Question

The following information is available for Sanchez Company for its 2019 operations: Accounts receivable, January 1,...

  1. The following information is available for Sanchez Company for its 2019 operations:

Accounts receivable, January 1, 2019

$     40,000

Accounts receivable collected during 2019

       84,000

Cash sales during 2019

       20,000

Inventory, January 1, 2019

       48,000

Inventory, December 31, 2019

       44,000

Purchases of inventory during 2019

       80,000

Gross profit on sales

       42,000

What is Sanchez’s accounts receivable balance at December 31, 2019?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for...
On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,272,400 Allowance for Doubtful Accounts (a credit balance) 46,000 During 2019, Hungryman had $18,900,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's preadjustment balance in accounts receivable on...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $381,000 Allowance for Doubtful Accounts (a credit balance) 3,900 During 2019, Smith had $2,850,000 of credit sales, collected $2,905,000 of accounts receivable, and wrote off $3,850 of accounts receivable as uncollectible. At year end, Smith performs an aging of its accounts receivable balance and estimates that $3,800 will be uncollectible. Required: 1.  Calculate Smith's preadjustment balance in accounts receivable...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts Debit Credit Cash $ 84,000 Accounts Receivable 53,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 44,000 Building 84,000 Accumulated Depreciation 24,000 Land 214,000 Accounts Payable 34,000 Notes Payable (8%, due in 3 years) 48,000 Common Stock 114,000 Retained Earnings 254,000 Totals $ 479,000 $ 479,000 The $44,000 beginning balance of inventory consists of 400 units, each costing $110. During January 2020, the following transactions...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500 Cash 80,000 Common stock 200,000 Equipment 96,000 Equity investments 76,300 Inventory 57,000 Long-term liabilities 100,000 Patents 32,000 Retained earnings 17,000 Salaries payable 15,000 Unearned revenue 1,500 Additional information: The cash balance includes $20,000 cash restricted for future plant expansion. Allowance for doubtful accounts is $3,800. Accumulated depreciation on equipment is $40,000. The long-term liabilities balance includes $12,000 due in 2020. Format guidance: Enter whole...
The balance sheet of Starsky Company at December 31, 2019, includes the following. Accounts receivable $...
The balance sheet of Starsky Company at December 31, 2019, includes the following. Accounts receivable $ 182,100 Less: Allowance for doubtful accounts 17,300 $ 164,800 Transactions in 2020 include the following: Accounts receivable of $78,000 were collected Accounts receivable of $60,000 were collected, in which 2% sales discounts were granted. A $5,300 customer account that was written off the books as worthless in 2019 was reinstated. The $5,300 was received from the customer. Customer accounts of $17,500 were written off...
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019,...
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019, to be $181,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: The accounts receivable balance on December 31, 2019 was $194,200. Uncollectible accounts receivable written off during 2019 totaled $13,600. The allowance for doubtful accounts balance on January 1, 2019 was $18,200. How much is Clark's 2019 bad debt expense? Multiple Choice A)$13,200. B)$8,600. C)$4,600. D)$17,800.
The following data are available for Louis Candies Inc. as of December 31, 2019. Cash          $...
The following data are available for Louis Candies Inc. as of December 31, 2019. Cash          $ 7,500 Accounts payable 24,000 Accounts receivable 20,000 Capital stock 42,000 Buildings 49,500 Supplies 2,000 Retained earnings      ? Land 20,000 Required: Prepare a balance sheet for Louis Candies Inc. Determine the amount of retained earnings at December 31, 2019.
8. Brighton Company received $32,000 cash from the issue of common stock on January 1, 2019,...
8. Brighton Company received $32,000 cash from the issue of common stock on January 1, 2019, its first date of operations. During 2019, Brighton earned $14,500 of revenue on account. The company also collected $4,500 cash from accounts receivable and paid $2,000 cash for rent expense during 2019. The company also accrued $5,000 for salaries expense during 2019, payable in 2020. Based on this information alone, the cash balance at December 31, 2019 was a. $ 29,500. b. $ 34,500....
Question B [AR1: 8 Marks] Sun Company started its operations on January 1, 2019. The following...
Question B [AR1: 8 Marks] Sun Company started its operations on January 1, 2019. The following transactions took place during the first month of operations: January 1: Sun invests $4,600,000 cash to start the business. January 3: Purchased furniture for $496,000, paying $96,000 in cash and sign a note for the remaining balance. January 7: Purchased office supplies for $20,000 on credit. January 11: Paid $44,000 cash for January rent. January 15: Paid $5,400 cash for office supplies purchased on...
First Year of Operations - 2019 Dr. Cr. Cash 80,000 Accounts Receivable 110,000 Machine-bought January-1, 2019...
First Year of Operations - 2019 Dr. Cr. Cash 80,000 Accounts Receivable 110,000 Machine-bought January-1, 2019 100,000 Acc. Deprec.-Straight-Line- 5 years 20,000 Common Stock 180,000 Retained earnings Home repair revenue 400,000 Depreciation expense 20,000 Salary of owner (Molly) 200,000 Other expenses 90,000 Totals 600,000 $600,000 There is no state income tax. Federal income tax rate: 21% Molly owns all the stock of Elite Corporation, which she organized on January 2, 2019. Molly is CEO and receives an annual salary of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT