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nexus9112 [7]
3 years ago
14

Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal

services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.
Business
1 answer:
VMariaS [17]3 years ago
8 0

Answer: $81,060 in August and $80,850 in September

Explanation: Please find attached a table.

August 86,800 17,360 38,500 25,200 81,060

September 91,000 18,200 43,400 19,250 80,850

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Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $
guajiro [1.7K]

Answer:

See below

Explanation:

Crane corporation

Ending inventory

2019 $1,120,000

2020 $1,271,000/1.08 = $1,176,852

Ending inventory [$1,120,000+ (1,176,852 - $1,120,000)× 1.08]

= [$1,120,000 + $61,400]

= $1,181,400

2021 $1,417,000/1.26 = $1,124,603

2022 $1,623,000/1.31 = $1,238,931

Ending inventory [$1,124,603 + ($114,328 × 1.31)]

= $1,124,603 + $149,770

= $1,274,373

Therefore, the cost of the ending inventory at December 31, 2020 under dollar value LIFO would be $1,274,373

5 0
3 years ago
Blanchard Company manufactures a single product that sells for $ 180 per unit and whose total variable costs are $ 126 per unit
Nuetrik [128]

Answer:

Part 1

<u>Income Statement at 15,600 units</u>

Sales ($ 180 x 15,600)                                     $2,808,000

Less Variable Costs ($126 x 15,600)             ($1,965,600)

Contribution                                                        $842,400

Less Fixed Costs                                               ($842,400)

Net Income                                                                    $0

Part 2

$3,278,000

Explanation:

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = $ 842,400 ÷ ($ 180 - $126)

                               = 15,600 units

<u>Assume the company's fixed costs increase by $ 141.000</u>

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = ($ 842,400 + $ 141.000) ÷ ($ 180 - $126)

                               = 18,212 units

Break even Revenue = 18,212 x  $ 180 =  $3,278,000

6 0
2 years ago
Franklin Aerospace has a quick ratio of 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current as
MrRissso [65]

Answer:

8.28 times

Explanation:

The number of times that Franklin Aerospace sell and replaces its inventory shall be determined through following mentioned formula:

Inventory turnover=sales/inventory balance

First we have to calculate the inventory balance which shall be determined as follows:

Quick ratio=current assets-inventory/current liabilities

2= $80,500-inventory/ $28,175

$56,350=$80,500-inventory

Inventory=$80,500-$56,350=$24,150

Now we will the number of times that Franklin Aerospace sell and replaces its inventory:

Inventory turnover=$200,000/$24,150=8.28 times

8 0
3 years ago
foreign steel exports, a company based in brazil, colludes with other steel-export companies from around the world to agree on t
Tanya [424]

This type of agreement is a violation of the Sherman Act.

A piece of antitrust law from the United States, the Sherman Antitrust Act of 1890, established the idea of unlimited competition between companies. It was authorized by Congress, and its main author is Senator John Sherman. The Sherman Act forbids "any contract, combination, or conspiracy in restraint of trade," as well as "every monopolization, attempted monopolization, conspiracy, or combination to monopolize." In order to avoid monopolistic alliances that impede trade and erode economic competition, the Sherman Antitrust Act was created in 1890. It prohibits both formal cartels and attempts to monopolize any sector of American commerce.

To learn more about Sherman Act: brainly.com/question/2119756

#SPJ4

7 0
1 year ago
Journalize the following transactions in the accounts of Arizona Interiors Company, a Restaurant Supply Company that uses the al
emmasim [6.3K]

Answer:

May 1

Dr Cost of merchandise sold $9,600

Cr Merchandise inventory $9,600

Aug. 30

Dr cash $2,800

Dr Allowance for doubtful accounts $10,600

Cr accounts receivable-peking palace co $13,400

Dec. 8

Dr Accounts receivable - peking palace co $10,600

Cr Allowance for doubtful accounts $10,600

Explanation:

Preparation of the journal entries in the accounts of Arizona Interiors Company

May 1

Dr Cost of merchandise sold $9,600

Cr Merchandise inventory $9,600

Aug. 30

Dr cash $2,800

Dr Allowance for doubtful accounts $10,600

($13,400-$2,800)

Cr accounts receivable-peking palace co $13,400

Dec. 8

Dr Accounts receivable - peking palace co $10,600

Cr Allowance for doubtful accounts $10,600

6 0
2 years ago
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