The amount of cash collected from customers

Assignment Help Financial Accounting
Reference no: EM131211355

The balance in accounts receivable at the beginning of 2016 was $300. During 2016, $1,600 of credit sales were recorded. If the ending balance in accounts receivable was $250 and $100 in accounts receivable were written off during the year, the amount of cash collected from customers during 2016 was: $1,600. $1,650. $1,550. $1,900.

Reference no: EM131211355

Questions Cloud

Farley report as allowance for uncollectible accounts : As of January 1, 2016, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2016, Farley wrote off $650,000 of accounts receivable. C..
Beginning to contemplate retirement : Marybeth and Anneal are beginning to contemplate retirement. They have saved a total of $ 500,000 for retirement and they are each just 45 years old. Considering all previous information, which outcome requires the lowest monthly (end-of-month) contr..
Cash collections from credit customers : In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,000. During the year, Dinty wrote off $32,000 of accounts receivable it had attempted to collect and failed. Credit sa..
The amount of cash collected from customers : The balance in accounts receivable at the beginning of 2016 was $300. During 2016, $1,600 of credit sales were recorded. If the ending balance in accounts receivable was $250 and $100 in accounts receivable were written off during the year, the amoun..
What is the balance in allowance for sales returns account : Rusty Hardware makes only cash sales. It began 2016 with a credit balance of $32,000 in the refund liability account. Sales during 2016 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2016, customers returned merchandise ..
In periodic inventory system : In a periodic inventory system, the quantity of ending inventory is determined by_______.
What is the balance in the allowance for sales returns : False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sale..
Explaining the importance of preparing sensitivity report : Imagine that you are the cost accounting manager and the director of your present or past organization. Management wants your opinion on whether the company should manufacture a new electric car. You informed management that you will need to perform ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Product costs reflect the actual direct material costs

When product costs reflect the actual direct material costs, actual direct labor costs, and actual overhead costs, the cost system being used is a(n): a. direct cost system b. normal costing system c. actual cost system d. common cost system

  Defective and returned items

Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30.Paid the amount owed on the invoice within the discount period.Discovered that $7,500 of the merchandise purchases on Mar. 1 was defective and returned items, receiving cred..

  Calculate the payback period in years

The Mayfield Company is considering a project that will require an initial investment of $24,000 and is expected to generate future cash flows of $3,000 each year for the next 10 years. Calculate the payback period in years.

  Prepare income statements for the boards division

Prepare income statements for the Boards Division, the Ski Division, and for Skiboards, Inc. The manager of Department Y is responsible for operation of the call center where customers order products from the corporation.

  Calculate the dol dfl and dcl

Choose a company, Pull its' most recent financials and calculate the DOL, DFL, and DCL. Indicate your results and discuss what they imply about the organizations capital structure.

  What is mr chip tax basis in his partnership interest

Cramer Corporation and Mr. Chips formed a general partnership. Cramer contributed $500,000 cash, and Mr. Chips contributed a building with a $500,000 FMV and $300,000 tax basis. The partnership immediately borrowed $700,000 of recourse debt. What..

  Calculate the accounting break even level of sales

Calculate the accounting break-even level of sales assuming $865,000 of fixed costs, $400,000 depreciation expense, and a variable costs-to-sales ratio of 65%.

  What factors should turner manager and her supervisor

The expansion will cost two million dollars, and is expected to increase operating earnings to $2,100,000. What factors should Turner’s manager and her supervisor, the VP of operations, consider in deciding whether to go forward with the expansio..

  What is the total stockholder''s equity

The stockholder's equity for a company is 95,000 in the beginning of July. In the month of July, the company paid 25,000 in debt and 10,000 in salaries expense. What is the total stockholder's equity at the end of the month?

  Taylor bank lends guarantee company 150000 on january 1

Taylor Bank lends Guarantee Company $150,000 on January 1. Guarantee Company signs a $150,000, 8%, 9-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is:

  Prepare a balance sheet as of february 29

Prepare an income statement for the month ended February 29, 2012 - prepare a statement of owners equity for the month ended February 29, 2012.

  Prepared the estimated balance sheet

Near the end of 2013, the management of Simid Sports Co. , a manufacturing company prepared the following estimated balance sheet for December, 31 2013.

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