Oman company had $180,000 sales on credit last year. The accounts receivable balance was $14,000 What is the average collection period? Select one: O 20.2 days. O 36.5 days. O 56.78 days O 28.3 days
Q: Sanders Prime Time Company has annual credit sales of $1,800,000 and accounts receivable of…
A: Average collection period (ACP) is the time taken to collect the cash from its accounts receivables.…
Q: Pine Hardware Store had net credit sales of P6,045,000 and cost of goods sold of P5,000,000 for the…
A: Solution:- Introduction:- Accounts receivables turnover ratio measures the number of times per year…
Q: In October, Z-Mart had $475,000 in net credit sales and $75,000 in accounts receivable. Calculate…
A: The account receivables turnover ratio is calculated as net sales divided by account receivables.…
Q: Confection Bakery Supply began the year with an Accounts Receivable balance of $25,000. Net sales…
A: The ratio analysis helps to analyse the financial statements of the business. The account…
Q: Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…
A: Financial management consists of directing,planning,organising and controlling of financial…
Q: Medwig Corporation has a DSO of 20 days. The company averages $3,500 in sales each day (all…
A: Accounts receivables are the money due towards the customers but not yet paid. The accounts…
Q: What is LoGo's payables deferral period (DPO)?
A: Payables deferral period (DPO) = Accounts payable/Credit purchases per day It is the number of days…
Q: Accounts receivable management This table, . shows that Blair Supply had an end-of-year accounts…
A: In order to increase the sales revenue, the business organization sells their goods on the credit…
Q: Abaca Company's accounts receivable is P240,000 at the beginning of the year and 280,000 at the end…
A: 1. 6× means 6 times. Accounts Receivables turnover ratio is 6 times. 2. Total Sales…
Q: Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning…
A: Solution:- Given, Winsor Clothing Store had a balance in the Accounts Receivable account at…
Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Your company had net sales of $100,000 over the past year. One quarter of the sales were credit…
A: Net Sales = 100,000 One quarter were credit sales Credit Sales = Net Sales / 4 = 100,000 / 4 =…
Q: Sheridan Clothing Store had a balance in the Accounts Receivable account of $460000 at the beginning…
A: Opening account receivable (A) = $ 460,000 Closing account receivable (B) = $ 450,000 Net credit…
Q: Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a…
A: Accounts receivable turnover analyzes the number of times accounts receivables is collected and…
Q: Maloney Company had net credit sales during the year of $1,200,000 and cost of goods sold of…
A: Accounts receivable turnover: Accounts receivable turnover is a liquidity measure of accounts…
Q: JKL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…
A: Average Collection Period: In terms of Accounts Receivable, the average collection time of the…
Q: Tulips Company has a DSO of 40 days, and its annual sales are P7,300,000. What is its accounts…
A: Accounts receivables are the average amount of money to be charged on credit by the consumers who…
Q: ACCOUNTS RECEIVABLE MANAGEMENT 4. Farfalle Inc. had credit sales of P3,500,000 last year, with a DSO…
A: The details are as under Credit sales = P 3500000 DOS = 35 days. I year = 365 days Required…
Q: Al Sharif Company's Average Accounts Receivables is OMR 360,000 and total Sales is OMR 1,200,000.…
A: Credit sale=Total sale×100-Cash sale %=OMR 1,200,000×100-40%=OMR 720,000
Q: Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning…
A: Financial statements are statements which states the business activities performed by the company .…
Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average…
A: Solution.. Credit sales = P18,600,000 Average accounts receivable = P1,380,000 Average collection…
Q: Sunland Clothing Store had a balance in the Accounts Receivable account of $500000 at the beginning…
A: Average Accounts receivable = (Beginning Accounts receivable + Ending Accounts receivable) / 2 =…
Q: Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…
A: Income statement: The income statement is one of the three primary financial statements used to…
Q: Nicole Company has an average collection period of 52 days and accounts receivables of P250,000.…
A: Average Debtors collection period = Trade Receivables / Total Sales x 365 Days Note : Here, No. of…
Q: Greene Sisters has a DSO of 20 days. The company’s average daily salesare $20,000. What is the level…
A: Receivable Turnover Ratio = No. of days in a year / Day's sales outstanding (DSO) Receivable…
Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…
A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…
Q: iary calculations to two decimal places and your final answer to the nearest day.) A. 54 days.
A: The right answer is c]option C. 46 days.
Q: The annual sales of a company are $47,000 including sales tax at 17.5%. Half of the sales are on…
A: We have the following information: Annual sales of the company: $47,000 Half of the sales are on…
Q: Medwig Corporation has a DSO of 38 days. The company averages $3,250 in sales each day (all…
A: Days sales outstanding (DSO) is the number of days the firm takes to collect cash from sales .…
Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…
A: Financial Management: Financial management comprises of two words i.e. Finance and management.…
Q: Medwig Corporation has a DSO of 36 days. The company averages $8,000 in sales each day (all…
A: DSO means days sales outstanding. It means number of days it takes credit sales to be converted into…
Q: The Malibu Corporation has annual credit sales of $36 million. The average collection period is 38…
A: Ratio is a tool which is used to evaluate the growth and performance of the firm by establish the…
Q: Nathalie Drug Store had net credit sales of P6,000,000 and cost of goods sold of P2,000,000 for the…
A: A ratio that provides information regarding the company’s efficiency to collect their accounts…
Q: What is the company's average accounts receivable?
