Company accounts receivable balance

Assignment Help Accounting Basics
Reference no: EM13120914

The following information is available for Farr Company relative to 2010 operations:

Accounts receivable, January 1,2010 $40,000
Account receivable collected during 2010 $84,000
Cash sales during 2010 $20,000
Inventory , January 1,2010 $48,000
Inventory , December 31, 2010 $44,000
Purchases of inventory during 2010 $80,000
Gross margin on sales $42,000

What is Farr Company's accounts receivable balance at December 31, 2010?

a. $82,000

b. $62,000

c. $20,000

d. $146,000

Reference no: EM13120914

Questions Cloud

Why does a defined benefit plan present far more : Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
Radical expressions in real-life : How would you apply radical expressions in everyday life? Give an example of the expression.
Why does a defined benefit plan present far more : Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
Analyse sample variances to find which test is suitable : Analyse sample variances in order to find which test would likely be most appropriate to employ to test the equality of the population means, pooled or unpooled?
Company accounts receivable balance : What is Farr Company's accounts receivable balance at December 31, 2010?
Cross exchange rate of currency : A currency trader observes that in the spot exchange market, 1 U.S. dollar can be exchanged for 9 Mexican pesos or for 111.23 Japanese yen. What is the cross-exchange rate between the yen and the peso
How much to invest in the risk-free asset : You have another $9,000 to invest and want to divide it between an asset with a beta of 1.74 and a risk-free asset. How much should you invest in the risk-free asset?
Solve equations and inequalities : How do you know if a value is a solution for an inequality? How is this different from determining if a value is a solution to an equation?
What will be the amount charged as an expenditure : A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tariff and quota-impact of trade surplus-trade deficit

What is the difference between a tariff and a quota? What is the impact of a trade surplus?

  What is the concept of sustainable income

Can you give an example of what this number may look like by using the income statement of a real-life company?

  Determine the amount of sales revenue

Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012

  What should marc say to kelly

In this way we could combine the recording and posting process into one step and save ourselves a lot of time. What do you think?

  Social structure and income levels

Identify the social structure and income levels of the social classes in the United States. In your own words describe why a compensation specialist needs to understand this structure.

  Business problem and opportunity confronting

Prepare a paper which examining a business problem and opportunity confronting your organization that you feel could be addressed through the application of business research principles by performing the following:

  Merchandising operation

Wilson Company makes all sales all sales of industrial bearings under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.

  Prepare journal entries to record the following retirement

Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2010 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2018 $1,200,000

  Managing the collection of receivables

Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?

  Journal entries for insurance-interest and payment

On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. Prepare Gate's general journal entry to record the insurance of the note payable.

  Purchase price in the consolidated financial statement

How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2011?

  Identify which segments are significant enough

Identify which segments are significant enough to warrant disclosure in accordance with FASB No. 131, "Reporting Disaggregated Information about a Business Enterprise," by applying the following quantitative tests:

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