Cold Stone, an ice cream store in central Illinois, sells several varieties of popular ice creams in its neighborhood villages.The following data pertains to the year 2023. The annual sales revenue of the store is $4 million. The annual cost of allthe goods sold is $3 million. The beginning inventory on January 01 is $0.5 million. The ending inventory on December31 is $0.3 million. The beginning accounts receivables on January 01 is $0.2 million. The ending accounts receivables onDecember 31 is $0.1 million. The beginning accounts payables on January 01 is $0.3 million. The ending accountspayables on December 31 is $0 million. 10. Compute the Cash-to-Cash cycle of Cold Stone.

The Cash-to-Cash Cycle (CCC) is a measure of the time it takes for a company to convert its…

Answered: Cold Stone, an ice cream store in…

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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Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O O O O 68 days 204 days 66 days 102 days
Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Nonna's Re-Appliance Store data Month December January February Sales $21,512 $63,966 $72,252
Nonna's Re-Appliance Store collects 52% of its accounts receivable in the month of sale and 37% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Month Sales Nonna's Re-Appliance Store data December $20,688 January $62,044 February $69,259
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 32 days. The firm's credit sales for 2021 were $56.1 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions. Use 365 days a year.)
Chik’s Chickens has average accounts receivable of $5,533. Sales for the year were $9,000. What is its average collection period? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Average collection period days
For 2021, Walmart and Target had the following information (all values are in millions of dollars): Assume a 365-day year. a. What is each company's accounts receivable days? b. What is each company's inventory turnover? c. Which company is managing its accounts receivable and inventory more efficiently? Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Walmart Target (Income Statement) Sales 572,762 106,007 Cost of Goods Sold (Income Statement) 428,997 74,962 Accounts Receivable (Balance Sheet) 8,279 830 Inventory (Balance She 56,519 13,902 = X
Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Explain in details please fast ASAP The Sports Store has a beginning receivables balance on January 1 of $2,640. Sales for January through April are $3,440, $3,590, $2,690, and $4,720, respectively. The accounts receivable period is 45 days. How much did the store collect in the month of April? Assume a year has 360 days.
Salad Daze maintains an inventory of produce worth $695.07. Its total bill for produce over the course of the year was $86,000. How old on average is the lettuce it serves its customers? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Average days
10) The company recorded cash sales for an additional 12) 20 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system.

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