A company had receivables of $85,000 and annual sales of $985,000. How many days did it take the company to collect its average level of receivables? Assume a 365-day year. a. 45 days b. 32 days c. 28 days d. 31 days

A company had receivables of $85,000 and annual sales of $985,000. How many days did it take the company to collect its average level of receivables? Assume a 365-day year. a. 45 days b. 32 days c. 28 days d. 31 days

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

See similar textbooks

Related questions

Q: Financial Accounting

A: Explanation: The data given in the question pertains to the year 2014. But, it also states that the…

Q: Give me Answer

A: Explanation of Modified Unit Attribution: Modified unit attribution is an advanced approach to…

Q: METLOCK COMPANY Comparative Balance Sheet Assets Dec. 31, 2025 Dec. 31, 2024 Cash $33,900 $12,500…

A: Step 1:Cash Flow Statement:-Cash Flow Statement is the statement prepared at the end of accounting…

Q: At December 31, 2016 and 2015, G Co. had 50,000 shares... Please answer the accounting question

A: Step 1: Define Preferred DividendWhen the preferred stock is cumulative, any dividends of the past a…

Q: CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts…

A: Approach to answer the question:Step 1:I'll assist you in creating the chronological diary entries…

Q: William Inc. had sales of $2,382,900 for the first quarter of 2023. In making the sales, the company…

A: Step 1: Introduction to CVP AnalysisCVP analysis, or cost-volume-profit analysis, is a management…

Q: SUBJECT: ACCOUNTING 7 MARKS

A: Explanation of Beginning Inventory: Beginning inventory represents the initial stock of goods that…

Q: I won't to this correct answer this general Accounting question

A: Step 1: Define Capital Asset Pricing Model (CAPM)The capital asset pricing model (CAPM) provides a…

Q: Financial Accounting Question answer step by step calculation with explanation

A: Step 1: Identify the principal amount ($75,000)Step 2: Convert the annual interest rate to a decimal…

Q: I want to correct answer general accounting

A: Step 1: Definition of Contribution MarginContribution margin represents the amount remaining from…

Q: I need correct solution general accounting

A: Step 1: Define Product CostingProduct costing is the method used to calculate an enterprise's…

Q: Total fixed Costs?

A: Explanation of High-Low Method:The high-low method is a cost estimation technique used to separate…

Q: I won't to this question answer general Accounting

A: Step 1: Define PensionA company is required to set aside some amount of money in order to fund the…

Q: Please solve this problem

A: Step 1:First calculate the equivalent unit of conversion cost: Equivalent units of conversion =…

Q: Wilson manufacturing has the following solve this accounting questions

A: Step 1: Definition of Absorption CostingUnder absorption costing, all production costs (both fixed…

Q: Waiting for answer. Help me

A: Approach to solving the question: (a) units need(b) Active size(c) a x bper month ( c x…

Q: Financial Accounting

A: Step 1: Definition of Total Manufacturing CostsTotal manufacturing costs include the direct…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Gain or Loss on DisposalGain or loss on disposal is calculated by comparing…

Q: Financial accounting questions

A: Step 1: Define Return on Total AssetsThe total assets of the company consist of both the current…

Q: I won't to this question answer general Accounting

A: Step 1: Define Costs of Goods SoldThe cost of Goods Sold is defined as the cost of making the goods…

Q: Financial accounting

A: Step 1: Define Cost of Goods SoldThe cost of goods sold is significant in computing the company's…

Q: Sherfield Company uses a normal costing system, applying overhead.... Need answer the general…

A: Step 1: Define Manufacturing Overhead AllocationThe standard costing helps in the process of…

Q: Accounting Problem: Database systems is considering expansion into a new product line. Assets to…

A: Concept of Assets:Assets are resources owned by a company that have economic value and are expected…

Q: Let i* denote the effective annual return achieved on an equity fund achieved between time (t-1) and…

A: To solve the problem, we need to determine the amount of money that should be invested now such that…

Q: Maple manufacturing has provided its contribution solve this accounting questions

