Burke Enterprises sells toy flying saucers. The following information relates to toy sales during the month of June (the first month of operations) and to related cash transactions with customers. Behrend pays a sales commission of 1% of all sales, with payment in the month following the month of sale. Toy sales for cash $ 18,000

Toy sales on account (credit sales) $ 42,000

Collections from customers for the credit sales $ 3,000

Deposits received from customers for orders to be filled in July $ 2,000

In the income statement for its first month, Burke should report sales revenue of
A. $60,000
B. $62,000
C. $23,000
D. $21,000

Jason started last week with $900 in his checking account. during the week, he wrote the checks below. at the end of the week, jason received a paycheck for $534.59. he recorded all of these transactions in his check register. trans typ./ check no. date description of transaction payment/ debit deposit/ credit (+) balance 900 00 241 12/4 miller's food market 53.21 53 21 groceries 846 79 242 12/7 frank's auto parts 24.05 24 05 oil and filter 822 74 243 12/8 mike's barber shop 15.00 15 00 haircut 807 74 deposit 12/9 paycheck 534.59 534 59 1,342 33 evaluate jason's check register. a. jason did a good job; everything is correct. b. the final balance is wrong; jason did not add everything correctly. c. jason should have written debit instead of deposit for the transaction type. d. jason entered the amount for his paycheck in the wrong column.

Double corporation acquired all of the common stock of simple company for

Garcia industries has sales of $200,000 and accounts receivable of $18,500, and it gives its customers 25 days to pay. the industry average dso is 27 days, based on a 365-day year. if the company changes its credit and collection policy sufficiently to cause its dso to fall to the industry average, and if it earns 8.0% on any cash freed-up by this change, how would that affect its net income, assuming other things are held constant? a. $241.45b. $254.16c. $267.54d. $281.62e. $296.44