From the following data for Fantastic Sales, calculate the receipts from accounts receivable for September, October and

Question:

From the following data for Fantastic Sales, calculate the receipts from accounts receivable for September, October and November of 2021.

Credit sales are normally settled according to the following pattern: 20 per cent in the month of the sale, 50 per cent in the month following the sale and the remainder in the second month following the sale.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Business Reporting For Decision Making

ISBN: 9780730369325

7th Edition

Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver, David Bond

See More Books

Question Posted: Dec 23, 2022 03:07 AM

See More Questions

From the following data for liquid nitric acid, determine its heat of vaporization and normal boiling point. Temperature C) Vapor Pressure (mm Hg) 10. 20. 30. 40. 50. 80. 14.4 26.6 47.9 81.3 133 208...
From the following data for Acoustic Sales, calculate the receipts from accounts receivable for September, October and November of 2018. Credit sales are normally settled according to the following...
From the following data for Wang Enterprises, calculate the receipts from accounts receivable for June, July and August of 2018. Credit sales are normally settled according to the following pattern:...
Pritchett Company reported the following year-end data: Cash $ 25,000 8,000 Short-term investments Accounts receivable (current) Inventory 19,500 27,500 Prepaid (current) assets 11,000 Total current...
Marissa Mayer, CEO of Yahoo, sparked a national debate when she insisted that all her employees be physically present for work. Debate the merits of co-location, including its advantages and...
Jogging is considered aerobic exercise because the cardiovascular system (heart and blood vessels) can adjust to supply the oxygen needs of working cells. In contrast, sprinting the 100-meter dash...
Goods worth ` 1000 taken by the proprietor for domestic use should be credited to (a) The sales A/c (b) Proprietors personal expenses A/c (c) Purchases A/c (d) Expenses A/c
1. Based upon your knowledge of health and safety matters and your actual observations of operations that are similar to ours make a list of the potential hazardous conditions employees and others...
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $622,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870....
Cassist Enterprises began operations on January 1, 2021. During 2021 and 2022, the company entered into the following transactions: Instructions a. Calculate revenue, operating expenses, and profi t...
Following the collapse of the ToysRUs franchise in the United States, ToysRUs Australia went into administration on 21 May 2018, leaving 700 staff and 44 stores nationwide with an uncertain future....
From the following data for Starlight Enterprises, calculate the receipts from accounts receivable for June, July and August of 2021. Credit sales are normally settled according to the following...
Suppose we were to offer you a very interesting job abroad for six months after you joined us. How would you react?
firm c has net income of 45,360 , asset turnover of 1.4 and roi 12.6% calculate firms margin,sales and average total assets
A poll of 1065 Americans showed that 47.2% of the respondents prefer to watch the news rather than read or listen to it. Use those results with a 0.10 significance level to test the claim that fewer...
Garcia Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one unit: Standard Quantity X Standard...
Express the confidence interval 0.255 0.046 in the form of p-E
5 28 its Jay Oullette, CEO of Bumper to Bumper Incorporated, anticipates that his company's year-end balance sheet will show current assets of $12,801 and current liabilities of $7,540. Oullette has...
Graph each equation. 2x - 5y = 5
The Ranch 888 Noodle Company sells two types of dried noodles:ramen, at $6.50 per box, and chow fun, at $7.70 per box. So farthis year, the company has sold a total of 110,096 boxes ofnoodles,...
Investors assessing the recent reporting season of publicly listed companies will base their opinions of corporate performance largely on a handful of key numbers, all expressed in dollar terms and...
House designs Ltd had a $54000 net loss for 2017. A dividend of $18000 was paid during the year and depreciation expense was $13000. An inspection of the balance sheet showed the following working...
Groupon is a US company with a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Since its formation, it has faced a number of questions...
A proposed $2.5 M investment in new equipment at a 100 MG/y M&Ms factory will save the plant $800,000/y in energy costs. Assuming an annual interest rate of 5%/y (compounded annually), and an...
Brief Exercise 10-7 Coronado Company obtained land by issuing 2,250 shares of its $14 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $44...
The following schedule reconciles Cele Co.'s pretax GAAP income Pretax GAAP income Nondeductible expense for fines Tax deductible depreciation in excess of GAAP depreciation expens Taxable rental...

From the following data for Fantastic Sales, calculate the receipts from accounts receivable for September, October and

Question:

Credit sales Actual July $105 000 August $90 000 Estimated September October $92000 $106.000 November $87 000

Step by Step Answer:

FANTASTIC SALES Fantastic Sales receipts from accounts receivable for three mont...View the full answer

Accounting Business Reporting For Decision Making

Students also viewed these Business questions