Clovis Industries had sales in 2006 of $50 million, 22 percent of which were cash. If Clovis normally carries 45 days of credit sales in accounts receivable, what are its average accounts receivable balances? (Assume a 365-day year.)
Q: Provide correct answer general accounting
A: The Sustainable Growth Rate (SGR) is the maximum rate at which a company can grow its sales,…
Q: What is the value of a share of stock on these accounting question?
A: Sustainable Growth Rate = ROE*Retention Ratio8% = 18%*Retention RatioRetention Ratio =…
Q: Subject= General Account
A: 1. Fixed Manufacturing Overhead in Ending Inventory (Absorption Costing)Under absorption costing,…
Q: Sales $ 79,000 $ 74,000 Cost of goods sold 52,000 48,000 Gross margin 27,000 26,000 Selling…
A: 2. Debt-to-Equity RatioThis ratio compares a company's total debt to its equity. It's calculated by…
Q: Good Day, Kindly assist me with the following Query. Regards
A: Supply and Use Table:A Supply and Use table shows how goods are produced, consumed, and traded…
Q: Hello tutor please provide answer financial accounting
A: Step 1: Define Long-lived AssetsIn accounting, the total assets of a firm can be categorized into…
Q: I want to correct answer general accounting
A: Step 1: Define Receivables Turnover Ratio:A company's accounts receivables turnover ratio represents…
Q: Assignment: financial accounting
A: Explanation of Contribution Margin: Contribution margin represents the percentage of each sales…
Q: Three major segments of the transportation industry are motor carriers, such as YRC Worldwide…
A: Asset turnover ratio is calculated using this formula: Step 1: Determine Net Sales of the company or…
Q: Ivanhoe Corp. incurred the following costs during 2023 in connection with its research and…
A: Materials consumed in research projects61700Materials consumed in the development of a product…
Q: Don't use ai to answer I will report you answer
A: Step 1: Calculate the arithmetic average returns. To find the arithmetic average return for each…
Q: Rushing had income solve this accounting question
A: The return on assets (ROA) measures how efficiently a company uses its invested assets to generate…
Q: Annual Demand for a product is constant at 80 000 units. Costs for placing orders,transportation and…
A: Conclusion: The firm, therefore, needs to order 8,000 units each time it orders and place 10 orders…
Q: Financial accounting
A: Step 1: The total Cost Larry would expect in April if he drove the car was 1,529 miles is the sum of…
Q: Help
A: Step 1: Calculation of tax expenseTax Expense = (Sales Revenue - COGS - Sales and Administrative…
Q: Need help with this general accounting question please answer
A: The Calculation is as follows:Calculation of Standard Direct Material Cost per bar of…
Q: General Accounting Question please solve this one
A: Step 1: Define Manufacturing OverheadManufacturing overhead costs refer to the expenses which cannot…
Q: Need help with this question solution general accounting
A: Step 1: Define Operating CycleThe operating cycle is also known as the cash cycle which is a part of…
Q: expert solve it. Subject:- general account
A: Gross income from operations$80,000 Add: Dividend received$60,000 Tentative DRD limit ($60,000 *…
Q: Answer this question correctly, wrong answer will get accounting
A: Step 1:1. The material price variance is calculated as follows: Material price variance = (Actual…
Q: Answer
A: Explanation of Appraised Value:Appraised value refers to the estimated market value of an asset,…
Q: Please need answer
A:
Q: IFRS require that assets must be assessed for indications of impairment Select one: a. when…
A: Asset impairment occurs when the carrying amount of an asset exceeds its recoverable amount. The…
Q: What is the answer?
A: Explanation of Cost of Goods Manufactured (COGM):COGM refers to the total production cost incurred…
Q: Help me with accounting prblm
A: Step 1: Variance DefinitionsMaterial Price VarianceThis shows the difference between the actual…
Q: Please give me answer general accounting
A: a. Conversion Ratio:The conversion ratio is calculated by dividing the face value of the bond by the…
Q: Hello tutor provide solution this accounting question
A: Step 1:Under weighted average method of equivalent units calculation , opening inventory completion…
Q: I need this question correct answer general accounting
A: Step 1: Calculate total direct labor hours in Fabrication Department• Chairs: 1 hour × 3,750 units =…
Q: choose wisley
A: The question pertains to the determination of the operating income. Operating income which is also…
Q: I want to correct answer general accounting
A: Step 1: Define Asset Turnover RatioThe turnover of all the firm's assets is measured by the asset…
Q: Chapter-8 Fixed assets A company purchases land and a building on the land. The land is appraised at…
A: Step 1:Given that the land is appraised at $80,000, and the building at $120,000.The cost of the…
Q: A firm has sales of $800 accounting questions
A: Step 1: Define Return On EquityThe firm's return on equity (ROE) is a profitability ratio that…
Q: Total Expense?
A: Based on the problem, kids' pool uses $240 worth of chemicalsKids' Pool = $240 The main pool uses…
Q: Gross Profit ℅?
