Accounts payable and accounts receivable

Related BrainMass Solutions

• Amount of net cash flows from operating activities

  Net Income $83,000 Beginning Accounts Payable $ 6,000 Beginning Accounts Ending Accounts Payable 5,600 Receivable 10,000 Depreciation Expense 20,400 Ending Accounts Receivable 8,800 Amortization of Intangible

• Cash conversion cycle :sample question

  - Accounts payable period= 33 days =48 + 8 - 23 The solution calculates the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the firm.

• Net credit position

  Its average daily sales are $7,000, and it collects accounts in 28 days. a. What is the net credit position? That is, compute its accounts receivable and accounts payable and subtract the latter from the former.

• Debit and Credit

  Cash will increase and accounts receivable will decrease Cash Debit Accounts Receivable Credit (i) paid a creditor on account This means that an accounts payable has been paid.

• Calculating cash flow: XYZ Company

  a All accounts receivable and accounts payable are related to trade merchandise. Accounts payable are recorded net and always are paid to take all the discounts allowed.

• Classifying Balance Sheet Accounts

  304165 Classifying Balance Sheet Accounts Accounts payable Accounts receivable Cash Notes payable Cleaning equipment Salaries payable Cleaning Supplies Common Stock Instructions Classify each item as an asset, liability, or stockholders

• Home Depot Accounts Receivable and Payable Periods

  the total of accounts payable, accounts receivable and purchases during the year.

• Identify normal debit & credit balances to list of accounts

  depreciation n. accounts payable o. office equipment p. depreciation expense q. service revenue r. notes payable s. notes receivable t. supplies u. utilities payable v. consulting revenue w. interest receivable x. supplies expense y. salaries

• Journal Entries and balance sheet transactions

  Accounts Receivable 84,000 $84,000 decrease to sales and accounts receivable, as well as an Inventory 51,000 $51,000 increase to inventory and a corresponding decrease to cost of goods, Sales 84,000 due to sales return.

• Trial Balance

  This would increase inventory and accounts payable by 5,000 Inventory = 13,000 and Accounts Payable = 8,000 (balance 3,000 on May 3) 6 Collected all of 4/30/06 accounts receivable.