Consider the following information (in millions) about ABK Company. Annual sales $1,217 Cost of goods sold $1,014 Inventories $167 Accounts receivables $445 Accounts payable $115 The average Collection Period is: a. 132 days b. 135 days c. 133 days d. None of the above

Consider the following information (in millions) about ABK Company. Annual sales $1,217 Cost of goods sold $1,014 Inventories $167 Accounts receivables $445 Accounts payable $115 The average Collection Period is: a. 132 days b. 135 days c. 133 days d. None of the above

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Subject: General Account The Vogelson Company accumulates the following cost and market data at…

A: Given Data:The following cost and market data are provided for Vogelson Company's inventory at…

Q: Cash flow in the 2nd year?

A: Explanation of Operating Cash Flow: Operating cash flow represents the amount of money generated by…

Q: Hosung Company's cash account adjusted ledger balance as of August 31 Accounting 100 chapter 6

A: Adjust for outstanding checks and the bank error:Adjusted Bank Balance;=Bank Balance−Outstanding…

Q: general accounting problem, solve it

A: Explanation of Market Value: Market value represents the current price at which an asset would sell…

Q: Solution to this Question

A: Explanation of Debt-to-Asset Ratio: The Debt-to-Asset Ratio measures the proportion of a firm's…

Q: Please solve general accounting question

A: Step 1: Define OverheadsOverhead expenses refer to the extra amount spent during the manufacturing…

Q: I need answers accounting question

A: Step 1: Calculate Earnings Per Share (EPS) for 2017Since there are no preferred dividends, net…

Q: Kelvin and Emma are shop assistants solve this question

A: Compute Kevin's gross earnings first.Gross earnings = Wage for the week + CommissionGross earnings =…

Q: General Accounting

A: Step 1: Key Information - Schemm Inc. has 455 liters of material in stock, which cost $2,617 in…

Q: The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below.…

A: Step 1: Calculate the depreciation on the Building as follows:Depreciation = (Cost of…

Q: Need answer please give step by step calculation for these general accounting question

A: Step 1: Define Lower of Cost or Market MethodThe Lower of cost or market refers to the method of…

Q: 2020 cash flow accounting question

A: Explanation of Operating Cash Flow: Operating cash flow represents the amount of cash generated by a…

Q: Need help with this question solution general accounting

A: Step 1: Define Overhead costOverhead refers to all non- labor expenses required to operate your…

Q: The Cheyenne Hotel in Big Sky, please provide answer the accounting question

A: Step 1: Define High-Low MethodThe high-low method is used to bifurcate the total mixed costs into…

Q: I want to correct answer general accounting

A: Step 1: Identify the dividend payout ratio (0.7)Step 2: Calculate the plowback ratioStep 3: Identify…

Q: Ticket Revenue for this general accounting Question

A: Explanation of Ticket Revenue: Ticket revenue represents the total income generated from selling…

Q: Please provide correct answer accounting question not use ai..

A: Step 1: Define Separating a Mixed CostMixed costs are cost items that display both fixed and…

Q: I need answer

A: Step 1:Missing units can be calculated by subtracting the ending units in physical count from the…

Q: some expert tutor answer this query asap for both

A: the correcting entries that Neighbourhood Electronics should make at the end of the fiscal year, we…

Q: 1-3 general accounting

A: Explanation: In the given case, it is provided that Coastal Produce Market has inventory records as…

Q: Can you solve these accounting question?

A: Step 1: Define Cash FlowsThe cash flows of a firm during a given year can be categorized into cash…

Q: Financial accounting

A: Step 1: Define Cost-Volume-ProfitCost-volume-profit analysis (CVP) is conducted by businesses as…

Q: I want to correct answer general accounting

A: Step 1: Define Labor VarianceA labor variance measures the effectiveness of a company in using labor…

Q: How much the period cost are?

A: Step 1: Period costs are the costs that are not related to the production process. These costs are…

Q: Can you answer this general accounting question?

A: Step 1: Define Inventory ValuationBusiness, value inventory at cost or net realizable value which…

Q: Exercise 15-31 (Algo) International Transfer Prices: Ethical Issues (LO 15-4) Whitehill Chemicals…

Q: Get correct answer accounting

A: Calculate the book value of the machine:The book value of an asset represents its value on the…

Q: Can you solve these general accounting question ?

