Chapter 13, Question 3 Average collection cycle. Use the following account information to find the average collection cycle for Rian Company.Click on the icon e in order to copy its content into a spreadsheet2013 and 2014 Selected Balance Sheet Accounts of Rian Company12/31/1412/31/13ChangeAccounts receivable$34,158$50,155$41,207$7,049Inventory$54,091$3,936Accounts payable$25,110$23,194$1,916Click on the icon e in order to copy its content into a spreadsheet2014 Selected Income Statement Items for Rian CompanyCash sales$460,000$426,000Credit salesWhat is the average collection cycle for Rian Company?| days (Round to one decimal place.)

The average collection period indicates the number of days a firm takes to collect its account receivable.Average collection cycle = Average account receivable / Credit sales * 360 Average account receivable = ( 34,158 + 41,207 ) / 2 = 37,682.50 Average collection cycle = 37,682.50 / 426000 * 365 = 32.286 or 33 Days

Business

Accounting

Average collection cycle. Use the following account information to find the average collection cycle for Rian Company. Click on the icon in order to copy its content into a spreadsheet 2013 and 2014 Selected Balance Sheet Accounts of Rian Company 12/31/14 12/31/13 Change Accounts receivable Inventory $34,158 $41,207 $7,049 $50,155 $54,091 $3,936 $1,916 Accounts payable $25,110 $23,194 Click on the icon e in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company $460,000 $426,000 Cash sales Credit sales What is the average collection cycle for Rian Company? days (Round to one decimal place.)

Average collection cycle. Use the following account information to find the average collection cycle for Rian Company. Click on the icon in order to copy its content into a spreadsheet 2013 and 2014 Selected Balance Sheet Accounts of Rian Company 12/31/14 12/31/13 Change Accounts receivable Inventory $34,158 $41,207 $7,049 $50,155 $54,091 $3,936 $1,916 Accounts payable $25,110 $23,194 Click on the icon e in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company $460,000 $426,000 Cash sales Credit sales What is the average collection cycle for Rian Company? days (Round to one decimal place.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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