Accounts receivable for Cole Eagan in 2013 was ________. (see table above) **Educational Content: Understanding a Balance Sheet**### Balance Sheet for Cole Eagan Enterprises**As of December 31, 2013**| | Amount ||-----------------------------------|--------------|| **Assets** | || Cash | $4,500 || Accounts Receivable | || Inventory | || Total Current Assets | || Net Fixed Assets | || **Total Assets** | || | || **Liabilities** | || Accounts Payable | $10,000 || Notes Payable | || Accruals | $1,000 || Total Current Liabilities | || Long-Term Debt | || **Stockholders’ Equity** | || **Total Liabilities & S.E.** | |### Supporting InformationIn order to answer the question regarding accounts receivable for Cole Eagan Enterprises in 2013, the following supporting details are provided:- Sales totaled $110,000- Cost of goods sold was $82,500- Inventory days on hand was 120- The average collection period was 65 days### Problem for StudentsUsing the information above, determine the accounts receivable for Cole Eagan in 2013.**Possible Answers:**a) $14,056 b) $19,589 c) $14,691 d) $18,333 ### Explanation of CalculationsThe average collection period is the average number of days it takes a company to collect its accounts receivable. Using the formula for calculating accounts receivable:\[ \text{Accounts Receivable} = \left( \frac{\text{Total Sales}}{365} \right) \times \text{Average Collection Period} \]Given:- Total Sales = $110,000- Average Collection Period = 65 days\[ \text{Accounts Receivable} = \left( \frac{110,000}{365} \right) \times 65 \]This calculation is necessary to find the correct amount for accounts receivable.---This transcribed content is intended for educational purposes, helping students understand how to read and interpret financial statements, specifically the balance sheet, and support their learning with applicable formulas and problem-solving examples.

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Balance Sheet Cole Eagan Enterprises December 31, 2013 $4,500 Cash Accounts Payable Notes Payable $10,000 Accounts Receivable Inventory Accruals 1,000 Total Current Assets Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,500 • Inventory days on hand was 120 • The average collection period was 65 days Accounts receivable for Cole Eagan in 2013 was . (see table above) a) $14,056 b) $19,589 c) $14,691 d) $18,333

Balance Sheet Cole Eagan Enterprises December 31, 2013 $4,500 Cash Accounts Payable Notes Payable $10,000 Accounts Receivable Inventory Accruals 1,000 Total Current Assets Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,500 • Inventory days on hand was 120 • The average collection period was 65 days Accounts receivable for Cole Eagan in 2013 was . (see table above) a) $14,056 b) $19,589 c) $14,691 d) $18,333

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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