Under accrual basis, what amount should be reported as gross sales for the current year?
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Walang Kayo Company
Question: Under accrual basis, what amount should be reported as gross sales for the current year?
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- Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening Inventory 145,550 Purchases-(80% on credit) 1,042,255 Trade Receivables 237,810 Provision for doubtul debts -11,325 Trade payables 160,479 Closing Inventory 160,370 Calculate the Trade payables turnover for in days for Wickes Ltd for December 2020Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening Inventory 145,550 Purchases-(80% on credit) 1,042,255 Trade Receivables 237,810 Provision for doubtul debts 11,325 Trade payables 160,479 Closing Inventory 160,370 Calculate the trade receivables turnover for Wickes Ltd foe December 2020During the year ended 31 March 2019, a business made sales of GH₵ 560,000 of which 25% were for cash. The trade receivables at 31 March 2018 were GH₵ 52,000 and at 31 March 2019 they were GH₵56,000. What is the trade receivables turnover based on average trade receivables?
- Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?BTS Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of BTS Company’s accounts receivable at December 31, 2021?The following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020
- Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is answer these three subpartsThe following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is
- Swaziland Company provided the following year-end data: 2021 2020 Accounts receivable P175,000 P129,000 Allowance for doubtful accounts -10,000 -15,000 Net realizable value P165,000 P114,000 Additional information: The entity reported doubtful accounts expense in 2021 of P18,000 and had products returned for credits totaling P9,600 at a sale price. The Gross sales for 2021 amounted to P1,375,000. The entity written-off P23,000 accounts during the year. How much was collected from customers during 2021?The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…1) A company’s trade payables days and trade receivables days are 60 daysand 30 days, respectively.The sales and purchase information for the year was as follows:Sales Purchases£m £mCash 27 10Credit 35 18Total 62 28What was the trade receivables and trade payables balances at the year end?a) £5.10m and £4.60mb) £2.21m and £1.64mc) £5.75m and £1.48md) £2.88m and £2.96m
