Provide correct solution for this accounting question Flo's Flowers has accounts receivable of $4,511, inventoryof $1,810 sales of $138,609, and cost of goods sold of$64,003. How many days does it take the firm to sell itsinventory and collect the payment on the sale assumingthat all sales are on credit?a) 22.20 daysb) 18.67 daysc) 11.88 daysd) 14.50 dayse) 16.23 days

Step 1:- Define Operating CycleOperating cycle is the sum of inventory period ( or days inventory…

Answered: Flo's Flowers has accounts receivable…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 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?
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.
The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?
Sales are on credit?
The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $123,900, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit? A) 74.19 days B) 84.69 days C) 78.07 days D) 96.46 days E) 71.01 days
The Up-Towner has sales of $913,400, costs of goods sold of $650,300, inventory of $136,500, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit? A) 74.19 days B) 84.69 days C) 78.07 days D) 96.46 days E) 76.61 days. Correct answer☑
Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts receivable of $28,744. How long on average does it take the firm's credit customers to pay for their purchases? Multiple Choice 33.05 days 27.99 days 31.37 days 29.95 days 38.23 days
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