Phoenix Corp's arePhoenix Corp's credit sales$400,000, with returns $20,000 and cashcollections $350,000. Their beginningaccounts receivable was$80,000.CalculatetheendingaccountsreceivablebalanceatDecember 31,2015.

Explanation of Credit Sales: Credit sales represent the total value of goods or services sold by a…

Answered: are Phoenix Corp's credit sales…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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In 2014, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,483,630, beginning accounts receivable balance of $588,900, and an ending accounts receivable balance of $626,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day’s sales ratio is 180 days? a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years’ data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.
General accounting
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are Phoenix Corp's credit sales $400,000, with returns $20,000 and cash collections $350,000. Their beginning accounts receivable was $80,000. Calculate the ending accounts receivable balance at December 31, 2015.