Company Abel has total sales of $375,000, of which, $125,000 represents cash sales. Its annual average accounts receivable balance is $42,000. What is its accounts receivable turnover in terms of days? a. 21 days b. 31 days c. 61 days d. 51 days

Company Abel has total sales of $375,000, of which, $125,000 represents cash sales. Its annual average accounts receivable balance is $42,000. What is its accounts receivable turnover in terms of days? a. 21 days b. 31 days c. 61 days d. 51 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...

See similar textbooks

Related questions

Q: posting in General Account

A: Step 1: Understand the Concept of LCMThe Lower-of-Cost-or-Market (LCM) method is a conservative…

Q: This week, your assignment will involve creating dashboards using Power BI and identifying audit…

A: First, log into the Connect platform using your credentials. Once logged in, follow the instructions…

Q: check all details carefully for accurate answer this account questions

A: Step 1: Understand the LCM RuleUnder the Lower-of-Cost-or-Market (LCM) rule, inventory is valued at…

Q: Skysong Corporation had the following 2025 income statement. Sales revenue $186,000 Cost of goods…

A: Let's work through these calculations based on the available data:Data Provided:Sales Revenue:…

Q: 12 A company reported the following financial information: As of December 31, 2018 total assets of…

A: ROA is a key financial metric that measures how efficiently a company uses its assets to generate…

Q: Provide correct answer the accounting question

A: Step 1: Define Capital GainAny financial securities such as stock, mutual fund, bond, real estate is…

Q: Use table information to get answer

A: Let's give it a try. To provide precise answer, I believe further reference is necessary, but I will…

Q: Give true answer the financial accounting question

A: Step 1: Define Corporate BondsCorporate bonds are debt instruments designed to give lenders the…

Q: Question:(Account) 21-59 A company has a capacity of 200,000 units. They are currently producing and…

A: Step 1: Incremental RevenueThe revenue from the special order is: Revenue=Order…

Q: Please help me to get answer

A: The other options are incorrect because:a) It is incorrect to say that methods never require…

Q: Please give me answer general accounting

A: Step 1: Calculate the Predetermined Overhead RateThe predetermined overhead rate (POHR) is based on…

Q: Financial accounting

A: Important Points:In 2019, the first $132,900 in earnings was subject to the 6.2% Social Security tax…

Q: I won't correct answer general accounting

A: The formula is:r=P0D1+gWhere:r = expected rate of returnD1 = dividend in the next yearP0 =…

Q: none

A: Explanation of Cost Basis: Cost basis represents the total cost of acquiring an asset, including all…

Q: What is the equity at the end of the year on these general accounting question?

A: Step 1: Define EquityThe equity in a company refers to the total amount that is attributable to the…

Q: Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13.…

A: 1. Determine the phase-out threshold:For married couples filing jointly in 2015, the threshold was…

Q: 7 marks

A: Explanation of Regular Ticket Price: This is the base price charged for admission before any…

Q: Financial accounting

A: Step 1: Define Retirement Savings AccountA retirement savings account is a type of savings account…

Q: Both MCQ's answer want.

A: Step 1: Understanding Dollar-Value LIFOUnder the DVL method, inventory is valued at base-year costs…

Q: I need this question general accounting

A: Step 1: Define Variable Costing Income StatementVariable costing income statement assumes that all…

Q: Cost Account

A: Step 1: Understand the LCM RuleThe lower-of-cost-or-market (LCM) rule states that inventory should…

Q: Nu Company reported the following pretax data for its first year of operations. Net sales 2,880…

A: Under the Last-In, First-Out (LIFO) method, the latest inventory is assumed to be sold first.…

Q: General Accounting Question

A: Calculate Daily Sales:Daily sales = $59,000 Calculate the Reduction in Collection Time:Reduction in…

Q: Hello tutor please provide correct answer general accounting

A: Step 1: Calculate Operating Cash FlowOperating cash flow is the amount of cash generated by the…

Q: Please given answer general accounting

A: Step 1: Define Individual Gross IncomeAn individual gross income combines all sources of income…