A: DSO indicates the average days takes to collect the payment from the accounts receivable.
Q: Medwig Corporation has a DSO of 17 days. The company averages $8,500 in sales each day (all…
A: Days sale outstanding(DSO)/Average collection period(ACP) tells a firm on an average time taken by…
Q: ABCD Corporation has credit sales of $10,960,000 and receivables of $1,260,000. Assume there are 365…
A:
Q: Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and…
A: Accounts Receivable Turnover: The accounts receivable turnover ratio determines the ability of a…
Q: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…
A: Solution: Net Credit Sales = 80% of $1,000,000 = 800,000 For calculating…
Q: The annual sales of a company are $235,000 including sales tax at 17.5%. Half of the sales are on…
A: We have the following information: The annual sales of a company are $235,000 including sales tax…
Q: XYZ's receivables turnover is 4x. The accounts receivable at year-end are $600,000. The average…
A: Receivable turnover ratio is calculated as follows: = Net credit sales / Average account receivable
Q: 5. Krackle Kon Inc, had credit sales of S3,500,000 last year and its days sales outstanding was…
A: Financial Management: Financial management comprises of two words i.e. Finance and management.…
Q: a. If the balance in accounts receivable at the end of 1991 was $500,000 and $750 million , how long…
A: This can be arrived at by using average collection period (ACP) formula. It measures the average…
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- Hh2. Net credit sales for Turner Company are $200,000 for the year and the average accounts receivable balance is $20,000. What is the company's average collection period? (Use 365 days in a year.) Multiple Choice 5 days 548 days 54.8 days 36.5 daysA firm has accounts receivables of R352 476, sales just ended of R3 050 291. What is the average collection period? Assume 365 days in a yearThe following information relates to ReDo Corporation: $28,184,000 $316,199,000 $64,115,000 What ReDo's receivables collection period (DSO)? In your computations, assume there are 360 days in a year. 42.50 days O 72.99 days 32.09days Accounts receivable Total credit sales Accounts payable O 11.22days
- A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivablePls answer the all questions with solutions 10. Wint Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning of the year and a balance of P410,000 at the end of the year. Net credit sales during the year amounted to P4,000,000. The average collection period of the receivables in terms of days was a. 30 days. b. 365 days. c. 73 days. d. 37 days. 11. Pint Hardware Store had net credit sales of P6,500,000 and cost of goods sold of P5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were P600,000 and P700,000, respectively. The receivables turnover was a. 7.7 times. b. 10.8 times. c. 9.3 times. d. 10 times. 14. A company has a receivables turnover of 10 times. The average net receivables during the period are P300,000. What is the amount of net credit sales for the period? a. P30,000. b. P3,000,000. c. P360,000. d. Cannot be determined from the information given. 15. If the average collection period is…Its. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: teme 20X2 20X1 Average accounts receivable $ 400,000 S 416,000 Net credit sales $2,600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day year. is, an
- A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 credit The company estimates 1% of credit sales will be uncollectible. At what amount would Allowance for Uncollectible Accounts be reported in the current year’s balance sheet? a. $4,000.b. $4,400. c. $3,600. d. $800.trout lumber Yard has a current accounts receivable balance of $442016. Credit sales for the year just ended were $9358610 a. What is the receivables turnover? b. What is the day's receivables? c. How long did it take on average for credit customers to pay off their accounts during the past year? a. Receivables turnover _____ times b. Days sales in receivables ____ days c. Average collection period_____ days7 Oman chromite company LLC had sales last year of OMR 500,000, including cash sales of OMR 208,000. If its average collection period was 120 days, its opening accounts receivable is OMR 100,000, the closing accounts receivable is closest to ____________.(Assume a 365 days year.) a. OMR 192,000 b. OMR 96,000 c. OMR 98,000 d. OMR 92,000
- 9. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? O $200 favorable O $200 unfavorable O $700 favorable O $700 unfavorable 10. T Corporation is authorized to issue 500,000 common stock at $10 par value. As of December 31, 2019 the corporation has 350,000 common stock issued and outstanding. On February 14, 2020, the market price of the stock is $17. On the same date, T Corporation acquired 50,000 stocks at $15. On March 5, 2020, the company reissued 25% of the treasury stocks at $20. Which of the following will be included in the entry to record the transaction on March 5, 2020? Debit Treasury Shares $187,500 Debit Common Stock $250,000 O Credit Additional Paid-in Capital $62,500 O Credit Cash $250,0007. Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as outstanding accounts receivable if Company Z has a total sale of $1,800,000 of which $200,000 are cash sales and the beginning and ending accounts receivable balances are $30,000 and $50,000, respectively. 11.40 days O 9.13 days 6.84 days 8.11 daysThe Carhart Corporation sells on credit terms of net 25. Its accounts are, on average, 8 days past due. If annual credit sales are $6 million, what is the company's balance sheet amount in accounts receivable? Multiple Choice O $569,589.04 O $515,342.47 O $279,452.05