Question: The Mason Company a retail business had 100 000 in
The Mason Company, a retail business had $ 100,000 in cash sales and $ 450,000 in credit sales for 2012. The accounts receivable balances were $ 50,000 and $ 60,000 on December 31, 2011 and 2012, respectively. What was the cash receipts from sales in 2012?
Relevant Questionsa. 1. What is the balance in receivables at February 26, 2011 and February 27, 2010? 2. What is the gross receivables at February 26, 2011 and February 27, 2010? b. Merchandise Inventories “Our inventory valuation reflects ...D. Szabo Company had an average inventory of $ 280,000 and a cost of goods sold of $ 1,250,000. Required Compute the following: a. The inventory turnover in days b. The inventory turnoverSampson Company’s balance sheets for December 31, 2011 and 2010, as well as the income statement for the year ended December 31, 2011, are shown next.Other data: 1. Dividends paid in cash during 2011 were $ 21,000. 2. ...“The estimating of income, under conditions of uncertainty as well as of certainty, requires that the accountant trace carefully the relation between income flows and cash movements.” “While it is true that there may ...Use Exhibit 13- 2, City of Toledo, Ohio, Revenues, Business- type Activities. Required a. Prepare a vertical common- size statement. Use total business- type activities as the base. b. Comment on significant items in the ...
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