The balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the period $9,440 of credit sales were made to customers balance in Accounts Receivable amounted to $1,880, and uncollectible accounts expense amounted to $800, then the amount of cash inflow from customer appear in the operating activities section of the cash flow statement would be Multiple Choice O $9.640 $9,440 $12.120 G

The balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the period $9,440 of credit sales were made to customers balance in Accounts Receivable amounted to $1,880, and uncollectible accounts expense amounted to $800, then the amount of cash inflow from customer appear in the operating activities section of the cash flow statement would be Multiple Choice O $9.640 $9,440 $12.120 G

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

See similar textbooks

Similar questions

Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230 are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable Allowance for doubtful accounts $ 2,570 128 $ 3,414 187 During the accounting period, Ourso recorded $12,450 of sales revenue on account. The company also wrote off a $192 account receivable. Required: 1. Determine the amount of cash collected from receivables. 2. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts receivable were $302,300. Cash amounting to $2,965,000 was collected from customers' credit sales. Required: Calculate the amount of sales on account during the period.
Calculate the following: (a) Determine the cash receipts for May based on the following data: Cash payments during May $44,360 Cash account balance, May 1 4,090 Cash account balance, May 30 8,740 $________ fill in the blank (b) Determine the cash received from customers on account during May based on the following data: Accounts receivable account balance, May 1 $13,680 Accounts receivable account balance, May 30 7,900 Fees billed to customers during May 28,260 $_______fill in the blank
Given 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?