(Answered) Question at the beginning of august 2017 mullin athletics

Accounting

Question: At the beginning of August 2017, Mullin Athletics had a $0 balance in Accounts Receivable. In the month of August, they signed three contracts with different schools to provide athletic apparel:

1: Provide 150 football uniforms at a selling price of $75 each and a cost of $40 each, delivered on August 12.

2: Provide 150 football uniforms at a selling price of $75 each and a cost of $40 each delivered on August 14, 36 basketball uniforms at a selling price of $60 each and a cost of $30 each delivered on October 1.

3: Provide 50 basketball uniforms and 50 track uniforms; 50 basketball uniforms at a selling price of $60 each and a cost of $30 each delivered on October 4, 50 track uniforms yet to be delivered with a selling price of $50 and a cost of $25. The contract is dependent on delivery of track uniforms.

Assuming they have not yet received payment for any of the uniforms, what amount would Mullin Athletics have in their Accounts Receivable account on their December 31, 2017, balance sheet?

A : $30,160

B : $27,660

C : $13,410

D : $24,660

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92564301
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - the kuttner corp issued in 2014 for violating

Question - The Kuttner Corp issued in 2014 for violating patent laws. In 2014, the kuttner corp decides that a loss is probable, and records an expense of $23 million. What is the effect on income in 2016 if the case is ...

Question - susan a single taxpayer owns and operates a

Question - Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2018, the business pays $100,000 in W-2 wages, holds $150,000 of qualified p ...

Question - crane company had 590000 shares of common stock

Question - Crane Company had 590000 shares of common stock outstanding on January 1, issued 890000 shares on July 1, and had income applicable to common stock of $2930000 for the year ending December 31, 2018. Earnings p ...

Question - alpha corp was organized on january 2 2018

Question - Alpha Corp. was organized on January 2, 2018. During the first year of operation, Alpha issued 100,000 shares of $1 par value of common stock @ a price of $50 per share. On December 31st, Alpha reported Net In ...

Question - one december a 101-year-old woman died and left

Question - One December, a 101-year-old woman died and left $25 million to a university. This fortune was accumulated through shrewd and patient investment of a $4000 nest egg over the course of 55 years. In turning $400 ...

Question - the following information relates to nebula

Question - The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 40,000 Sales Discounts 20,000 Sales Returns and Allowances 7,000 C ...

Question - prepare journal entries the town records

Question - Prepare journal entries. The Town records encumbrances only for its Supplies appropriation. 1) Lancing adopted the following budget for the year: Revenues: Property taxes $275,000 Licenses and fees $35,000 App ...

Question - recent financial statements of general mills inc

Question - Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute Genera ...

Assignment - asset misappropriation and corporate

Assignment - Asset Misappropriation and Corporate Governance For this assignment, use the Internet or Strayer databases to research and identify an organization that was a victim of asset misappropriation. Write a five t ...

Question - xyz ltd has a balance day of 31 december on 1

Question - XYZ Ltd has a balance day of 31 December. On 1 January 2XX3, it had an opening inventory balance of $12,000. XYZ Ltd purchased $23,000 worth of goods for resale. On 31 December 2XX3, the closing inventory bala ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert