Soorya Inc.had the Following Balances for Fiscal 2018

question 100

Essay

Soorya Inc.had the following balances for fiscal 2018.

Additional information on 2018 transactions:

Here is an aging of the accounts receivable:

Required:
a)How much cash was collected from accounts receivable during 2018?
b)Prepare the journal entry to record the discounts using both the gross and net method of accounting;assume that the total discounts given related to sales totaling $450,000.Also prepare the journal entry that would be required if the discounts were not taken by customers under the net method.
c)Assume all discounts were taken by customers and that the company used the gross method.
Complete the following chart:

d)What would the bad debt expense be if Soorya wanted to use the percentage of sales method and felt that its experience showed that 4.5% of sales were not collectible?

Grasp the significance of the Big Five personality dimensions and their characteristics.

Become familiar with cross-cultural studies of personality and the implications for the universality of the Big Five.

Learn about different personality inventories and their uses in measuring traits.

Understand the concept and implications of self-monitoring in personality assessment.

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Definitions:

Solvency Ratio

Financial metrics used to evaluate a company's ability to meet its long-term debt and other obligation by comparing its assets to its liabilities.

Profit Margin

A financial metric that measures the amount of net earnings a company makes as a proportion of its sales.

Return On Common Stockholders' Equity

A measure of the profitability of a corporation in terms of the returns generated on the equity investment of the common shareholders.

Net Sales

Net sales represent the revenue a company generates from its business activities, after subtracting returns, allowances for damaged goods, and discounts.