The Rust Corporation has gathered the following information for activities during 2010: Credit sales ......................................................................................... $ 3,500,000 Cash sales ............................................................................................ 1,100,000 Sales discounts ..................................................................................... 35,000 Sales returns and allowances ................................................................ 150,000 Uncollectible account written off ......................................................... 5,000 Beginning accounts receivable balance ................................................ 70,000 Ending accounts receivable balance ..................................................... 50,000 Required A. Calculate net sales during 2010. B. Calculate estimated cash
The Rust Corporation has gathered the following information for activities during 2010:
Credit sales ......................................................................................... $ 3,500,000
Cash sales ............................................................................................ 1,100,000
Sales discounts ..................................................................................... 35,000
Sales returns and allowances ................................................................ 150,000
Uncollectible account written off ......................................................... 5,000
Beginning accounts receivable balance ................................................ 70,000
Ending accounts receivable balance ..................................................... 50,000
Required
A. Calculate net sales during 2010.
B. Calculate estimated cash receipts from customers during 2010.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Credit sales ......................................................................................... $ 3,500,000
Cash sales ............................................................................................ 1,100,000
Sales discounts ..................................................................................... 35,000
Sales returns and allowances ................................................................ 150,000
Uncollectible account written off ......................................................... 5,000
Beginning accounts receivable balance ................................................ 70,000
Ending accounts receivable balance ..................................................... 50,000
Required
A. Calculate net sales during 2010.
B. Calculate estimated cash receipts from customers during 2010.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Introduction to Accounting An Integrated Approach
6th edition
Authors: Penne Ainsworth, Dan Deines
ISBN: 978-0078136603