Business, 05.05.2021 20:30 kekeke68

[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 24,900
Accounts Receivable 14,100
Allowance for Uncollectible Accounts $ 1,800
Supplies 3,000
Notes Receivable (6%, due in 2 years) 25,000
Land 77,500
Accounts Payable 8,800
Common Stock 101,000
Retained Earnings 32,900
Totals $ 144,500 $ 144,500
During January 2021, the following transactions occur:
January 2 Provide services to customers for cash, $40,100.
January 6 Provide services to customers on account, $77,400.
January 15 Write off accounts receivable as uncollectible, $1,400.
January 20 Pay cash for salaries, $31,900.
January 22 Receive cash on accounts receivable, $75,000.
January 25 Pay cash on accounts payable, $6,000.
January 30 Pay cash for utilities during January, $14,200.
Analyze how well 3D Family Fireworks manages its receivables:
a-1. Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). (Round your final answer to 1 decimal place.)
a-2. If the industry average of the receivables turnover ratios for the month of January is 4.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 19:30

Clonex labs, inc., uses the weighted-average method in its process costing system. the following data are available for one department for october: percent completed units materials conversion work in process, october 1 53,000 90 % 65 % work in process, october 31 29,000 74 % 52 % the department started 381,000 units into production during the month and transferred 405,000 completed units to the next department. required: compute the equivalent units of production for october.

Answers: 2

Answer

Business, 22.06.2019 11:00

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?

Answers: 1

Answer

Business, 22.06.2019 20:10

Given the following information, calculate the savings ratio: liabilities = $25,000 liquid assets = $5,000 monthly credit payments = $800 monthly savings = $760 net worth = $75,000 current liabilities = $2,000 take-home pay = $2,300 gross income = $3,500 monthly expenses = $2,050 multiple choice 2.40% 3.06% 34.78% 33.79% 21.71%

Answers: 2

Answer

Business, 23.06.2019 00:10

Special order carson manufacturing, inc., sells a single product for $36 per unit. at an operating level of 8,000 units, variable costs are $18 per unit and fixed costs $10 per unit. carson has been offered a price of $20 per unit on a special order of 2,000 units by big mart discount stores, which would use its own brand name on the item. if carson accepts the order, material cost will be $3 less per unit than for regular production. however, special stamping equipment costing $4,000 would be needed to process the order; the equipment would then be discarded. assuming that volume remains within the relevant range, prepare an analysis of differential revenue and costs to determine whether carson should accept the special order. use a negative sign with answer to only indicate an income loss from special order; otherwise do not use negative signs with your answers.

Answers: 2

Answer

You know the right answer?

[The following information applies to the questions displayed below.] On January 1, 2021, the gene...

Questions