Solved: If accounts receivable decreased 7200 and cash collections, Accounting Basics

+44 141 628 6080
[email protected]

If accounts receivable decreased 7200 and cash collections

Question - The following information is provided for Stanton Company for January 2009:

1. Credit Sales: Not given

2. Cash sales: $75,000

3. 1/1/09 Merchandise inventory: $65,000

4. Gross margin for January: 53%

5. 1/1/09 Accounts receivable: $44,700

6. Net income: $21,060

7. 1/31/09 Accounts receivable: Not given

Additional Information:

1. All merchandise purchases are on credit

2. Only credit sales to customers are recorded in accounts receivable

Required: If accounts receivable decreased $7,200 and cash collections from customers were $157,200 during January, what was the total credit sales for January?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: If accounts receivable decreased 7200 and cash collections

Reference No:- TGS02677975

Now Priced at $25 (50% Discount)

Recommended (93%)

Rated (4.5/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How does the pyramid change

Staying with Nigeria, rewind the year to 1950. Using the +5 year control, fast forward in 5 year increments until you reach 2020.

Which are forms of media bias

Question: Which of the following are forms of media bias? (Select all that apply)

Cases of local communities using modern technology

Question: Cases of local communities using modern technology to preserve and revive their traditions:

What when people get involved in community and social change

When people get involved in community and social change but do not hold official political positions, which of the terms best describes what they are part of

How the major schools of thought within sociology

Question: Discover how the major schools of thought within sociology explain social stratification.

How sociological models help understand mental illness

Based on the chapter by Allen Furr on the sociology of mental illness, How do sociological models help you understand mental illness differently

How are schools important in the struggle for power

Question: How are schools important in the struggle for power and status?

Solution Preview :

Prepared by a verified Expert

Accounting Basics: If accounts receivable decreased 7200 and cash collections

Reference No:- TGS02677975

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : As you are probably aware the rate of diagnosis of autism

Q : Write a minimum of five paragraphs and 300 words the point

Q : In october of 2011 mike and cathy bennett sold their

Q : You must write a 5-7 page research paper on any

Q : If accounts receivable decreased 7200 and cash collections

Q : Write a brief reaction paper 2-3 paragraphs explaining the

Q : Discuss the single most important or surprising lesson

Q : Review the article you will be using as the basis of your

Q : What is a prepaid credit card how does it differ from a