ACT 5140 smart book chapt 23

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Problem:87

Problem:87

5

hr.3

Question 4 The New EV Truck Company has an operating cycle of 48 days, an accounts receivable period of 30 days and an accounts payable period of 17 days. The inventory period is [Select] ✓ days and the cash cycle is [Select] V [Select] days. Given a Cost of Goods sold expense of $227, 500 and Credit sales of $ 650,000, the average Accounts Payable balance is $ [Select] and the average inventory balance is $ 16 pts The New EV Truck Company has an operating cycle of 48 days, an accounts receivable period of 30 days and an accounts payable period of 17 days. The inventory period is days and the cash cycle is days. Given a Cost of Goods sold expense of \(\$ 227, 500 \) and Credit sales of \( \$ 650,000 \), the average Accounts Payable balance is \S and the average inventory balance is \(\$ \)

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13 What is the estimated cost of goods sold alnu 14. What is the estimated total selling and administrative expense IUI JUIŲI 15. What is the estimated net operating income for July? 12. What is the estimated FIIL TOI лу: ises Connect Gerw Hill ACCOUNTING All applicable exercises are available with McGraw-Hill's Connect® Accounting EXERCISE 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales 00 in May of each year, as shown in the company's sales budget for the second quarter given belou April May June Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000

MN * 00 HI %#3 https://ezto.mheduc Help Save & Exit Saved t-Chapter 11 & 13 Review Jackson Company has developed the following sales projections for the calendar year: 000 000 May June July 156,000 August September 000 000 99 000 October Normal cash collection experience has been that 50% of sales is collected during the month of sale and 45% in the month following the sale. The remaining 5% of sales are never collected. Jackson's budgeted cash collections for the third calendar quarter are: (CMA adapted) Multiple Choice 000'00$ 20 of 20 Next nere to search 4/2 近 +D -3 PrtSc Delete F5 F7 F8 F10 F11 F12 6 & %23 $4 4. 5. 6. P. G B N Alt Ctrl

QUESTION 5 Duncan Corporation uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 2% uncollectible rate. Accounts more than 60 days are considered old and have a 34% uncollectible rate. Duncan's Allowance for doubtful accounts currently has an unadjusted credit balance of $2,500. If Duncan has $68,400 of young accounts and $14,200 of old accounts, how much should be reported in the adjusted Allowance for doubtful accounts?

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QUESTION 5 Duncan Corporation uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 8% uncollectible rate. Accounts more than 60 days are considered old and have a 37% uncollectible rate. Duncan's Allowance for doubtful accounts currently has an unadjusted credit balance of $3,000. If Duncan has $87400 of young accounts and $12000 of old accounts, how much should be reported in the adjusted Allowance fo. doubtful accounts?

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Question 35 An auditor noted that client sales had increased 10 % for the year. At the same time cost of goods sold had decreased from 45% to 40% and year end accounts receivable had increased by 8%. The auditor is most likely concerned about:     unrecorded costs     improper credit approvals     Improper sales cut-off     fictitious sales

Exercise 22-19 Cash conversion cycle LO A4   ($ millions) Accounts payable, end of year $ 49,049   Accounts receivable, net, end of year   17,874   Inventory, end of year   4,855   Net sales   229,234   Cost of goods sold   141,048     Use the information above to compute the number of days in the cash conversion cycle for Apple. (Use 365 days in a year. Round calculations to the nearest whole day. Negative numbers should be indicated by a minus sign.)

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3 6 02:20:34 ipped Book Hint Print erences Consider the following financial statement information for the Newk Corporation: Item Beginning $ 10,500 Inventory Accounts receivable 5,500 7,700 Accounts payable Credit sales Cost of goods sold $ 85,000 65,000 Operating cycle Cash cycle Calculate the operating and cash cycles. (Use 365 days a year. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Ending $ 11,500 5,800 8,100 days days

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Part 2 please

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Problem 9-18 A firm with sales of $21,000,000 has inventory of $1,800,000. The firm has no cash sales (all sales are on credit and are collected within 60 days). You are willing to sell inventory to the firm on credit provided that you will be paid within 77 days. Should you sell to this firm on credit? Assume there are 365 days in a year. (This question is more subtle than it appears. Think through all the given information.) Round your answer to the nearest whole number. On average, it will take you 31 days to receive the payments, therefore, you should not v sell to the firm on credit.