Question

Using the following information, compute cash collected from customers. Write the dollar amount of your answer....

Using the following information, compute cash collected from customers. Write the dollar amount of your answer. (Do not write the dollar sign.)

Sales                                                            $8,000

Cost of goods sold                                      5,800

Operating expenses                                       800

                                                      End of Year  Beginning of Year

Prepaid operating expenses               $100                 $700

Accounts payable                                 1,350               1,200

Inventory                                                   500               2,100

Accounts receivable                                800               1,200

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Cash Collected from Customers :

Opening Accounts Receivables = $ 80

Add : Sales = $ 8,000

Less : Ending Accounts Receivables = $ 1,200

Collections received from Customers = $ 7,600.

Amount Collected from Customers = Cash received from the Customers is calculated by assuming that all the sales are made on credit.

Opening Accounts Receivables = $ 800. Since, sales of $ 8,000 are made, total amount to be received = $ 8,800. It has been said that ending accounts receivables = $ 1,200, which implies that total amount to be received is $ 7,600.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Using the following information, compute cash collected from customers. Write the dollar amount of your answer....
Using the following information, compute cash collected from customers. Write the dollar amount of your answer. (Do not write the dollar sign.) Sales $10,000 Cost of goods sold 5,800 Operating expenses 3,800 End of Year Beginning of Year Prepaid operating expenses $1,000 $700 Accounts payable 1,350 1,200 Inventory 2,500 2,100 Accounts receivable 1,400 1,200
Case X: Compute cash received from customers: Sales $ 700,000 Accounts receivable, Beginning balance 48,000 Accounts...
Case X: Compute cash received from customers: Sales $ 700,000 Accounts receivable, Beginning balance 48,000 Accounts receivable, Ending balance 66,240 Case Y: Compute cash paid for rent Rent expense $ 106,300 Rent payable, Beginning balance 12,900 Rent payable, Ending balance 10,836 Case Z: Compute cash paid for inventory Cost of goods sold $ 465,000 Inventory, Beginning balance 144,150 Accounts payable, Beginning balance 60,543 Inventory, Ending balance 118,203 Accounts payable, Ending balance 75,073 For each of the above three separate cases,...
Using the following information, compute Net Cash Flow from Operating Activities. Note that some of the...
Using the following information, compute Net Cash Flow from Operating Activities. Note that some of the numbers in this problem are the same as those in the previous problem. Some, however, are different. You must answer this problem separately. Balance Sheets for the Years Ending Dec. 31, 2011 and 2012 2011 2012 Cash            300            400 Accounts receivable        1,000        1,400 Inventories        3,200        3,000 Current assets        4,500        4,800 Net fixed assets        3,800       ...
Required information Use the following information for the Problems below. [The following information applies to the...
Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.] Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 97,200 Expenses Cost of goods sold 42,000 Depreciation expense 12,000 Salaries expense 18,000 Rent expense 9,000 Insurance expense 3,800 Interest expense 3,600 Utilities expense 2,800 Net income $...
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December...
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Income Statement   Sales Revenue $ 72,000   Expenses:        Cost of Goods Sold 33,000        Depreciation Expense 15,400        Salaries and Wages Expense 9,400        Rent Expense 1,900        Insurance Expense 1,000        Interest Expense 900        Utilities Expense 700      Net Income $ 9,700    Selected Balance Sheet Accounts Ending Balances Beginning Balances   Inventory $ 435 $ 500   Accounts Receivable 1,500 1,260   Accounts Payable 1,360 1,620   Salaries...
The financial statements of Garver, Inc., provide the following information for the current year: Dec.31 Jan.1...
The financial statements of Garver, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 70,000 $ 80,000 Inventory $ 110,000 $ 102,000 Prepaid expenses $ 24,000 $ 28,000 Accounts payable (for merchandise) $ 66,000 $ 64,000 Accrued expenses payable $ 30,000 $ 40,000 Net sales $ 520,000 Cost of goods sold $ 260,000 Operating expenses (including depreciation of $36,000) $ 160,000 Compute the cash received from customers during the current year. a $530,000 b $510,000...
Case A: Compute cash received from customers:    Sales$740,000    Accounts receivable, December 31, 2015 32,000    Accounts receivable, December...
Case A: Compute cash received from customers:    Sales$740,000    Accounts receivable, December 31, 2015 32,000    Accounts receivable, December 31, 2016 44,160 Case B: Compute cash paid for rent:    Rent expense$123,100    Rent payable, December 31, 2015 7,900    Rent payable, December 31, 2016 6,636 Case C: Compute cash paid for inventory:    Cost of goods sold$723,000    Inventory, December 31, 2015 224,130    Accounts payable, December 31, 2015 94,135    Inventory, December 31, 2016 183,787    Accounts payable, December 31, 2016 116,727  
4. Using the indirect method, calculate the amount of net cash flows from operating activities from...
4. Using the indirect method, calculate the amount of net cash flows from operating activities from the following data. Show your work Net Income $83,000 Beginning Accounts Payable $ 6,000 Beginning Accounts Receivable 10,000 Ending Accounts Payable 5,600 Ending Accounts Receivable 8,800 Amortization of Intangible Assets 1,600 Ending Prepaid Expenses 2,800 Dividends Declared and Paid 4,400
Using the following information, and a 360-year. Calculate the accounts receivable period, accounts payable period, inventory...
Using the following information, and a 360-year. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance sheet data: Beginning of Year End of Year Inventory 500 600 Accounts receivable 100 120 Accounts payable 250 290
The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1...
The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 35,000 $ 40,000 Inventory $ 55,000 $ 51,000 Prepaid expenses $ 12,000 $ 14,000 Accounts payable (for merchandise) $ 33,000 $ 32,000 Accrued expenses payable $ 15,000 $ 20,000 Net sales $ 260,000 Cost of goods sold $ 130,000 Operating expenses (including depreciation of $18,000) $ 80,000 Compute the amount of Seldin's cash payments for purchases of merchandise during the current...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT