Question Description The company provides the following information: December 31 January 1 Accounts Payable $68,600 $72,300 Inventory 47,800 43,100 Accounts Recelvable 95,000 99,700 a). All purchases of inventory were on account .b). Sales for the year were 972,000 c). The cost of goods sold for the year was 402,000 Compute how much cash was collected from customers during the year.

The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?

Accounts receivables = $6,500 Net Sales = $18,122 Use 360 days when when calculating average days collection

Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…