ABC Electronics Inc. has an accounts receivable balance of $250,000 as of the end of the year. Credit Sales for the Year; $1,800,000. What were the accounts receivable days outstanding as of the end of the year (not the average for the year)?

ABC Electronics Inc. has an accounts receivable balance of $250,000 as of the end of the year. Credit Sales for the Year; $1,800,000. What were the accounts receivable days outstanding as of the end of the year (not the average for the year)?

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: Job cost sheet for this job ?

A: Step 1: Definition of Unit Product CostThe unit product cost is the total cost incurred to…

Q: provide answer general accounting

A: a. Required Rate of Return:We can use the Gordon Growth Model (also known as the Dividend Discount…

Q: Assets turnover ratio?

A: Step 1: Definition of Asset Turnover RatioThe asset turnover ratio measures how efficiently a…

Q: Need Answer

A: Explanation of Total Job Cost:Total job cost refers to the combined expenses incurred to complete a…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Cost of Common EquityThe cost of common equity represents the return that investors…

Q: The cost of goods manufactured during the current year.

A: Step 1: Given informationDirect materials used = $22,800Direct labor used = $29,500Factory overhead…

Q: Need help this question financial accounting

A: Step 1: Definition of Sales Price Variance and Sales Volume VarianceSales Price Variance: This…

Q: Provide solution this question general accounting

A: Under variable costing, only variable costs are included in the valuation of inventory. Fixed costs…

Q: General accounting

A: To calculate the return on common stockholders' equity (ROE), we first need to determine the net…

Q: During the month of September, KM Co. sells 9,800 watches for $300.00 each. The company has the…

A: Step 1: Understanding Gross Profit CalculationGross profit is calculated as: Gross Profit=Sales…

Q: On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The…

A: The cash collected from the customer is calculated as follows: Cash collected from customer =…

Q: I want the correct answer accounting

A: Step 1: Formula Debt to equity ratio = Total liabilities/Total equityTotal equity = Total…

Q: Accounting question

A: To calculate the weighted average cost of capital (WACC) for the REIT, we use the formula:…

Q: What is the profit margin?

A: The question requires the determination of the profit margin. Profit margin is a measure of the…

Q: Prince albert scanning plc had a solve this question general Accounting

A: Step 1: Define Profit MarginProfit margin is one of profitability ratios that evaluate how much net…

Q: General Accounting

A: To find SMS's liabilities, we use the accounting equation: Assets = Liabilities + Equity Given:Total…

Q: Your career is expanding with an opportunity to support your company's growth in a non-U.S. country.…

A: Expansion Opportunity: GermanyAs part of my company's global growth strategy, Germany presents a…

Q: Calculate the payout ratio for Mickey and Minnie Co. On these financial accounting question

A: The payout ratio is calculated by dividing the dividends paid by the net income: Payout Ratio =…

Q: Provide answer general Accounting

A: Step 1: Define Key MetricsDays Sales Outstanding (DSO) DSO measures the average number of days a…

Q: What was the change in wages pay le for the period?

A: To calculate the change in wages payable, we can use the following formula:Change in Wages…

Q: Ans

A: Step 1: Definition of Gross ProfitFor a manufacturing firm, the gross profit is determined by…

Q: Please provide answer this financial accounting question

A: The Times Interest Earned (TIE) Ratio is calculated using the formula: TIE = EBIT / Interest Expense…

Q: Don't give me incorrect solution

A: Concept of Absorption CostingAbsorption costing is a method of costing in which all manufacturing…

Q: Right Answer

A: Concept of Variable CostingVariable costing is a costing method that includes only variable…

Q: Cooper Audio Systems produces car sound systems. Estimated sales (in units) are 45,000 in April,…

A: Explanation of Sales Revenue:Sales revenue is the total amount a company earns from selling its…

Q: The following condensed income statements of the Jackson Holding Company are presented for the two…

A: Explanation of the Revised Income StatementsThe assignment involves revising Jackson Holding…

Q: Ans?? general Accounting question

A: Step 1: Define Dividend PolicyThe policy or the strategy that a business entity forms for the…

Q: Value of COGS LiFo for company y in 2021

A: Explanation of COGS (Cost of Goods Sold):COGS (Cost of Goods Sold) represents the direct costs…

Q: General Accounting question

A: Total Nominal Return = ((Ending Value-Beginning Value)+Dividend)/Beginning ValueTotal Nominal Return…

Q: Provide correct answer general Accounting question

A: Step 1: Define Average Collection Period (ACP)The Average Collection Period (ACP) is the average…

Q: What is perry's forced manufactured overhead budget variance?