Q: Please provide correct answer

A: The Degree of Financial Leverage (DFL) is calculated as:DFL = EBIT / (EBIT - Interest…

Q: I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain

A: Step 1: Step 2: Step 3: Step 4:

Q: h

A: Revenue from the one-time sale:200 units * $140/unit = $28,000Variable costs associated with the…

Q: On December 31, 2024, Teal Mountain Corporation signed a 5-year, non-cancelable lease for a machine.…

A: Let's break this down:Lease term: 5 yearsAnnual lease payment: $8,200Payments made at the beginning…

Q: General Account questions anser wanted

A: Approach to solving the question: Absorption Costing < Variable CostingThis is because if sales…

Q: Cost Account subject questions

A: Step 1: Key InformationUnits produced in Year 2: 2,750Units sold in Year 2: 3,200Variable production…

Q: ??

A: Question 1: Integrated Control FrameworksIntegrated control frameworks work through a cohesive…

Q: Presented below is information related to Blossom Retail Stores, Inc. pension plan for 2026: Service…

A: Part (a): Compute the Unexpected Gain or Loss for 2026 The unexpected gain or loss is based on the…

Q: Please Provide answer of this General Accounting Question

A: Step 1: Detailed Explanation about Net Operating Income:Net operating income is one of the…

Q: Ralston Company reports the following information for the 2011 fiscal year: Sales on account…

A: Step 1: Adjust for Net Accounts ReceivableNet Accounts Receivable = Accounts Receivable - Allowance…

Q: what is solution?

A: Assessment:All failure rates are within their respective acceptable thresholds.Conclusion:The plant…

Q: posting in general account

A: Step 1:Inventory valuation method of lower of cost and net realisable value, valued inventory at the…

Q: Provide correct option in this account que.

A: Step 1: Understand Key TermsHistorical Cost: The original cost of the inventory ($50,000).Market:…

Q: Please give me answer general accounting

A: Step 1: Definition of Straight-line DepreciationIt is a method that depicts the equal amount of…

Q: Solve this Question step by step

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: In 2023

A: Explanation of Cash Receipts: This represents all money received by a business during a specific…

Q: What is the company's net operating income on these general accounting question?

A: Step 1: Define Net Operating IncomeThe net operating income is the primary component of the…

Q: The Kwik Company’s inventory balance on December 31, 2024, was $215,000 (based on a 12/31/2024…

A: FOB (Free On Board) is a term in international commercial law specifying at what point respective…

Q: General accounting

A: Step 1: Define RevenuesThe corporate has to file returns with the statutory authorities like the…

Q: I want to correct answer general accounting

A: Step 1: Define Net IncomeNet income is the profit made by a firm after all the costs, both fixed and…

Q: Please provide financial accounting

A: Step 1: Introduction to stockholders' equityStockholders' equity refers to the residual value of the…

Q: Variable and Absorption Costing Grant Company sells its product for $50 per unit. Variable…

A: To determine whether net income would be higher using variable costing or absorption costing, we…

Q: What is the material price variance on these general accounting question?

A: Step 1: Define Direct Materials VariancesThe direct materials variances are the standard cost…

Q: None

A: The return on investment is computed by dividing net income/profit by the amount of investment and…

Q: Mackenzie is considering conducting her business, Mac561, as either a single-member LLC or an S…

Question

Company abel has total sales solve this question not use chart gpt..

Company Abel has total sales of $375,000, of which, $125,000 represents cash
sales. Its annual average accounts receivable balance is $42,000. What is its
accounts receivable turnover in terms of days?
a. 21 days
b. 31 days
c. 61 days
d. 51 days

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
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.
Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
Company Abel has total sales of $375,000, of which, $125,000 represents cash sales. Its annual average accounts receivable balance is $42,000. What is its accounts receivable turnover in terms of the number of turns? a. 5.95 turns b. 2.97 turns c. 8.92 turns d. 3.0 turns
A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover. b. Determine the number of days' sales in receivables.
What is the average collection period?
A company reports the following: Sales $399,675 Average accounts receivable (net) 54,750 Determine (a) the accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days
General accounting