Chapter 8, Problem 77P

General accounting

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What was the average collection period?

Evergreen Corp. has a current accounts receivable balance of $625,000. Credit sales for the year just ended were $6,750,000. a) What is the company's receivables turnover? b) What is the company's days' sales in receivables? c) How long did it take on average for credit customers to pay off their accounts during the past year?

Arlington Supplies Ltd. manufactures and sells cardboard boxes. The stock of boxes was included in the closing inventory as of December 31, 2010, at a cost of $65 each per bundle. During the final audit, the auditors noted that the subsequent sale price for the inventory on January 20, 2011, was $50 per bundle. Additionally, an inquiry revealed that during the physical stock take, a storage issue led to minor water damage, affecting the structural integrity of the boxes. As a result, Arlington Supplies Ltd. spent $18 per bundle for drying and reinforcing the boxes. The net realizable value and inventory write-down (loss) amount to: (a) $50 and $15 respectively. (b) $47 and $18 respectively. (c) $32 and $33 respectively. (d) $40 and $25 respectively. (e) $35 and $30 respectively.

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Alpha Corp. produces and sells a single product. The company's contribution format income statement for the month reports: • Sales (7,500 units) = $225,000 • Variable expenses = $112,500 • Contribution margin = $112,500 • Fixed expenses = $85,000 • Net operating income = $27,500 If Alpha Corp. sells 8,000 units, what is the total contribution margin?

What is amount of the gain to be allocated to duvall on these accounting question?

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