147 data relating to three companies that each had sales of 850 000 during the year 4305877

147 data relating to three companies that each had sales of 850 000 during the year 4305877

147) Data relating to three companies that each had sales of $850,000 during the year follow:

a) Company A's accounts receivable balance increased $217,500 during the year.

b) Company B had a beginning balance in accounts receivable of $328,400 and an ending balance of $142,900.

c) Company C had a decrease in its accounts receivable account of $53,200.

Determine the amount of cash collected from customers by each company.

148) The following statements represent several independent situations with an unknown value:

a) Payments for inventory for the current period are $375,000. Accounts payable on January 1 had a balance of $75,000 and a balance of $89,000 on December 31. Determine the amount of merchandise inventory purchased during the year.

b) Purchases of inventory on account during the current year amount to $275,000. Accounts payable on January 1 had a balance of $36,000 and a balance of $25,200 on December 31. Determine the cash payments to suppliers for purchases of inventory during the current period.

c) Accumulated amortization-equipment had a January 1 balance of $20,500 and a December 31 balance of $17,600. During the current period, equipment with a book value of $50,000 and a cost of   $76,000, was sold for $47,500. Determine the current period's amortization expense.

d) Equipment (net) had a January 1 balance of $500,000 and a December 31 balance of $450,000. During the year, equipment costing $36,000 was purchased for cash. The income statement reports a loss on sale of equipment of $15,000. There were no other transactions affecting equipment during the year. Determine the cash received from the sale of the equipment.

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