Question

In: Accounting

The company's net sales for 200B was

The following information pertains to Cenon Company for 200B:

Accounts receivable, January 1, 200B 8,000
Accounts receivable, December 31, 200B 9,600
Net Cash Sales 3,200
Accounts Receivable turnover for 200B 5 times

 

The company's net sales for 200B was

a. 47,200

b. 88,000

c. 51,200

d. 48,000

Solutions

Expert Solution

The company's net sales for 200B were 47,200.

Step 1: Compute for the Average Inventory.

Average inventory = (Beginning Inventory + Ending inventory)/2

                             = (8,000 + 9,600)/2

                             = 8,800

Step 2: Compute for the net Credit Sales using the Accounts Receivable Turnover.

Accounts Receivable Turnover = Net Credit Sales/Average Inventory

                                    5           =    Net Credit Sales/8,800

                      Net Credit Sales = 5 x 8,800

                      Net Credit Sales = 44,000

Step 3: Compute for the total net sales.

Net Credit sales 44,000
Add: Net cash sales 3,200
Total net sales 47,200

 


The company's net sales for 200B were 47,200.

Related Solutions

A)History indicates that 8 % of a company's net sales are uncollectible. The balance of accounts...
A)History indicates that 8 % of a company's net sales are uncollectible. The balance of accounts receivables is $ 111,900. The company sales are $ 811,900 and sales returns and allowances are 27,200. If Allowance for Doubtful Accounts has a $ 3,600 credit balance, the adjustment, rounding to the nearest one dollar, to record the estimate for bad debts for the period will require a credit to the Allowance of Doubtful Accounts of $ B) History indicates that 6 %...
is net sales= net revenue? term sales and revenue are same? is Net sales and cost...
is net sales= net revenue? term sales and revenue are same? is Net sales and cost of goods sold same?
Company had $25,000,000 in sales last year. The company's net income was $875,000. Its total assets...
Company had $25,000,000 in sales last year. The company's net income was $875,000. Its total assets equal $8,000,000. The company's ROE was 16%. The company is financed entirely with debt and common equity. What is the company's debt ratio? A. 31.6% B. 3.5% C. 10.9% D. 14.6% E. 64.4%
Company's name The Walt Disney Company (DIS) Revenues or Sales (TTM) 69,762,000 Net Income (TTM) 6,542,000...
Company's name The Walt Disney Company (DIS) Revenues or Sales (TTM) 69,762,000 Net Income (TTM) 6,542,000 Total assets (6/30/2020) 207,649,000 Total Common Stock (6/30/2020) 85,866,000 Using the information collected, determine your company's profit margin (PM). Using the information collected, determine your company's total asset turnover (TA). Using the information collect, determine your company's equity multiplier (EM). Using the DuPont Equation, determine your company's return on equity (ROE). Assume that the EM for your company doubles. Discuss the impact it would...
A company's sales force makes 500 sales calls, with 0.18 probability that a sale will be...
A company's sales force makes 500 sales calls, with 0.18 probability that a sale will be made on a call. What is the probability that less than 85 sales will be made? Enter your answer as a decimal value, rounded to 4 decimal places.
Retained Earning                                $550,000 Net Sales              
Retained Earning                                $550,000 Net Sales                                    1,300,000 Selling expenses                                200,000 Earthquake loss on plant (unusual and infrequent)                280,000 Cash Dividends declared on common stock                    33,000 Cash Dividends declared on preferred stock                    12,000 Cost of goods sold                                780,000 Gain resulting from computation...
Problem 15-8 Baskin Company's net income last year was $98,000. Changes in the company's balance sheet...
Problem 15-8 Baskin Company's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Debit balances: Cash $24,000 Accounts receivable 15,000 Inventory (18,000) Prepaid expenses (6,000) Long-term investments 10,000 Plant and equipment 40,000 Credit balances: Accumulated depreciation 32,000 Accounts payable (14,000) Accrued liabilities 11,000 Taxes payable 4,000 Bonds payable (40,000) Common stock 10,000 Retained earnings 62,000 The company declared and paid cash dividends of $36,000 last year. Required: A. Prepare...
"Noncontrolling interest": is a component of the parent company's net income and reported on the income...
"Noncontrolling interest": is a component of the parent company's net income and reported on the income statement. is a component of stockholders' equity attributable to the parent company and reported on the balance sheet. is the portion of equity in a subsidiary not attributable, directly or indirectly, to the parent company, and reported on the balance sheet within equity, but separate from the parent company's equity. is not reported within the parent company's consolidated financial statements, but instead reported within...
2019 2018 Change Net Sales 25,137.1 21,292.5 18.1% Cost of Net Sales (12,036.9) (9,858.0) 22.1% Gross...
2019 2018 Change Net Sales 25,137.1 21,292.5 18.1% Cost of Net Sales (12,036.9) (9,858.0) 22.1% Gross Profit 13,100.2 11,434.5 12.7% Administrative expenses (779.8) (673.4) 15.8% Selling and marketing expenses (1,555.2) (1,626.7) (4.4%) Net impairment loses on financial and contract assets (338.9) (346.4) (2.2%) Other (Income) Expenses (5,046.6) (4,288.0) 17.7% Operating Profit 5,379.9 4,500.0 19.6% Interest Expense (1,727.7) (1,687.0) 2.4% Income Before Income Taxes 3,652.2 2,813.0 22.9% Provision of Income Taxes (346.6) (140.1) 147.4% Net Income Including Noncontrolling Interests 3,305.6 2,672.9...
Tsypkin Company's budgeted sales quantity was 80,000 units of product. The company's accountant, using regression analysis,...
Tsypkin Company's budgeted sales quantity was 80,000 units of product. The company's accountant, using regression analysis, applied the following cost formula to estimate costs at the master budget level for this year: Total cost = $500,000 + ($5.20 × units produced and sold). The product had a budgeted selling price of $15.20 each. During the year, the actual sales were 82,000 units and selling price was $15.15 per unit. The actual variable costs were $418,200 and the fixed costs were...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT