Determine the amount of cash received from customers

Assignment Help Financial Accounting
Reference no: EM132203958

Direct method- Sales reported on the income statement were $717,000. The accounts receivable balance decreased $69,000 over the year.

Determine the amount of cash received from customers.

Reference no: EM132203958

Questions Cloud

What was the amount of cash payments : What was the amount of cash payments to stockholders during the year?
What is the firm equity cost of capital : 1) What is the value of the firm according to MM with corporate taxes? 2) What is the firm's equity cost of capital?
Section showed funding from stock issuance : Recently I looked at a cash flow statement. I noticed that the financing section showed funding from stock issuance.
Determine the gross profit for the month : Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method.
Determine the amount of cash received from customers : Direct method- Sales reported on the income statement were $717,000. The accounts receivable balance decreased $69,000 over the year.
Determine the amount of cash paid for merchandise : The accounts payable balance increased $37,400, and the inventory balance increased by $45,700 over the year.
Net cash flow from operating activities : Reconcile a net income of $45,900 to net cash flow from operating activities.
Required write-down of inventory : After a physical count of its inventory, Whetzel Co. discovered that $400 of inventory is missing. Show how the required write-down of inventory
Customer account for the return : A customer returned goods to Whetzel Co. that had been purchased for $60 on account. the goods has originally cost Whetzel $35.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Evaluate the economic order quantity

Evaluate the economic order quantity for the spice in terms of 10 pound bags - Find the reorder point

  Balance sheet columns of pine company''s worksheet reflects

The revenue recognition principle dictates that revenue should be recognized in the accounting records and the income statement and balance sheet columns of Pine Company's worksheet reflects

  Balance sheet showed a balance

During the year, Able Co. purchased $39,600 worth of supplies, at the end of the year, the balance sheet showed a balance of $1,760 in the supplies account.

  Prepare the journal entries for the given transactions

Prepare the journal entries for the given transactions - Received a summons that the company was being sued for terminating the office manager last month.

  Perform a vertical analysis of tri designss balance sheet

Performing vertical analysis of a balance sheet. Tri Designs, Inc. has the following data. Perform a vertical analysis of Tri Designs's balance sheet for each year.

  Differences between a state or local governments budgetary

differences between a state or local governments budgetary practiceswhat are the possible differences that may occur

  Financial statement

Prepare a financial statement for 2014 had

  Direct materials price and quantity variances

Summarize the variances that you computed in above by showing the net overall favorable or unfavorable variance for October.

  Net operating profit after tax and net operating assets

Estimating Share Value Using the ROPI Model Assume following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 29, 2011. Refer to the information in the table to answer ..

  What is amount that should be used to value inventory

the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method?

  Design a monitoring activity

What are monitoring activities - design a monitoring activity that would achieve this assurance objective.

  Manufactures and sells custom-made windows

Woodland Industries manufactures and sells custom-made windows. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd