Sales amounted to 138 600. The ration of credit to cash sales was 3:1

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1) Sales revenue for a sporting goods store amounted to $215,000 for the current period. All sales...

1) Sales revenue for a sporting goods store amounted to $215,000 for the current period. All sales are on account and are subject to a sales tax of 7%. Which of the following would be included in the journal entry to record these sales? A) A debit to Sales revenue for $215,000 B) A credit to Accounts receivable for $215,000 C) A debit to Sales tax payable for $15,050 D) A debit to Accounts receivable for $230,050 2) A $20,000, 3-month, 8%...

95. Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected...

95. Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 60% in the next month, and 10% in the following month. On December 31, the accounts receivable balance includes $32,000 from November sales and $42,000 from December sales. Assume that total sales for January and February are budgeted to be $70,000 and $140,000, respectively. What are the expected cash receipts for February from current and past...

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales...

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30. Nov. 25 Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3...

Why do small firms credit ration? How does it happen?

Year Cash Flow 0 $0 1 $250 2 $400 3 $500 4 $600 5 $600 What...

Year Cash Flow 0 $0 1 $250 2 $400 3 $500 4 $600 5 $600 What is the present (Year 0) value if the opportunity cost (discount) rate is 10 percent? Add an outflow (or cost) of $1,000 at Year 0. What is the present value (or net present value) of the stream?

1)Lantz Company has provided the following information: Cash sales totaled $200,000. Credit sales totaled $480,000. Cash...

1)Lantz Company has provided the following information: Cash sales totaled $200,000. Credit sales totaled $480,000. Cash collections from customers for services yet to be provided totaled $80,000. A $16,000 loss from the sale of property and equipment occurred. Interest income was $7,800. Interest expense was $18,000. Supplies expense was $300,000. Rent expense for the store was $30,000. Wages expense was $40,000. Other operating expenses totaled $70,000. Unearned revenue was 4,900. What is the amount of Lantz’s income before income taxes?...

What scenerio will give a 9:3:3:1 F2 phenotypic ration in a mendelian cross

OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers.

Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $114,000 November 143,000 December...

A company had credit sales $30,000 and cash sales of $23,000 during the month of May....

A company had credit sales $30,000 and cash sales of $23,000 during the month of May. Also during May, the company paid wages of $24,000 and utilities of $9,000. It also received payments from customers on account totaling $4,400. What was thecompany's net income for the month? A. 53,000 B. 20,000 C. 86,000 D. 23,000 Which accounts are increased by debits? A. Accounts Receivable and Utilities Expense. B. Accounts Payable and Service Revenue. C. Salaries Expense and Common Stock. D....

the cash sales and credit sales projected for sarahs kitchen are as follows: January february march...

the cash sales and credit sales projected for sarahs kitchen are as follows: January february march april may cash 17,000 19640 16200 15380 17390 credit 40,000 42000 48000 50000 49500 if collections of credit sales are 70% the first month and 30% the second month, what would be the cash receipts for march, april, and may

Subjects