounts receivable at the beginning of the period $5,000. Calculate the accounts receivable turnover ratio and the average collection period.arrow_forwardHorton Housewares’ accounts receivable decreased during the year by $5 million. What is the amount of cash Horton received from customers during the reporting period if its sales were $33 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period.arrow_forward
- Molino Inc. reported sales revenue of $2 million for 2020. Accounts receivable decreased $200,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable and payable transactions related to operations.arrow_forwardRussell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000. Compute cash provided by operating activities using the direct method.arrow_forwardDiscount Computers' accounts receivable increases during the year by $3.7 million.What is the amount of cash received from customers during the reporting period if its sales are $47.4 million? (Enter your answer in millions of dollars rounded to 1 decimal place.) Cash received from customers millionarrow_forward
- The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year? A) $4,740,000 B) $4,480,000 C) $4,060,000 D) $4,220,000arrow_forwardConsider the following information taken from the cash account. Assume cash payments were 80% of collections. Cash ?? Beginning balance $115,375 Collections ?? Disbursements $80,275 Ending balance How much was the beginning balance of the cash accountarrow_forwardThe following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.arrow_forward
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