A: Step 1: Define Inventory ValuationIn order to follow the conservatism principle in accounting,…

Q: expert please answer it simple NO ai use

A: compute the gross profit for the Black and Navy Divisions of Marian Corporation, let's follow a…

Q: On May 1, a company sells inventory on account to a customer for $30,000, with terms of 1/15, n/30.…

A: the net method of accounting or sales discounts assumes that customers will take advantage of the…

Q: I need this accounting question answer please provide correct answer

A: Step 1: Define Account Receivable TurnoverThe account receivable turnover ratio measures the ability…

Q: Can you answer the financial accounting question?

A: Step 1: Define Cash FlowThe movement of cash or money in and out of the organization is termed cash…

Q: General accounting question

A: Step 1: Define Manufacturing OverheadsOperating expenses are not directly related to the…

Q: Please sir help

A: Explanation of Non-Monetary Exchanges: Non-monetary exchanges refer to transactions where assets or…

Q: Please provide this question solution accounting

A: Step 1: Define OverheadsManufacturing overheads refer to the indirect expenses which are incurred by…

Q: Get correct answer general accounting

A: Step 1:The internal Growth Rate can be calculated using the formula Internal Growth Rate = (ROA ×…

Q: Assignment: Cool-Downs---6.4 Lesson 9: How Much in Each Group? (Part 2) (6.NS.A. 1) ed: 1 2 Problem…

Q: Answer

A: Explanation of Accrual Accounting: Accrual accounting is a method that records revenues when earned…

Q: Hey sir can u provide answer with details

A: Explanation of Accounting Accuracy:Accounting accuracy refers to the precise recording and reporting…

Q: At Jaymes Company, it costs $32 per unit... Please provide answer the general accounting question

A: Step 1: Define Process CostingWith this costing approach, the cost of mass production is calculated…

Q: Need help with this question solution general accounting

A: Step 1: Define Material Quantity VarianceMaterial quantity variance occurs when there is a…

Q: Aaron Heath is seeking part-time employment while he attends school. He is considering purchasing…

A: Problem AnalysisAaron is evaluating the net present value (NPV) of an investment,…

Q: Westerville company solution this question general accounting question

A: Step 1:From the last year's operations,Sales: $1,500,000Average Operating Assets: $1,000,000 Step…

Q: The most common method of recording depletion for accounting purposes is the Select one: a.…

A: Depletion is an accounting concept used most often in mining, timber, petroleum, or other similar…

Q: What is the operating income on this accounting question

A: Step 1:First calculate the product cost per unit: Product cost per unit = Direct material + Direct…

Q: ?? Commission

A: Explanation of Commission: This is a fee or percentage of sales paid to a person or business for…

Q: Need help

A: Step 1: Define Return on AssetsReturn on assets is a financial ratio that is used to measure the…

Q: Give true answer the accounting question not use ai

A: Step 1:As per high low method variable cost per unit is calculated by following formula = ( Cost at…

Q: Hello tutor provide correct answer accounting question not use ai..

A: Step 1: Define High-low MethodOne method of estimating the company's total cost for a specific sales…

Q: A business purchases depreciable equipment solution this accounting question

A: Step 1: Define Asset DisposalAsset disposal is when the company decides to sell its depreciable…

Question

Consider the following information solve the question general accounting

Consider the following information (in millions) about ABK Company.
Annual sales
$1,217
Cost of goods sold $1,014
Inventories
$167
Accounts receivables $445
Accounts payable
$115
The average Collection Period is:
a. 132 days
b. 135 days
c. 133 days
d. None of the above

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

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
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.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 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.
I want to correct answer
None
MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net accounts receivable, ending 1,000,000 Accounts receivable turnover 5 to 1 Inventory, beginning 1,100,000 Inventory, ending 1,200,000 Inventory turnover 4 to 1 Required: What is the gross margin for the current year? |
Based on the following data, what is the accounts receivable turnover? Sales on account during year $473,995 Cost of goods sold during year 199,972 Accounts receivable, beginning of year 42,169 Accounts receivable, end of year 49,032 Inventory, beginning of year 96,940 Inventory, end of year 110,654 Oa. 10.4 Оb. 2.4 Oc. 4.3 Od. 11.2
Based on the following data, what is the accounts receivable turnover? Sales on account during year $455,841 Cost of goods sold during year 216,035 Accounts receivable, beginning of year 44,358 Accounts receivable, end of year 48,118 Inventory, beginning of year 87,106 Inventory, end of year 116,902 а. 3.9 Ob. 9.9 С. 2.1 Od. 10.3
Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days
The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?
Please help