Foster Industries sells on terms of 2/10, net 35. Gross sales last year were $450,000, and accounts receivable averaged $60,000. Half of Foster's customers paid on Day 10 and took discounts.
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- 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?Cosplay Unlimited sells 1,040 outfits per year at an average price of $148. The terms of the sale are 1/10, net 35. The discount is taken by 76 percent of customers. What is the company's accounts receivable balance? Assume 365 days per year. $14,759.45 $6,747.18 $8,183.59 $9,620.00 $16,235.40ssence of Skunk Fragrances, Ltd., sells 6,900 units of its perfume collection each year at a price per unit of $399. All sales are on credit with terms of 2/30, net 50. The discount is taken by 50 percent of the customers. a.What is the amount of the company’s accounts receivable? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)b.In reaction to sales by its main competitor, Sewage Spray, Essence of Skunk is considering a change in its credit policy to terms of 4/30, net 50 to preserve its market share. Will this change in policy increase or decrease accounts receivable?
- Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the aboveCost of Trade Credit Grunewald Industries sells on terms of 2/10, net 50. Gross sales last year were $4,526,000 and accounts receivable averaged $434,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit: %Costumes or Us sells 1,100 outfits per year at an average price of $145. The terms of the sale are 2/10, net 35. The discount is taken by 73 percent of customers. What is the company's accounts receivable balance? Assume 365 days per year. Multiple Choice $9,522.39 $7,319.52
- What is the firm's accounts receivable balance based on a 365- day year on these accounting question?Markle's Inc. had the following transactions during the year: total sales = $610,000; sales discounts = $13,000; sales returns = $36,000; sales allowances = $16,000. In addition, at the end of the year the company estimates the following transactions associated with sales in the current year will occur next year: sales discounts = $1,300; sales returns = $4,320; sales allowances = $2,130. Compute net sales. Total sales Net salesEssence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a price per unit of $415. All sales are on credit with terms of 1/10, net 40. The discount is taken by 45 percent of the customers. a. Calculate the average collection period. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the receivables turnover? (Use 365 days a year. Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) c. What is the amount of the company's average receivable? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Average collection period b. Receivables turnover c. Average receivables days times
- A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service $_________ per monthTotal sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales? (Round your answer to the nearest cent.) Actual SalesThompson Wood Products has credit sales of $2,628,000 and accounts receivable of $627,800. Compute the value of the average collection period. (Use a 360-day year.) Average collection period days
