Calculate the amount of cash that practical collected

Assignment Help Accounting Basics
Reference no: EM132566873

Question - Practical Company had sales of $323,000 for the year. The company reported accounts receivable of $34,000 at the end of last year and $34,000 at the end of this year. Practical's cost of goods sold this year was $250,000. In last year's statement of financial position, the company reported inventory of $48,000 and accounts payable of $33,000. In this year's statement of financial position, Practical reported inventory of $43,000 and accounts payable of $37,000. Calculate the amount of cash that Practical collected from customers during the year.

Reference no: EM132566873

Questions Cloud

What is the roi for each year of the asset life : What is the ROI for each year of the asset's life if the division uses beginning-of-year asset balances and net book value for the computation?
How to determine what is the fixed overhead variance : How to What is the fixed overhead variance ?Total variable production costs - $450,000. Total fixed production overhead - $130,500
Determine the taxable income and income tax payable : A corporate tax rate of 30% applies. Determine the taxable income and income tax payable for the year to 30 June 2020
What is the divisional roi if the asset is leased : The Singer Division of Patio, What is the divisional ROI if the asset is leased? (Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).)
Calculate the amount of cash that practical collected : Practical Company had sales of $323,000 for the year. Calculate the amount of cash that Practical collected from customers during the year
How much will kevin and michelle bonus change : By how much will Kevin's and Michelle's bonus change if Kevin decides to employ the new technique? (Enter your answers in dollars, not in millions.)
Journalize the treasury stock transactions : Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; Journalize the treasury stock transactions
How to construct statement of cost of goods manufactured : Construct statement of cost of goods manufactured. Direct materials Inventory, Beginning $110.Direct Materials Purchase $ 430
Prepare income statement using absorption costing : Prepare income statement using absorption costing and marginal costing methods.Total annual fixed manufacturing cost ($180,000)

Reviews

Write a Review

Accounting Basics Questions & Answers

  What other cash-flow issues should investors look

Many have stated that the Statement of Cash Flows is the most important financial statement, What other cash-flow issues should investors look out

  What is the current three month-forward rate

What is the current three month-forward rate? What would be the price of the insurance that we would effectively purchase in the latter case?

  Prepare a bank reconciliation statement for rana company

What is a bank reconciliation and why is it important for companies to do it periodically? Prepare a Bank Reconciliation Statement for Rana company that has.

  Bugaboo co manufactures three types of cookies fluffs

bugaboo co. manufactures three types of cookies fluffs crinkles and snaps. the production process is relatively simple

  What are the risks involved

You need to write about the agency cost, you have to select a company and apply the agency cost in that company - what are the costs of share options

  Discuss the comparative forms of doing business

Evaluate and discuss the comparative forms of doing business and discuss the pros and cons of each, explaining your rationale in detail.

  Common stock outstanding receiving a total

Common Stock outstanding receiving a total, Retained Earnings Beginning Balance on December

  The following is a summary of all relevant transactions

The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2010. In 2010, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value) were issued at a price of $57.

  Demonstrates ethical scholarship in accurate representation

demonstrates ethical scholarship in accurate representation and attribution of sources; and displays accurate spelling, grammar, and punctuation.

  On march 1 2012 chance company entered into a contract to

on march 1 2012 chance company entered into a contract to build an apartment building. it is estimated that the

  Determine the balance sheet inventory carrying value

Required: Determine the balance sheet inventory carrying value assuming the LCM rule is applied to individual trees

  Percentiles and hypothesis testing with z-tests

Be sure you have reviewed this module/week's lesson and presentations along with the practice data analysis before proceeding to the homework exercises. Complete all analyses in SPSS, then copy and paste your output and graphs into your homework d..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd