Answered: ABC Company has annual sales of…

ABC Company has annual sales of $400,000 and cost of goods sold of $159,496. The accounts payable period is 44.48 days. What is the average accounts payable balance?

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Solve these general accounting question

A: Step 1: Define Rate VariancesThe rate or price variances calculated in standard costing measure that…

Q: Given answer Accounting

A: Step 1: Determine the total cost of the cost pool and the cost driver for "Designing Products".Total…

Q: Please provide correct answer general accounting

A: Step 1: Define Closing CostAn individual who pays closing costs on a real estate transaction will…

Q: Need help to understand this

A: How the Economic Entity Concept Influences the Separation of Personal and Business TransactionsThe…

Q: Give me answer

A: Based on this, we try to understand how much the deposit amount is related to the percentage of…

Q: Account

A: The correct answer is:c) It requires evidence before recognizing positive events while still…

Q: I need answer of this question solution general accounting

A: Step 1: Define Direct MaterialDirect material cost refers to the raw material expenses which have…

Q: Financial Accounting

A: The formula is:(Ri)=Rf+βi×(E(Rm)−Rf)Where:E(Ri): Expected return on the stockRf: Risk-free…

Q: Help me give answer

A: Explanation of Stock Dividend:A stock dividend is a distribution of additional shares of a company's…

Q: Please give me answer general accounting

A: Step 1: Define Material Price VarianceThe price of material variance is computed by the elimination…

Q: Pine Valley

A: Explanation of Unearned Revenue:Unearned revenue refers to the amount of money received by a…

Q: Can you answer this accounting question?

A: Explanation: In the given case, we are required to calculate the current no. of shares outstanding…

Q: Give the value

A: Explanation of Accounts Receivable: Accounts receivable represents money owed to a company by…

Q: Give true answer this general accounting question

A: Step 1: Define Standard CostStandard costing is the process of applying estimated cost to determine…

Q: (24) A furniture company reports these data: Price per unit: $30 • Variable cost per unit: $15 •…

A: Step 1: Identify the Price per Unit, Variable Cost per Unit and Fixed CostStep 2: Calculate the…

Q: Supplies Expense?

A: Explanation of Periodic Inventory System: A periodic inventory system is a method of tracking…

Q: An investment has expected...accounting questions please give me answer

Q: On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for…

A: Step 1:Computation of the present value ordinary annuity at 6% for 12 periods: Rate (r) = Quarterly…

Q: I need answer of this question financial accounting

A: Understanding the ProblemTo calculate Return on Equity (ROE) for Needham Pharmaceuticals, we use the…

Q: Don't use ai to answer I will report you answer.

A: Step 1:Calculation of AFN: 3 parts need to be calculated:Part 1: Increase in total assetsPart 2:…

Q: Vicky comes to you to prepare her individual income tax return. With respect to the preparation of…

A: Key Facts:Vicky purchased stock options on July 2, 2023, for $30,000.Vicky did not exercise the…

Q: Ponga Company acquired a $20,000 bond originally issued by its 75%-owned subsidiary on January 2,…

A: Step 1: Calculate the cash interest paymentThe bond has a face value of $20,000 and an interest rate…

Q: Please help me

A: Explanation of Economic Entity Concept: The economic entity concept is a fundamental accounting…

Q: Please provide answer the accounting question do fast

A: Approach to solving the question: Analysis Detailed explanation: Breakdown: Direct Labor:Standard…

Q: Please need help

A: Step 1: Define Comprehensive IncomeThe comprehensive income of a company includes the traditional…

Q: Comprehensive Income

A: Explanation of Net Operating Income: Net operating income represents the profit generated from a…

Q: Find out the total gross wages for the week.

