Answers to Practice Problems for Chapter 9

Answers to Practice Problems for Chapter 9 - The University...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Answers to Practice Problems for Chapter 9 Page 1
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1. Jackson Furniture Company Page 2
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2. Henson Incorporated a. July August September Expected sales in units ……… 16,000 12,000 13,000 Selling price per unit………… $32 $32 $32 Total sales …………………… $512,000 $384,000 $416,000 b. Cash collections from: July August September Page 3
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June sales……………………. $216,320 a July sales……………………. 225,280 $266,240 August sales…………………. 168,960 $199,680 September sales……………… 183,040 Total cash collections ……… $441,600 $435,200 $382,720 (1) Sales from May and all prior months would have been fully collected (or written off) by the end of June. Thus, the $216,320 net realizable value of accounts receivable represents the
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Answers to Practice Problems for Chapter 9 - The University...

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