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Alona [7]
4 years ago
12

Bailey Co earns $12,117 of revenue on account and in $7,682 cash revenue transactions in Year 1. Cash collections of receivables

amount to $6,687 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show Cash inflows for Year 1 $__________
Business
1 answer:
marshall27 [118]4 years ago
4 0

Answer:

Cash inflows for  the year is $14,369.00  

Explanation:

Cash inflows in year comprise of the cash revenue and the portion on revenue on account(accounts receivable), received in the course of the year.

Cash revenue=$7,682

Cash collections in respect of accounts receivable= $6,687

Cash inflows during the year=$7,682+$6,687=$14,369.00  

The balance yet to be collected and expected to be collected in year 2 is the difference between the cash collections and total accounts receivable

balance of accounts receivable =$12,117-$6,687=$5,430.00  

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Zack has two savings accounts with a total of $9,000. he withdrew 10% from one and 60% from the other to buy his girlfriend an e
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Let x = the balance in the first account.
Let y = the balance in the second account.

The total amount in the two accounts is $9,000, therefore
x + y = 9000                      (1)

Zack withdraws 10% of x and 60% of y for a total of $2,175.
Therefore
0.1x + 0.6y = 2175
or
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x + 6y - (x + y) = 21750 - 9000
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Answer:
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The balance in the second account is $1,020

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