Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending accounts receivable, respectively. A $9750 beginning accounts payable and $16850 ending accounts payable was also reported. Likewise, an ending inventory of $28600 and a beginning inventory of $15400, with $371500 cost of goods sold was included in the report. Finally, the report reflects a credit sales of $1289300. Approximately, how many days does it take for Company ZT to turn its 1. inventory to sales? (Use whole number, no decimal value, no commas, no currency, no space) * Approximately, how many days does it take for Company ZT to collect a 2. typical invoice? (Use whole number, no decimal value, no commas, no currency, no space) * 3. Approximately, how many days does it take for Company ZT to pay for its invoice? (Use whole number, no decimal value, no commas, no currency, no space) *

Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending accounts receivable, respectively. A $9750 beginning accounts payable and $16850 ending accounts payable was also reported. Likewise, an ending inventory of $28600 and a beginning inventory of $15400, with $371500 cost of goods sold was included in the report. Finally, the report reflects a credit sales of $1289300. Approximately, how many days does it take for Company ZT to turn its 1. inventory to sales? (Use whole number, no decimal value, no commas, no currency, no space) * Approximately, how many days does it take for Company ZT to collect a 2. typical invoice? (Use whole number, no decimal value, no commas, no currency, no space) * 3. Approximately, how many days does it take for Company ZT to pay for its invoice? (Use whole number, no decimal value, no commas, no currency, no space) *

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending accounts receivable, respectively. A $9750 beginning accounts payable and $16850 ending accounts payable was also reported. Likewise, an ending inventory of $28600 and a beginning inventory of $15400, with $371500 cost of goods sold was included in the report. Finally, the report reflects a credit sales of $1289300. Approximately, how many days does it take for Company ZT to turn its inventory to sales? Approximately, how many days does it take for Company ZT to collect a typical invoice? Approximately, how many days does it take for Company ZT to pay for its invoice?
Accounts Receivable as of December 31, 2020 should amount to: *A. 180,000B. 330,000C. 525,000D. 555,000
The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000
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The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end 602, 250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a. Inventory turnover b. Number of days' sales in Inventory c. Accounts receivable turnover d. Number of days' sales in accounts receivable times days times days
Davis Inc. uses the gross method for recording purchase and sales discounts. They had the following transactions occur in October of 2022. Oct 1: Purchased inventory costing $5000, terms 2/10, n/30. Oct 8: Paid for the inventory purchased on Oct 1. Oct 18: Returned one-half of the inventory purchased on Oct 1 back to the supplier. The supplier will apply the return against future payables for Davis. Record the October transactions in the general journal assuming Davis Inc. uses the periodic and perpetual inventory.
The December 31, 2019 trial balance for ABC Company included the following: purchases, P40,000; purchase returns and allowances, P2,000; transportation in, P3,000; ending inventory, P8,000. What was the cost of goods sold for 2019? a. P39,000 b. P38,000 c. P32,000 d. P33,000
Sunland Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2020 was $277000. The balance in the same account at the end of 2021 is $419000. Sunland’s Cost of Goods Sold account has a balance of $2110000 from sales transactions recorded during the year. What amount should Sunland report as Cost of Goods Sold in the 2021 income statement?
Prepare the costs of goods sold ended december 31, 2020.
The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000
Please provide a detailed discussion part on the findings for the comparisons