Solution-Compute an estimate of the ending balance of

Compute an estimate of the ending balance of accounts

Reference no: EM131765932

Question - Determine Ending Accounts Receivable

Your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Buick. You decided to test the accuracy of the accounts receivable balance of $117,000 as shown in the ledger. The following information is available for your first year in business.

(1) Collections from customers $198,000

(2) Merchandise purchased 320,000

(3) Ending merchandise inventory 70,000

(4) Goods are marked to sell at 40% above cost

Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

Reference no: EM131765932

Questions Cloud

Measuring flow of water along a pipe : A Venturimeter is used for measuring flow of water along a pipe. The diameter of the Venturi throat is two fifths the diameter of the pipe

Evaluate the change in the cost of energy : The costs of energy consumed in producing good units in the Bottling Department were $31,710 and $34,237 for August and September, respectively.

What is its final speed just before the catch : The ball thrown straight up is caught by your roomie 2.10s after you released it at a height of 10.1m above the point where you released it.

Define a subsystem of behavioral analysis : Define a subsystem of behavioral analysis and explain some of the challenges which face applied subsystems.

Compute an estimate of the ending balance of accounts : Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages

Identify the organization and delivery of healthcare systems : Identify the organization and delivery of healthcare systems in the U.S. Instructions. Research two alternative care settings to compare their differences.

Compute the variable overhead spending variance : The variable overhead spending variance, the fixed overhead spending variance, and the variable overhead efficiency variance can be combined to find the.

Depreciation is computed using the straight-line method : Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value

Constant altitude of 200 m over a level field : If a wheel falls off the helicopter, with what speed will it hit the ground? (g = 9.8 m/s2 and air resistance negligible)

User Account

All Pages

Compute an estimate of the ending balance of accounts

Reference no: EM131765932

Reference no: EM131765932

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT