In a cash receipts journal, ________.
A) cash sales are recorded in the Accounts Receivable CR column and the Cash DR column
B) collections on account are recorded in the Accounts Receivable DR column and the Cash DR column
C) the miscellaneous cash receipt transactions are ignored
D) the cash sales are recorded in the Sales Revenue CR column
D) the cash sales are recorded in the Sales Revenue CR column
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The asset and liability categories group individual accounts by the expected timing of cash receipts (for assets) or cash payments (for liabilities)
Indicate whether the statement is true or false
Comparative calendar-year financial data for a company are shown below. Calculate the following ratios for the company for Year 2:(a) accounts receivable turnover(b) day's sales uncollected(c) inventory turnover(d) days' sales in inventory? Year 2Year 1Sales$ 720,000$607,500Cost of goods sold450,000382,700Operating expenses168,500134,900Net income51,20051,700????December 31,December 31,?Year 2Year 1Accounts receivable (net)$ 157,500$162,500Inventory139,500110,500Total assets1,012,500944,800
What will be an ideal response?
______ are short sayings that express things that are obviously true in a particular culture and often advise people how they should behave.
Fill in the blank(s) with the appropriate word(s).
A firm's balance sheet is all about investing and financing and describes nothing about a firm's operations
Indicate whether the statement is true or false