FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The annual sales of a company are $235,000 including sales tax at 17.5%. Half of the sales are on credit
terms; half are cash sales. The receivables in the
What are the receivable days (to the nearest day)?
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- The Caccamisse Corporation has annual credit sales of $35 million. The average collection period is 37 days. What is the average investment in accounts receivable as shown on the balance sheet? Assume 365 days per year. Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.arrow_forwardA company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 daysarrow_forwardThe net sale of a company is estimated to be SAR 384,000. How much will be the accounts receivable turnover ratio for the period if the average account receivables are SAR 32,000? O a. 12 O b. 11 O c. 15 O d. 6arrow_forward
- The 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 $279,452.05arrow_forwardABCD Corporation has credit sales of $12,690,000 and receivables of $1,970,000. Assume there are 365 days in a year. What is the receivables turnover? Round your answer to two decimal places. What is the average collection period (days sales outstanding)? Round your answer to the nearest whole number. days If the company offers credit terms of 50 days, are its receivables past due? Round your answer to the nearest whole number. Enter zero if the receivables are not past due. -Select-YesNoItem 3 , it is days overdue.arrow_forwardGandi brothers has DSO of 22 days and its annual sales on account are $7,665,000. Assume number of days in year as 365 days. Calculate the accounts receivable balance. O $550,000 O $462,000 O $410,000 O $450,000arrow_forward
- Blue Air Inc., has net sales of $735,000 and accounts receivables of $164,000. What are the firm's accounts receivables turnover? Round to two decimal places.arrow_forwardABC Co.'s accounts receivable amounted to $500,000 for year 1, and had increased by 50% in year 2. What is the change in peso of the accounts receivable?arrow_forwardNet Credit Sales = 12,000. Accounts receivable turnover = 18.8 times. Cost of goods sold = 2,000. Days in Year = 365 days. How much is average collection period in days?arrow_forward
- Medwig Corporation has a DSO of 36 days. The company averages $8,000 in sales each day (all customers take credit). What is the company's average accounts receivable? Assume a 365-day year. Round your answer to the nearest dollar.arrow_forwardTwist Corp. has a current accounts receivable balance of $438,726. Credit sales for the year just ended were $3,830,500. What is the receivables turnover?arrow_forwardif the net sales is P200,000 and the average accounts receivable is P50,000, what is the accounts receivable turnover?arrow_forward
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