A company reported net sales of $72,000 and ending accounts receivable of $6,500 for the current period. Using 365 days in a year, calculate the company's days' sales uncollected. a. 28.92 days b. 33.01 days c. 29.45 days d. 32.98 days e. 35.78 days

A company reported net sales of $72,000 and ending accounts receivable of $6,500 for the current period. Using 365 days in a year, calculate the company's days' sales uncollected. a. 28.92 days b. 33.01 days c. 29.45 days d. 32.98 days e. 35.78 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Related questions

Q: Find the company's price to earnings ratio of this financial accounting question

A: Step 1: Define Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) Ratio measures the valuation…

Q: Sheridan Manufacturing prepared a static budget.

A: Step 1: Calculation of Variable Overhead Cost for 62,000 direct labor hoursVariable overhead cost…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Double-Declining Balance (DDB) DepreciationThe Double-Declining Balance (DDB)…

Q: Don't want AI answer

A: Concept of Depletable CostDepletable cost refers to the total cost that can be allocated to the…

Q: Calculate the dollar markup and cost

A: Let's go through the calculations step by step with detailed explanations. Given Information:Selling…

Q: Provide correct answer general accounting question

A: Step 1: Define Prepaid InsurancePrepaid insurance is an asset representing insurance payments made…

Q: ??!!

A: The Debt to Equity Ratio is calculated using the formula:Debt to Equity Ratio=Total Debt/Total…

Q: Ans ? Financial accounting

A: Step 1: Define Profit CalculationProfit is calculated as the difference between total revenue and…

Q: Perreth Drycleaners has capacity to clean up to 5,000 garments per month. Requirements 1. Complete…

A: Step 1:1. The schedule for three volumes is prepared as follows: Formula table: Result of the above…

Q: hello teacher please help me

A: Step 1: Definition of Absorption CostingAbsorption costing is a method where all manufacturing costs…

Q: Subject: accounting

A: Step 1: Definition of Percentage IncreasePercentage Increase measures the relative growth of a value…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Net IncomeNet income is the total profit a company earns after deducting all…

Q: Hello tutor solve this problem with accounting

A: Present Value of Bond=Coupon Amount∗PVAF(r,n)+Face Value∗PVIF(r,n)Annual Coupon Amount = $85r =…

Q: General accounting question

A: Step 1: Define Dividends Received Deduction (DRD)The Dividends Received Deduction (DRD) allows…

Q: What is the operating income using absorption costing ?

A: Compute the sales.Sales = Sales price x Units soldSales = 210 x 530 unitsSales = 111,300 Compute the…

Q: Total budgeted overhead cost for a month

A: Explanation of Variable Overhead Costs:Variable overhead costs are expenses that change in direct…

Q: Lao Enterprises is preparing its direct labor budget for June. Projections for the month are that…

A: Step 1: Calculation of Total Direct Labor HoursTotal Direct Labor Hours = Units to be Produced ×…

Q: Give me correct answer financial accounting question

A: Step 1: Define Ending EquityEnding Equity represents the total value of a company's equity at the…

Q: What are the potential savings from the lockbox?

A: To determine the potential savings from the lockbox system, follow these steps:Given data:Daily…

Q: Current Attempt in Progress In 2025, Sunland Corporation disposed of Amy Division, a major component…

A: Step 1:In the given case, the Sunland Corporation discontinued the Amy division, which means the…

Q: Please solve. and provide correct solution

A: The Return on Equity (ROE) is calculated using the formula:ROE=Net Income/Total Equity Step 1: Find…

Q: Problem for accounting question please solve

A: The total acquisition cost of the new building includes all expenses directly related to its…

Q: Accurate Answer

A: Calculation of Variable Overhead per Direct Labor Hour at 60,000 Labor hoursVariable Overhead per…

Q: What is the book value ???

