Question

Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance...

Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its accounts receivable. Harbert incurred $63,000 of cash expenses during the accounting period.

Required
a. Based on the information provided, determine the amount of revenue recognized during the accounting period.
b. Based on the information provided, determine the amount of net income earned during the accounting period.
c. Based on the information provided, determine the amount of cash flow from operating activities.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Please comment for any queries... Thank you!!!

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
Castile Inc. had a beginning balance of $2,900 in its Accounts Receivable account. The ending balance...
Castile Inc. had a beginning balance of $2,900 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,400. During the period, Castile recognized $57,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $2,050 and an ending balance of $1,200. During the period, the company recognized $49,000 of accrued salary expense. Based on the information provided, determine the amount of net cash flow from operating activities?
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts...
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,825 $ 3,907 Allowance for doubtful accounts 127 202 During the accounting period, Ourso recorded $12,700 of sales revenue on account. The company also wrote off a $147 account receivable. Required Determine the amount of cash collected from receivables. Determine the amount of uncollectible accounts expense recognized during the period.
Assume that the accounts receivable account had a beginning balance of $200 and an ending balance...
Assume that the accounts receivable account had a beginning balance of $200 and an ending balance of $225 for the year. Total Sales for the year were $1,000 and all sales were made on account (i.e., on credit). How much cash was collected from customers during the year? You may assume that there were no write-offs for uncollectible accounts. a. $1,000 b. $225 c. $200 d. $975
1) On December 31, 2018, Ava Company had an ending balance of $7,356 in its accounts...
1) On December 31, 2018, Ava Company had an ending balance of $7,356 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $143. Ava estimates uncollectible accounts expense to be 9% of receivables. .Based on this information, the amount of net realizable accounts receivable shown on the 2018 balance sheet is $___________ 2) Hope Company’s total assets were $5,107. Hope collected on $529 of account receivable that had previously been written...
Allen Company began the year with a $28,000 balance in its accounts receivable account. At the...
Allen Company began the year with a $28,000 balance in its accounts receivable account. At the end of the period, this balance had increased to $30,000. During the period, Allen Company wrote off one customer’s account in the amount of $5,000. Sales during the year were $400,000 and sales discounts were $4,000. Assuming these are the only activities affecting this account during the year, what was the total cash collected from customers? Using a T-account may help.
Problem 3: The following account balances come from the records of Stone Company:                             &nbs
Problem 3: The following account balances come from the records of Stone Company:                                                                                         Beginning Balance                           Ending Balance                 Accounts Receivable                                                       $4,000                                                   $4,500                 Allowance for Doubtful Accounts $150                                                       $250 During the accounting period, Stone recorded $21,000 of service revenue on account. The company also wrote off a $180 account receivable. Required: Answer the following questions. Determine the amount of cash collected from receivables. Determine the amount of bad debt expense recognized during the period.
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,...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,250,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,150,000. Assuming the company estimates bad debts at an amount equal to 3% of credit sales. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance in...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $450,000; allowance for uncollectible accounts at the beginning of the year, $34,000 (credit balance); credit sales during the year, $1,700,000; accounts receivable written off during the year, $25,000; cash collections from customers, $1,850,000. Assuming the company estimates bad debts at an amount equal to 3% of credit sales. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance in...
Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross...
Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,100, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000. Required: 1. What was the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT