Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020.

The following transactions occurred during the January month:Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020.Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed.Paid $10,000 for an Internet advertisement that ran today on 1/3.On January 4, purchased and received $3,000 of supplies on account.Received $170,000 cash on 1/5 from customers for service revenue earned but not previously recorded in January.On January 6, paid $3,000 cash for supplies purchased on January 4.On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account.Paid $378,000 in wages to employees on 1/30 for work done in January.On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February.

From the following information calculate the cash received from customers.Accounts receivable opening balance                      $20,000Credit Sales                                                                  $840,000Accounts receivable closing balance                         $40,000

In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, it focused on obtaining the financing needed to start its operations. In February of year 1, the company sold inventory costing $25,000 for $75,000 cash.In February of year 1, the company provided technology-related services worth $10,000. Customers paid a total of $4,000 in cash for these services and promised to pay the remainder the following month.What will be the total impact of these services provided on the company’s balance sheet other than an increase in cash of $4,000?Choose 2 answers Accounts receivable will increase $6,000. Accounts receivable will decrease $6,000. Retained earnings will decrease $2,000. Retained earnings will increase $6,000. Retained earnings will increase $10,000.

Listed below are several transactions that took place during the first two years of operations for an accounting firm.  Year 1 Year 2Amounts billed to clients for services rendered $ 260,000 $ 325,000Cash collected from clients 208,000 293,000Cash disbursements:    Salaries paid to employees for services rendered during the year 104,000 130,000Utilities 62,000 87,000Purchase of insurance policy 64,000 0     Additional information:    Utility costs - Year 1   $50,000Liabilities - End of Year 2   0Anticipated bad debts on receivables   0Insurance policy term 4 yearsRequired:Calculate the net operating cash flow for years 1 and 2.Calculate the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.Prepare an income statement for each year according to the accrual accounting model.Navigation:Use the Open Excel in New Tab button to launch this question.When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

Hannah’s Healing Herbs Ltd has Accounts Receivable of $14 000 at 1 July 2022, and $24 000 at 30 June 2023. Sales revenues (all on credit) were $600 000 for 2023. Bad debts written off directly against Accounts Receivable were $2000 in 2023.Task: What is the amount of cash receipts from customers in 2023? Construct T accounts to determine your answer