FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Corporation had the following sales for its second quarter: April $30,000 May $45,000 June $70,000 35% of sales are collected in the month of sale,

image text in transcribed
Corporation had the following sales for its second quarter: April $30,000 May $45,000 June $70,000 35% of sales are collected in the month of sale, 60% in the following month, and 5% is uncollectible. What is XYZ's ending balance in accounts receivable for the second quarter? A. $53,000 B. $44,250 C. $51,500 D. $42,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Eco Management The Elmwood Guide To Ecological Auditing And Sustainable Business

Eco Management The Elmwood Guide To Ecological Auditing And Sustainable Business

Authors: Ernest Callenbach, Fritjof Capra, Lenore Goldman, Rudiger Lutz

1st Edition

1881052273, 978-1881052272

More Books

Students also viewed these Accounting questions

Question

★★★★★
The competing hypotheses for a particular hypothesis test are as follows: H 0 : > 2000 H a : Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
= = Martinez Industries had the following operating results for 2021: Sales = $33,712; Cost of goods sold = $23,918; Depreciation expense $5,937; Interest expense Dividends paid = $1,942. At the...

Answered: 1 week ago

Question

★★★★★
2. What are the ethical considerations involved in the study of ashbulb memories? Participants are asked to reconstruct emotionally intensive events. Does that have any implications in terms of...

Answered: 1 week ago

Question

★★★★★
Suppose that Everett McCleskey, a local businessperson, is a good friend of Al Miller, the owner of a local candy store. Every day on his lunch hour, McCleskey goes into Millers candy store and...

Answered: 1 week ago

Question

★★★★★
Corporation had the following sales for its second quarter: April $30,000 May $45,000 June $70,000 35% of sales are collected in the month of sale, 60% in the following month, and 5% is...

Answered: 1 week ago

Question

★★★★★
Questions 1-3 relate to the following information. Consider the same firm with production function F(K,L)=1.52L^0.6K^0.4 that faces a cost of labor of $24 per unit, and cost of capital of $8 per...

Answered: 1 week ago

Question

★★★★★
One way to determine the trend of a data set is to find ______________________. Question 36 options: a) percentage of non-overlapping data b) the split middle line of progress c) percentage of...

Answered: 1 week ago

Question

★★★★★
The annual salaries for 5 randomly selected people: Diana: $154,500 Clark: $76,000 Lois: $119,350 Bruce: $2,350,000,000 Barry: $68,000 Which would be the best measure of central tendency for this...

Answered: 1 week ago

Question

★★★★★
Your clients expect a 10% return on investment for podcast and a 15% ROI for TV ads. How would you calculate the expected profit for a client who invests $5500 on a podcast ad and $10,000 for a TV ad

Answered: 1 week ago

Question

★★★★★
Describe in detail the three main assumptions for parametric testing.

Answered: 1 week ago

Question

★★★★★
Which information is required to calculate the Total Amount of Insurance Needed in the Financial Needs Analysis (FNA) section? i. Death Amount, Passive Income, Mortgage Balance ii. Mortgage Balance,...

Answered: 1 week ago

Question

★★★★★
1. Identify three communication approaches to identity.

Answered: 1 week ago

Question

★★★★★
d. Who are important leaders and heroes of the group?

Answered: 1 week ago

Question

★★★★★
3. Describe phases of minority identity development.

Answered: 1 week ago

Previous Question Next Question