A: Step 1: Definition of Contribution MarginThe contribution margin is the portion of sales revenue…

Q: I want both answer

A: Explanation of Overhead Rate:The overhead rate is a calculation used in cost accounting to allocate…

Q: General Accounting

A: Step 1: Define Profit Margin RatioThe profit margin ratio is used for analyzing the profitability of…

Q: Delta manufacturing has the following information solve this general accounting question

A: Step 1: Definition of Cash Conversion CycleThe cash conversion cycle (CCC) measures the time it…

Q: Duke and Pat Collins have adjusted gross income.... Please give answer the general accounting…

A: Step 1: Define Gross IncomeGross income refers to an income earned from all the sources of income in…

Q: The predetermined overhead rate per machine hours should be. General accounting

A: Step 1: Define Predetermined overhead ratePredetermined overhead rate is used by the managers to…

Q: Kindly help me Accounting question

A: Step 1: Definition of GoodwillGoodwill is the excess amount paid by the acquiring company over the…

Q: Provide correct answer general Accounting

A: Step 1: Difference in income Difference = Absorption costing operating income - Variable costing…

Q: Financial Accounting Question need help

A: The current stock price is modeled using the Gordon's Growth model, which establishes the current…

Q: Do fast answer of this accounting questions

A: To calculate the predetermined overhead rate, we use the following formula: Predetermined Overhead…

Q: Financial accounting

A: Step 1: Define Accounting for DepreciationCompanies buy property, plant, and equipment to use over…

Q: What rate of return is implied by the current market value of this Financial Accounting Question?

A: Step 1: Define Required Rate of ReturnThe required rate of return on a common stock implies how much…

Q: What is net sales?

A: Explanation of Total Sales:Total Sales refers to the gross revenue generated by a business from…

Q: California Industries, Inc. borrowed $300,000 at 12% interest on January 1, 2025, for the…

A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Q: Financial Accounting solve this problem

A: Step 1: Define Band of InvestmentThe band of investment method is a similar concept to the weighted…

Q: Hello tutor please provide this question solution general accounting

A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric that…

Q: I don't need ai answer general accounting

A: To calculate the Cost of Goods Sold (COGS), we can use the following formula: COGS = Opening Stock +…

Q: Hi expert provide correct answer general accounting

A: Step 1: Define Average Collection PeriodThe average collection period refers to the total amount of…

Q: Job 786 was one of the many jobs started and completed during the year. The job required $8,400 in…

A: Explanation of Total Job Cost:Total Job Cost refers to the aggregate cost incurred in completing a…

Q: Do fast answer of this accounting questions

A: Step 1: Define Net IncomeBefore taxes and benefit deduction is taken from an employee's paycheck,…

Q: What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? OA. Interest of 2 percent will…

A: Step 1:Step 2: Step 3: Step 4:

Q: General Accounting

A: Step 1: Define Profit MarginThe profit margin of a firm can be expressed in terms of gross profit…

Q: ???

A: Explanation of Purchase Price: Purchase price is the total amount of money one company pays to…

Q: How does relational depth affect transaction analysis? a) Interconnected business relationships…

A: Explanation of Relational Depth: Relational depth refers to the complexity and multi-layered nature…

Q: None

A: Step 1: Define ExpensesExpense accounts are considered as temporary accounts. Meaning, these are…

Q: Please provide this question solution general accounting

A: Step 1: Determine Annual Depreciation Expense Since the equipment is eligible for 100% bonus…

Question

Don't use ai please give me answer general accounting question

A company had receivables of $85,000 and annual sales of
$985,000. How many days did it take the company to collect its
average level of receivables? Assume a 365-day year.
a. 45 days
b. 32 days
c. 28 days
d. 31 days

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
LO3 In the cash receipts journal, each amount in the General Credit column is posted (a) daily. (b) weekly. (c) at the end of the month. (d) at the end of the year.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee 4, check-processing fee of 20 cents, average of 23 checks written per month b. Annual interest of 1.5 percent paid if balance exceeds 750, 8 monthly fee if account falls below minimum balance, average monthly balance 815, account falls below 750 during four months