How much cash was collected from interest

Assignment Help Accounting Basics
Reference no: EM13929206

The following information comes from the accounts of Posley Company:

2087_264-B-A-C-R (1717).png

Required: 

a. There were $180,000 of sales on account during the accounting period. Write-offs of uncollectible accounts were $1,450. What was the amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was reported on the income statement? What was the net realizable value of receivables at the end of the accounting period? 

b. The note receivable has a two year term with a 7 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?

 

 

Reference no: EM13929206

Questions Cloud

Preferred stock or common stock : 250- to 350-word paper explaining why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investme..
How do the roles of leadership, organizational culture : How do the roles of leadership, organizational culture, and teams play an integral part in daily operations regarding risk management in healthcare organizations?
Human being : Computers can do better than Human being
Discuss how a character from heart of darkness wrestless : A strong human desire often seems to be the desire for power. Write an essay in which you discuss how a character from Heart of Darkness wrestles to free himself or herself from the power of others or seeks to acquire power over others. Be sure to re..
How much cash was collected from interest : The note receivable has a two-year term with a 7 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?
Religious cults and the afterlife : Watch the following segment on "Religious Cults and the Afterlife" from the film "Ancient Egypt."
Advantages and disadvantages of interpreting mixed methods : In a 250-300 word essay, discuss the advantages and disadvantages of interpreting mixed methods data, and give examples of the possibility of bias affecting the results in this process
The local state or federal governments : 1. What do the terms protection, mitigation, and recovery refer to? What types of actions constitute as protection, mitigation, and recovery? What are some examples of current events in which the local, state, or federal governments have implemented ..
Compute the net realizable value of accounts receivable : Compute the net realizable value of accounts receivable at December 31, 2014.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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