It's average leval of receivables? At year-end, Sally has cash of $8,000, current accounts receivableof $40,000, merchandise inventory of $43,200, and prepaidexpenses totaling $4,600. Liabilities of $32.000 must be paid nextyear. Assume accounts receivable had a beginning balance of$30,000 and net credit sales for the current year totaled $840,000.How many days did it take Sally to collect its average level ofreceivables?a. 15b. 13c. 17d. 30

Step 1: Define Days' Sales In ReceivablesThe number of days that a company requires to convert its…

Answered: At year-end, Sally has cash of $8,000,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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At year-end, Sally, Inc. has cash of $14,000, current accounts receivable of $70,000, merchandise inventory of $42,600, and prepaid expenses totaling $5,200. Liabilities of $20,000 must be paid next year. Assume accounts receivable had a beginning balance of $10,000 and net credit sales for the current year totaled $560,000. How many days did it take Sally to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.) O O A. 26 B. 46 C. 52 D. 7
At year-end, StickStick has cash of $ 22 comma 000$22,000, current accounts receivable of $ 80 comma 000$80,000, merchandise inventory of $ 24 comma 000$24,000, and prepaid expenses totaling $ 5 comma 900$5,900. Liabilities of $ 64 comma 000$64,000 must be paid next year. Assume accounts receivable had a beginning balance of $ 40 comma 000$40,000 and net credit sales for the current year totaled $ 480 comma 000$480,000. How many days did it take StickStick to collect its average level of receivables?
Peterboro Supply has a current accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. How long did it take on average for credit customers to pay off their accounts during the past year? Assume a 365-day year. Can you provide the formula?
Your company had net sales of $100,000 over the past year. One quarter of the sales were credit sales. During that time, average receivables were $5,000. The accounts receivable balance at the end of the year was $5,000. What was the average collection period? What is the average age of receivables (same answer!)? (Assume a 360-day year) O 18 days O 27 days O 36 days O 72 days O 60 days
ABC Co. has an average collection period of 60 days. Total credit sales for the year were $3,000,000. What is the balance in accounts receivable at year-end?
Solve this problem & give accurate answer
Calculating the Average Collection Period Trout Lumber Yard has a current accounts receivable balance of $527,164. Credit sales for the year just ended were $6,787,626. What is the receivables turnover? The days’ sales in receivables? How long did it take, on average, for credit customers to pay off their accounts during the past year?
During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained uncollected at year- end. The credit manager estimates that $18,000 of these receivables will become uncollectible. The accounts receivable turnover is 10 times and average collection period is 36.5 days. Assume that average net accounts receivable were $300.000. Explain what these measures tell us. BI V T, TI E LE E H I 99 H E à ला 11 A A OWord(s)
Thompson Wood Products has credit sales of $2,628,000 and accounts receivable of $627,800. Compute the value of the average collection period. (Use a 360-day year.) Average collection period days
At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $ 7000. the expected net realizable value of the accounts receivable is?
Please answer the 2 following questions:
Using the following information and a 360-day year, what is your estimate of the firm's current receivables period? Current inventory = $170,000. Annual sales = $700,000. Accounts receivable = $75,000. Accounts payable = $16,500. Total annual purchases = $220,000. Purchases credit terms: net 30 days. Receivables credit terms: net 50 days. " Group of answer choices 39 days 29 days 35 days 45 days

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