Kindly help me with of this general accounting questions not use chart gpt please fast given solution At year-end, Tomlin Corp. has cash of $12,000, currentaccounts receivable of $50,000, merchandise inventoryof $55,000, and prepaid expenses totaling $6,000.Liabilities of $40,000 must be paid next year. Assumeaccounts receivable had a beginning balance of $45,000and net credit sales for the current year totaled$1,000,000.How many days did it take Tomlin Corp. to collect itsaverage level of receivables?

Step 1: Define Days' Sales in ReceivablesDays' Sales in Receivables measures the average number of…

Answered: At year-end, Tomlin Corp. has cash of…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 3P

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35 days, and a payables deferral period of 25 days. Assume that cost of goods sold is 80% of sales. What is the length of the firm’s cash conversion cycle? If annual sales are $4,380,000 and all sales are on credit, what is the firm’s investment in accounts receivable? How many times per year does Negus Enterprises turn over its inventory?
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.
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
How many days did it take simple to collect it's average level of receivable?
Average leval of receivables?
It's average leval of receivables?
A company's accounts receivable shows $180,000 at year-end. If their average collection period is 45 days (using 360-day year), calculate their annual credit sales.
given answer
DEF Corporation has an average collection period of 72 days. Total credit sales for the year were $5,600,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)
XYZ Co. has an average collection period of 45 days. Total credit sales for the year were $3,200,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)
General accounting

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