A: The gross profit percentage is a financial metric that shows how much of a company's revenue is…
Q: P11.3 (LO 1, 2, 4) (Accounting for Franchise, Patents, and Trademark) Information concern- ing…
A: To solve the given problem, here's the step-by-step explanation of the process for calculating…
Q: White Company has two departments, Cutting and Finishing.
A: Step 1: Define Pre-determined Overhead RatePredetermined manufacturing overhead rate is a formula…
Q: Need help with this general accounting question
A: Step 1: Define Return on AssetsThe return on assets (ROA) is a ratio that measures the profitability…
Q: If you give me correct answer I will give you helpful rate on these general accounting question
A: Approach to solving the question: For better clarity of the solution, I have provided the formula…
Q: expert please help me in this general account query
A: Step 1: Total Cost and Total Market ValueProduct C:Quantity: 420 unitsUnit Cost: $6Total Cost: 420 ×…
Q: I want to correct answer accounting
A: Step 1: Define Average Collection PeriodAs its name suggests, the average collection period denotes…
Q: 2020 cash flow accounting question
A: Explanation of Operating Cash Flow: Operating cash flow represents the amount of cash generated by a…
Q: None
A: To calculate Bramble Corp.'s Return on Assets (ROA) for 2017, use the following formula: ROA = Net…
Q: hello account tutor solve it
A: The lower-of-cost or market (LCM) approach is a principle in accounting used to value inventory.…
Q: Question is below
A: Explanation of Direct Financing Lease: This is a type of lease where the lessor (in this case, Hen…
Q: At the beginning of the year 1, Copeland drugstore solution this question accounting
A: Step 1: Define Depreciation ExpenseAn expense arising from using fixed assets applicable for…
Q: A firm wishes to maintain a growth need answer accounting questions
A: Step 1:First calculate the return on equity using the growth rate formula: Growth rate = ROE *…
Q: 5. Jobs completed during December and the actual output were:Job No. Quantity Items3005-5 48,000…
A: Brief Calculations:1. Total Costs in Process:This includes:Direct Materials, Purchased Parts, and…
Q: A company reports the following: please need answer the accounting question
A: Step 1: Define Accounts ReceivableThe company's efficiency in managing accounts receivable can be…
Q: General Accounting Question please answer
A: Step 1: Calculate the total cost of the inventory purchasesStep 2: Determine the total number of…
Q: The following financial information is for Annapolis Corporation for the fiscal years ending 2018…
A: Step 1: Accounts receivable Average collection period is the average time to collect the credit…
Can you answer this accounting question without use
Step by step
Solved in 2 steps with 1 images
- If Emperium Inc. had credit sales of 2,027,773 per year and its days sales outstanding was equal to 35 days, what was its average amount of accounts receivable outstanding? (Assume a 365-day year).TMRW Co. has annual credit sales of $1,080,000 and an average collection period of 32 days in 2010. Assume a 360-day year. What is the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. XYZ company has annual credit sales of $1,440,000 and an average collection period of 45 days in 2005. Assume a 360 day year. What is the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales time the average collection period. Haru company has an average collection period of 35 days. The accounts receivable balance is $105,000. What is the value of its credit sales?If you give me correct answer I will give you helpful rate on this general accounting question
- 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 daysAssume the credit terms offered to your firm by your suppliers are 4/20, net 50. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 50. (Hint: Use a 365-day year.) The cost of trade credit is%. (Rounded to two decimal places.) ...A firm had credit sales of $15,750,000 last year and its days sales outstanding was 65 days. What was its average receivables balance, based on a 365-day year? 1. $1,294,521 2. $3,412,500 3. $7,269,231 4. $2,804,795 5. $4,389,657
- Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)Ammer Products has an average accounts payable balance of P850,000 and its annual net credit purchases is P8,750,000. Assume there are 365 days per year. What is Ammer’s payables deferral period?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.
- By the end of the current period, ESMERALDA INC.'s accounts receivable balance increased by P220,000. Total credit sales made during the period amounted to P360,000,while write-offs and recoveries were P22,000 and P6,000, respectively. How much isthe total collections, including recoveries, during the period? A. 124,000B. 1,800Watin Inc's 2015 income statement reported net sales of $5,000,000. Watin's average accounts receivable during 2015 amounted to $450,000. Using 360 days to a year, Watin's: A. Accounts receivable turnover rate is approximately 13.8 times. B. Accounts receivable turnover rate is approximately 1.25 times. C. Average number of days to collect an account receivable is 32 days. D. Accounts receivable turnover rate is approximately 2 times.The Dire Corporation has an inventory conversion period of 75 days, a receivables collection period of 38 days, and a payables deferral period of 30 days. What is the length of the firm’s cash conversion cycle? If Dire’s annual sales are $3,421,875 and all sales are on credit, what is the firm’s investment in accounts receivable? How many times per year does Dire turn over its inventory?