A: Explanation of Regular Hours: Regular hours represent the standard number of working hours in a…

Q: Jean Peck's Furniture manufactures table for the hospitality sector. Please solve this general…

A: Step 1: Define Absorption CostingAbsorption costing is also known as full costing because it…

Q: The following transactions occurred during 2025. Assume that depreciation of 10% per year is charged…

A: January 30: Building demolishedThe building's cost and accumulated depreciation must be removed from…

Q: I need answer of this question solution general accounting

A: Step 1: Define Operating Cash FlowOperating cash flow is an important value that is used in capital…

Q: Question/Accounting / solve

A: Explanation of GDP (Gross Domestic Product): GDP is the total monetary value of all finished goods…

Q: Help me out

A: Draft Email to PR DepartmentSubject: Draft Press Release for Review - SEC Settlement Dear PR Team,…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…

Q: None

A: Key Information:Joint Costs Allocation:Table Covers: $287,078Chair Covers: $510,362Total Joint…

Q: If you give me wrong answer I will give you unhelpful rate on these accounting question

A: Total Comprehensive Income=Net Income+Other Comprehensive Income Other Comprehensive…

Q: I need answer of this question solution general accounting

A: Step 1: Define Variance AnalysisThe variance analysis is a crucial analysis in cost accounting that…

Q: Crystal glassware company issues..accounting questions

A: Step 1: Determine the bond discount:The bonds are issued at 99, which means they are sold for 99% of…

Q: ANSWER

A: Explanation of Contractual Service Margin (CSM):The Contractual Service Margin represents the…

Q: 9) Which overhead cost is used in the computation of total manufacturing cost for the period? ○…

A: Why Other Options Are Incorrect:Budgeted:Budgeted overhead is a forecast or plan for the period but…

Q: I want to correct answer general accounting

A: To calculate the Return on Assets (ROA) for the year 2015, follow these steps:Formula for Return on…

Q: LeBron James (LBJ) Corporation agrees on January 1, 2025, to lease equipment from Carla Vista, Inc.…

A: Based on the information provided, this lease does not transfer ownership, does not contain a…

Q: Paige...accounting question

A: Step 1: Define Plant ExpansionPlant expansion involves acquiring equipment and machinery by a…

Q: As sales manager, Joe Batista was given the following static budget report for selling expenses in…

A: CalculationsFlexible BudgetSales in units9,800Variable expenses Sales commissions(2,352/7,840)…

Q: Financial Accounting

A: Step 1: Define Payout RatioThe firm's payout ratio determines the amount of dividend to be paid each…

Q: Need Accurate answer

A: Explanation of Systematic Allocation Principle:The systematic allocation principle refers to the…

Q: Give calculation of profit margin ratio on these accounting question

A: Hello student! Profit Margin Ratio is the percentage of sales remaining after we remove all the…

Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…

A: Question 1: Let the no. of years be "n" The present value of lifetime membership is $ 7,000The…

Q: What is the implied variable cost rate for scanner A on these general accounting question?

A: Step 1: Define Break-Even AnalysisIt can be defined as a win-win situation or a point where there is…

Q: Please provide answer the accounting question not use ai

A: Step 1: Define Profit MarginProfit Margin is also referred to as the income. This is the amount…

Q: VAS corporation had..Accounting question

A: Step 1: Define Return on EquityIn this financial ratio, the net income is compared with the…

Question

100%

I want to correct answer general accounting

ABC Company has annual sales of $400,000
and cost of goods sold of $159,496. The
accounts payable period is 44.48 days. What
is the average accounts payable balance?

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

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.
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)?
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.
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 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.
What is the average accounts payable balance?
What is the average accounts payable balance? General accounting
What is the average accounts payable balance? ?
The financial statements of Marigold Manufacturing Company report net sales of $1278000 and accounts receivable of $52000 and $90000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? 40.6 14.9 20.3 25.7
The financial statements of Sunland Manufacturing Company report net sales of $1277500 and accounts receivable of $71000 and $69000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? A. 20.30 B. 40.00 C. 19.70 D. 20.00
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?