A: Step 1: Formula Manufacturing overhead budget variance = Actual fixed costs - Budgeted fixed costs…

Q: What is the expected return on the stock on these financial accounting question please give me true…

A: The question requires the determination of the expected return on stock. The expected return…

Q: Company experience the costs

A: In Full (Absorption) costing, the ending inventory is valued using all manufacturing costs,…

Q: Kennedy Holdings had a beginning capital of $15,000. The owner made additional investments during…

A: To determine the net income or net loss, we use the accounting equation for owner's equity: Ending…

Q: Financial accounting

A: Step 1: Define High-Low MethodThe high-low method is a technique used to estimate fixed and variable…

Q: Harper Enterprises is the sole owner and operator of Harper's Company. As of the end of its…

A: Explanation of Net Income:Net income represents the profit earned by a business after all expenses…

Q: Kindly help me with this question general Accounting

A: Partnership Basis: When a partner contributes property to a partnership, the partnership's basis in…

Q: Given correct answer general Accounting question

A: Step 1: Define Share RepurchaseA share repurchase occurs if a firm intends to lower the number of…

Q: Yami Enterprises began the accounting period with $75,000 of merchandise, and the net cost of…

A: The cost of goods sold (COGS) is calculated using the following formula:COGS = Beginning Inventory +…

Q: What is the sales growth rate ?

A: Solution By StepsWe need to calculate the sales growth rate using the Internal Growth Rate (IGR)…

Q: Please solution question accounting

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is calculated…

Q: Contribution margin ratio?

A: Step 1:The contribution margin per unit is calculated as follows: Contribution margin per passenger…

Q: What is the amount of the ending merchandise inventory?

A: Explanation of Ending Merchandise Inventory:Ending merchandise inventory refers to the total value…

Q: Stockholders equity? General accounting

A: Step 1: Definition of Return on Common Stockholders' Equity (ROE)Return on Common Stockholders'…

Q: Machine hours are planned to be used.

A: Explanation of Maintenance Cost:Maintenance cost refers to the expenses incurred to keep production…

Q: Financial Accounting Question provide solution

A: Step 1: Define Equivalent Unit CostsEquivalent unit cost is the cost assigned to each equivalent…

Q: Company's gross profit percentage?

A: Step 1: Define Gross Profit MarginThe gross profit margin is the ratio of a company's gross profit…

Q: general accounting question

A: Step 1: Definition of Capital Gain When a capital asset is sold by its owner at its market value…

Q: Give true answer this financial accounting question

A: Step 1: Define Full CostFull cost refers to the total cost incurred by a company in producing and…

Q: What is the building s cap rate ? Solve this question general Accounting

A: Step 1: Define Capitalization RateThe capitalization rate/cap rate is the rate of return generated…

Question

Can you please solve this financial accounting question?

ABC Electronics Inc. has an accounts receivable
balance of $250,000 as of the end of the year.
Credit Sales for the Year; $1,800,000. What were
the accounts receivable days outstanding as of the
end of the year (not the average for the year)?

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.
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)?
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.
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.
The financial statements of the Splish Brothers Inc. reports net sales of $360000 and accounts receivable of $48000 and $21600 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
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?
The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)
What is it's accounts receivable balance on these general accounting question?
I need help
The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and accounts receivable of S80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the average collection period for accounts receivable in days (rounded)? O 49 days O 16 days 24 days 32 days
What is the average collection period in days on these financial accounting question?
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