Question

In: Accounting

ABC ended 2018 with a 63A / R balance. The balance in A / R at...

ABC ended 2018 with a 63A / R balance. The balance in A / R at the end of 2019 was 55. Sales for 2019 were 144. What amount of cash did ABC collect from customers during 2019?

Solutions

Expert Solution

In case of any doubts or issues, please do comment below

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Prepare the ABC Corporation Balance Sheet for the year ended December 31, 2016 ABC Corporation Adjusted...
Prepare the ABC Corporation Balance Sheet for the year ended December 31, 2016 ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          875,444 Accounts receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Purchases                        - Prepaid insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                45,000 Accounts payable               88,851...
The 2018 Balance Sheet for ABC Corporation is shown below: Assets                                &nb
The 2018 Balance Sheet for ABC Corporation is shown below: Assets                                                  Liabilities Cash                                $10,000        Accounts Payable                              $ 8,000 Accounts Receivable        20,000        Accruals                                                2,000 Inventory                          40,000            Total Current Liabilities                $10,000    Total Current Assets   $70,000         Bonds                                                $30,000 Net Fixed Assets          $150,000            Total Liabilities                              $40,000                                                              Owners Equity                                                              Common Stock                                $100,000                                                              Retained Earnings                                80,000    Total Assets               $220,000          Total Liabilities & Owners Equity $220,000    The firm is currently operating at 100% capacity with sales of $100,000. Management believes that...
The balance sheets for Choolwe & Co Ltd for the years ended 2017, 2018, and 2019...
The balance sheets for Choolwe & Co Ltd for the years ended 2017, 2018, and 2019 are as follows: 2017 2018 2019 Non Current assets K000 K000 K000 Plant and Equipment 13,200 16,110 16,410 Current assets Inventory 2,190 2,280 2,490 Trade debtors 2,040 2,280 2,490 Short-term investments 4,200 1,800 1,290 Cash at bank and in hand 1,920 1,650 2,160 Creditors: amounts falling due within one year Short-term loans (2,340) (2 ,580) (2,550) Trade creditors (2,760) (2,610) (2,670) Taxation (360) (420)...
ABC Company’s income statement for the year ended December 31, 2018: Sales $600,000 Cost of goods...
ABC Company’s income statement for the year ended December 31, 2018: Sales $600,000 Cost of goods sold ($375,000) Rent ($37,500) Salaries ($37,500) Interest ($7,500) Depreciation ($22,500) Gain on sale of assets $7,500 Net income $127,500 The balance sheets as of December 31, 2017 and 2018 were: Description 2018 2017 Cash $112,500 $24,000 Accounts Receivable $45,000 $39,000 Inventory $60,000 $57,000 Prepaid rent $15,000 $18,000 Property, Plant & Equipment $300,000 $285,000 Less: Accumulated Depreciation ($97,500) ($82,500) Total Assets $435,000 $340,500 Accounts Payable...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Account Title Debits Credits Sales revenue 2,520,000 Cost of goods sold 1,500,000 Selling and administrative expenses 440,000 Interest expense 50,000 Unrealized holding gains on investment securities 90,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.2 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Account Title Debits Credits Sales revenue 2,400,000 Cost of goods sold 1,440,000 Selling and administrative expenses 416,000 Interest expense 44,000 Unrealized holding gains on investment securities 84,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.4 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
Complete a Balance Sheet ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales...
Complete a Balance Sheet ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales Revenue    792,845 Less: Operating Expenses Wages Expense         80,350 Office Expense         21,700 Utilities Expense         31,000 Advertising Expense $       8,400 Insurance Expense         82,000 Employee Compensation Expense         10,000 Bad Debt Expense         25,000 Pension Expense         40,000 Depreciation Expense         33,759 Total Operating Expenses    332,209 Income from Operations    460,636 Other Revenue/Expenses Rent Revenue         12,000 Interest Income         19,561...
Complete a Balance Sheet ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales...
Complete a Balance Sheet ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales Revenue    792,845 Less: Operating Expenses Wages Expense         80,350 Office Expense         21,700 Utilities Expense         31,000 Advertising Expense $       8,400 Insurance Expense         82,000 Employee Compensation Expense         10,000 Bad Debt Expense         25,000 Pension Expense         40,000 Depreciation Expense         33,759 Total Operating Expenses    332,209 Income from Operations    460,636 Other Revenue/Expenses Rent Revenue         12,000 Interest Income         19,561...
ABC CORPORATION Balance Sheet Year Ended December 31 (in $ millions) Assets 2006 2005 Liabilities &...
ABC CORPORATION Balance Sheet Year Ended December 31 (in $ millions) Assets 2006 2005 Liabilities & Stockowner’s Equity 2006 2005 Current Assets Current Liabilities Cash 22.2 19.5 Accounts Payable 39.2 24.5 Accounts Receivables 18.5 13.2 Notes Payable / Short-Term Debt 4.5 3.2 Inventories 27.2 14.3 Current Maturities of Long-Term Debt 13.3 12.3 Other Current Assets 2.0 1.0 Other Current Liabilities 8.0 4.0 Total Current Assets 69.9 48.0 Total Current Liabilities 65.0 45.0 Long Term Assets Long-Term Liabilities Land 22.2 20.7...
The September 30, 2018 balance sheet of ABC Corporation disclosed the following information relating to its...
The September 30, 2018 balance sheet of ABC Corporation disclosed the following information relating to its receivables: Accounts Receivable (net of $18,000 allowance) $342,000 ABC prepares quarterly financial statements. The following occurred during the fourth quarter of 2018: 1. During the 4th quarter, ABC had credit sales of $2,600,000 and collections on accounts receivable (general) of $2,300,000. Uncollectible accounts totaling $19,000 were written off, and a $2,600 accounts receivable previously written off was collected (not included in the $2,300,000 of...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT