Missing Amounts
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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.
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Solution Summary
The solution explains how to calculate the various missing amounts.
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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 ...
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