Accounts receivable at the end of specific month, Accounting Basics

+44 141 628 6080
[email protected]

Accounts receivable at the end of specific month

The Pitney Company's sales are 40% cash and 60% credit. 50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after. Budgeted sales data is as follows:

June $120,000
July $80,000
August $100,000

Accounts receivable at the end of August are:

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Accounts receivable at the end of specific month

Reference No:- TGS067365

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Fica tax rate on income

For people who own their own company, their FICA tax rate on income up to about $90,000 is 15.3%. That is a lot on top of their other taxes. If they are in a federal 27% rate, and have state and city rate of another 7%,

Q : Differences in basis limitation rules for partnerships

The differences in basis limitation rules for partnerships vs. S corps, ESPECIALLY in terms of LIABILITIES and how these affect the amount of losses that can be passed through under the basis limitation rules.

Q : Rules on permissible tax years

Both S Corps and partnerships have rules on permissible tax years, and cannot just use whatever tax year they like. What are the rules for each? Compare and contrast them, since they are not exactly the same. Why does the government worry about th

Q : Determine cumulative effect of applying change in accounting

If it is impracticable to determine the cumulative effect of applying a change in accounting principle to any prior period, the new accounting principle shall be applied as if the change was made prospectively as of the earliest date practicable.

Q : Accounts receivable at the end of specific month

Q : End of year entries for heiden company

Prepare the necessary calculations and make the end of year entries for Heiden Company for the years 2006,2007,2008.

Q : Treatment of taxation in consolidated accounts

In which countries does taxation tend to have a major influence on published company accounts? Discuss how this influence takes effect and what the position is regarding the treatment of taxation in consolidated accounts.

Q : Gasb rules for the financial reporting entity

With regard to GASB rules for the financial reporting entity, answer the following:

Q : Accelerated method of calculating depreciation

A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:

1927747

Questions
Asked

3,689

Active Tutors

1426604

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Accounts receivable at the end of specific month

Reference No:- TGS067365

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Fica tax rate on income

Q : Differences in basis limitation rules for partnerships

Q : Rules on permissible tax years

Q : Determine cumulative effect of applying change in accounting

Q : Accounts receivable at the end of specific month

Q : End of year entries for heiden company

Q : Treatment of taxation in consolidated accounts

Q : Gasb rules for the financial reporting entity

Q : Accelerated method of calculating depreciation

Discuss three ethical guidelines that are important

Discussion about gender stereotyping

Provide reasons why working from a person centred

Is early food experiences can impact development

Identify a specific theory of cognitive or moral development

Discuss children diagnosed with developmental disabilities

Examine historical literature to the most current period

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Accounts receivable at the end of specific month

Reference No:- TGS067365

Recent Questions Asked Accounting Basics

Q : Fica tax rate on income

Q : Differences in basis limitation rules for partnerships

Q : Rules on permissible tax years

Q : Determine cumulative effect of applying change in accounting

Q : Accounts receivable at the end of specific month

Q : End of year entries for heiden company

Q : Treatment of taxation in consolidated accounts

Q : Gasb rules for the financial reporting entity

Q : Accelerated method of calculating depreciation

Asked Questions