Explore BrainMass

Explore BrainMass

    Missing Amounts

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    9-26
    Fill in the missing amounts in the following schedules.

    July August September

    1. Sales* $240,000 $180,000 ?
    Cash Receipts:
    from cash sales ? ? $135,000
    From sales on account (t) ? $102,000 ?
    Total Cash receipts ? ? ?

    2. Accounts payable 12/31/x0 600,000 Euros
    Purchase of goods and services on account during 20x1 2,400,000
    Payments of accounts payable during 20x1 ?
    Accounts payable 12/31/x0 800,000
    3. Accounts receivable 12/31/x0 1,700,000 yen
    Sales on account during 20x1 4,500,000
    Collections of accounts receivable during 20x1 3,900,000
    Accounts receivable ?
    4. Accumulated depreciation, 12/31/x0 $405,000
    Depreciation expense during 20x1 75,000
    Accumulated depreciation, 12/31/x1 ?
    5. Retained earnings, 12/31/x0 $1,537,500
    Net income for 20x1 300,000
    Dividends paid in 20x1 0
    Retained earnings, 12/31/x1 ?

    * Half of each month's sales are on account, June sales amounted to $180,000
    (t) 60% of credit sales is collected in the month of sale; 40% is collected in the following month.

    © BrainMass Inc. brainmass.com June 3, 2020, 7:14 pm ad1c9bdddf
    https://brainmass.com/business/accounting/missing-amounts-90932

    Attachments

    Solution Preview

    July August September

    1. Sales* $240,000 $180,000 ?
    Cash Receipts:
    from cash sales ? ? $135,000
    From sales on account (t) ? $102,000 ?
    Total Cash receipts ? ? ?

    Half of the sales are on account, so the other half are in cash.
    Cash Sales for July are 240,000X0.5=120,000
    Cash Sales for August are 180,000X0.5=90,000

    Since the cash sales for Sept are 135,000. The total sales for September will be 270,000.
    For credit sales, the collection in July wilee be the credit sales of June and the 60% of the ...

    Solution Summary

    The solution explains how to calculate the various missing amounts.

    $2.19

    ADVERTISEMENT