Calculate the amount of accounts receivable, Accounting Basics

Assignment Help:

Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009:

Sales revenue for the year

$300,000

Cash on hand at 12-31-2009

8,000

Contributed capital

50,000

Wages payable at year end

15,000

Cash received from customers during the year

190,000

Dividends paid during the year

8,000

Expenses incurred during the year (depreciation expense = $0)

195,000

Cash paid to buy long-term assets during the year

25,000

Accounts receivable at year-end

?

Required:

Determine the correct amount for each of the following:

a. What is the amount of net income?

b. What amount should be reported for retained earnings at year-end 2009?

c. What is the amount of accounts receivable at year end?


Related Discussions:- Calculate the amount of accounts receivable

Operational research, the scope of operation research in modern management

the scope of operation research in modern management

Assume tc stands for total cost, 1. Fill in the table below.  Assume TC sta...

1. Fill in the table below.  Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Aver

Distributions to owners, Distributions to owners are reducing in equity of ...

Distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services, assets or incurring liabilities by the enterprise

statistical test , A high school counselor needs to show whether the teena...

A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random

Procedure for testing , What is procedure for testing after implementation ...

What is procedure for testing after implementation as functional consultant? Ans) Testing involves a step by step check of several transactions configured in the SAP system.

Maplehurst company, Q. Maplehurst Company? Maplehurst Company manufactu...

Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i

A simple discount note for $6, a simple discount note for $6,600 at a ordin...

a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent

The qualitative characteristics of relevance and reliability, Maryanne was ...

Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to

On december 31, On December 31, 2013, a company issues bonds with a par val...

On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon

Write Your Message!

Captcha
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