Windy City Kite Company has prepared sales forecasts for the beginning of Year 3 as shown in the top row of the table. Half of Windy City's kite sales are cash and the other half are credit
Windy City collects credit sales the month following the credit sale. What are Windy City's total cash inflows from customers for January?
Windy City Kite Company
Sales Forecast and Collections Forecast
December January February
Sales Forecast $1,100 $1,000 $2,000
Cash Collections
Collections from Sales last month
Total Cash Inflows
A) $500
B) $550
C) $1,000
D) $1,050
D
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A balance sheet shows the
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Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term.____ 1. Debit____ 6. Chart of accounts____ 2. Note payable____7. Trial balance____ 3. Ledger____8. Credit____ 4. Journal____ 9. Account balance____ 5. Debt ratio____ 10. Balance column accountA. An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.B. A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T-account.C. A written promise to pay a definite sum of money on a specified future date.D. The difference between total
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What will be an ideal response?
Which of the following is a period cost for a manufacturing company?
A) office rent B) wages of factory janitor C) insurance cost of production equipment D) raw materials