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

Question

1 Approved Answer

On December 31, 2019, Munchkin Company had a $367,650 balance in Accounts Receivable. During the year 2020, the company collected $600,000 from its credit customers.

On December 31, 2019, Munchkin Company had a $367,650 balance in Accounts Receivable. During the year 2020, the company collected $600,000 from its credit customers. The December 31, 2020 balance of the Accounts Receivable was $511,950. Determine the amount of sales on accounts for 2020?

Step by Step Solution

★★★★★

3.33 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

To determine the amount of sales on accounts for 2020 we need to calculate the change in the accou... 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

Intermediate Accounting IFRS

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

More Books

Students also viewed these Accounting questions

Question

At December 31, 2020 before any year-end adjustments, accounts receivable had balance of $260000. Credit sales for 2020 are $610000, and allowance for uncollectible accounts had a credit balance of...

Answered: 1 week ago

Question

★★★★★
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study receivables while...

Answered: 1 week ago

Question

★★★★★
The following are a series of unrelated situations. 1. Halen Company's unadjusted trial balance at December 31, 2019, included the following accounts. Halen Company estimates its bad debt expense to...

Answered: 1 week ago

Question

★★★★★
What is the potential difference across one wire of a 30-m extension cord made of 16-gauge copper wire carrying a current of 5.0 A?

Answered: 1 week ago

Question

★★★★★
Family First Healthcare operates two medical groups, one in Philadelphia and one in Baltimore. The semiannual bonus plan for each medical group's president has three components: a. Profitability...

Answered: 1 week ago

Question

★★★★★
What does the middle tier do in a three-tier architecture?

Answered: 1 week ago

Question

★★★★★
2. Study in shorter rather than longer blocks, unless you are really engaged and making great progress.

Answered: 1 week ago

Question

★★★★★
The BETA firm is proposing to acquire ACE Products, described in Problem 1. BETA estimates that ACEs free cash flow for next year could be improved to $5.5 million because of synergistic benefits in...

Answered: 1 week ago

Question

★★★★★
please help Company Fis now having $2million extra cash on hand and decides to distribute this amount to shareholders. The current outstandi ng shares of this company is 0.5 million shares and the...

Answered: 1 week ago

Question

★★★★★
Jason Wood earns $800 per week for a five-day week, and he is entitled to 12 paid holidays and four weeks of paid vacation. a. Over how many weeks should the holiday pay and vacation pay be expensed?...

Answered: 1 week ago

Question

★★★★★
How does the popularity of mutual funds impact rights of shareholders?

Answered: 1 week ago

Question

★★★★★
Find your own example of greenwashing. Explain why you think it constitutes greenwashing. If you were the CEO, would you have authorized the ad you chose? Why or why not?

Answered: 1 week ago

Question

★★★★★
Q22 (a) has been address You receive a task to create a new subnet with two servers. This subnet will be connected to an existing router. The new subnet allocated with network 192.168.20.24/29. The...

Answered: 1 week ago

Question

★★★★★
A construction company in London regularly participates in the bidding process for large scale construction projects in the capital. Over the last few years the company has enjoyed a stable success...

Answered: 1 week ago

Question

★★★★★
The average number of arrivals at a box office is 10 customers per hour. Only 1 customer can be served at the box office at any given time. It takes on average 3.5 minutes for a customer to be...

Answered: 1 week ago

Question

★★★★★
Explain the function of human heart and draw a clear diagram of human heart along with the proper labelling of each part.

Answered: 1 week ago

Question

★★★★★
The goal of the following parts is to prove the following. Every non - empty subset S of N has an smallest element . This is called the well - ordering principle. For a non - empty subset S , define...

Answered: 1 week ago

Question

★★★★★
What are conversion costs? What are prime costs?

Answered: 1 week ago

Question

★★★★★
The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including the notes to the financial statements, is available online. Instructions Refer to...

Answered: 1 week ago

Question

★★★★★
Refer to the data in BE6.7. Assuming quarterly compounding of amounts invested at 8%, how much of Jose Garcia's inheritance must be invested to have enough at retirement to buy the boat? Data from...

Answered: 1 week ago

Question

★★★★★
(Models for Setting GAAP ) Presented below are three models for setting GAAP . 1. The purely political approach, where national legislative action decrees GAAP. 2. The private, professional approach,...

Answered: 1 week ago

Question

★★★★★
A capital investment requiring one initial cash outflow is forecast to have the operating profits listed below. The investment has an NPV of $20,850, based on a required rate of return of 12%....

Answered: 1 week ago

Question

★★★★★
The introduction of a new product would require an initial investment of $120,000. The forecast profits in successive years of the anticipated four-year product life are $25,000, $60,000, $50,000,...

Answered: 1 week ago

Question

★★★★★
A $100,000 capital investment will produce annual profits of $20,000 for the first five years and $15,000 for the next five years. It will have no residual value. What is its IRR? Should it be...

Answered: 1 week ago

Previous Question Next Question