A: Step 1:The unamortized premium is shown as a liability in the balance sheet; it is added to the face…

Q: General Account tutor please find solution

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial performance ratio…

Q: Give me solution this question

A: Step 1: Definition of Paid-in CapitalPaid-in Capital (Additional Paid-in Capital, APIC) refers to…

Q: What is gain or loss realized on the sale of the machine on these financial accounting question?

A: Step 1: Define Gain or Loss on Asset SaleThe gain or loss on the sale of an asset is determined by…

Q: How much is the direct materials price variance for this accounting question?

A: Step 1: Define Direct Materials Price VarianceDirect Materials Price Variance is the difference…

Q: How much overhead would be applied to production?

A: Concept of Predetermined Overhead RateThe Predetermined Overhead Rate is an estimated rate used to…

Q: I want to correct answer general accounting question

A: Step 1: Definition of Current AssetsCurrent assets are short-term assets that are expected to be…

Q: Hi experts please answer the accounting question

A: Step 1:In the given case, the materials are added at the beginning of the process, which means for…

Q: One year ago you purchased a two-year bond at a discount for $900. It has a par value of $1000 and…

A: To determine the capital gain or loss on the bond, follow these steps: Step 1: Understanding the…

Q: Answer? Financial accounting

A: Step 1: Define Price-Earnings (P/E) RatioThe Price-Earnings (P/E) ratio is a financial metric that…

Q: Hiii, tutor Give answer

A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Q: What is the correct option? General accounting question

A: Step 1:Under the balance sheet approach, the ending balance of the allowance account is equal to the…

Q: A factory operates at a normal capacity of 30,000 direct labor hours. The variable costs are…

A: Step 1: Definition of Standard Manufacturing Overhead RateThe Standard Manufacturing Overhead Rate…

Q: Silverstone would report gross profit at the standard of

A: Explanation of Gross Profit:Gross Profit represents the difference between a company's total sales…

Q: Want Solution

A: We can calculate the local credit union's net profit using the following steps: Given Data:Cap rate:…

Q: what is correct answer of this General accounting question

A: Step 1: Define Corporate Tax LiabilityThe Corporate Tax Liability represents the amount of federal…

Q: What is the total asset turnover of this accounting question?

A: Step 1: Definition of Total Asset TurnoverTotal Asset Turnover is a financial ratio that measures…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Bad Debt Expense (Allowance Method)The allowance method is used to estimate…

Q: Compute total manufacturing costs for this accounting question

A: Step 1: Define Total Manufacturing CostsTotal Manufacturing Costs refer to the sum of direct…

Q: Branch Company, a building materials supplier, has $17,400,000 of notes payable due April 12, 2025.…

A: Branch Company has a notes payable of $17,400,000 due in April 2025. On December 31, 2024, the…

Q: Operating leverage?

A: Explanation of Sales:Sales refer to the total revenue a company generates from selling its products…

Q: do fast answer of this General accounting question

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: Hello tutor provide solution this accounting question

A: Step 1: Definition of Lower of Cost or Market (LCM) RuleThe Lower of Cost or Market (LCM) Rule is an…

Q: Provide answer

A: Revenue from small boats (20-30ft):Number of slips: 15Base rate: $2,400Revenue: 15 × $2,400 =…

Q: Please solve the financial accounting question without use Ai

A: Step 1: Definition of Recognized Gain or LossRecognized gain or loss refers to the portion of a…

Q: Determine the direct materials purchases

A: Explanation of Direct Materials Purchases Budget: The direct materials purchases budget is a…

Q: Please help me with this problem!

A: Step 1:April 1, 2025: Signing of the Franchise Agreement : 1. Initial Franchise Fee…

Question

100%

Accounting solution

A company reported net sales of $72,000 and ending
accounts receivable of $6,500 for the current period. Using
365 days in a year, calculate the company's days' sales
uncollected.
a. 28.92 days
b. 33.01 days
c. 29.45 days
d. 32.98 days
e. 35.78 days

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

Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
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.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and accounts receivable averaged 437,500. Half of Grunewalds customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewalds nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.)
Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28