Greene Sisters has a DSO of 15 days. The company's average daily sales are $30,000. Assume there are 365 days in a year. What is the level of its accounts receivable? a. $400,000 b. $222,650 c. $10,950,000 d. $450,000 e. $730,000

Greene Sisters has a DSO of 15 days. The company's average daily sales are $30,000. Assume there are 365 days in a year. What is the level of its accounts receivable? a. $400,000 b. $222,650 c. $10,950,000 d. $450,000 e. $730,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

See similar textbooks

Related questions

Q: I need help with this problem and accounting

A: Step 1: Definition of Recognized Gain in Stock SaleRecognized gain refers to the taxable profit…

Q: Pahr Industries bases its predetermined overhead rate on the estimated labor hours for the upcoming…

A: Step 1:Predetermined overhead rate is total variable overhead rate and fixed overhead rate.…

Q: General accounting

A: Step 1: Define Total Manufacturing Costs IncurredTotal Manufacturing Costs Incurred represent the…

Q: Question

Q: K Sunlight Design Corporation sells glass vases at a wholesale price of $3.50 per unit. The variable…

A: Step 1:Question 1: First calculate the current net income: Current net income = Total contribution…

Q: do fast of this answer General accounting question

A: Step 1: Define Fees Billed to Customers on AccountFees billed to customers on account refer to the…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Net IncomeNet income is the total profit a company earns after deducting all…

Q: What was Anderson manufacturing Inc.s time's internet earned ratio for the year of this financial…

A: Step 1: Define Times Interest Earned (TIE) RatioThe Times Interest Earned (TIE) Ratio measures a…

Q: The Phelan Company had 15,000 units in beginning work in process, 50% complete. 25,000 units were…

A: Step 1: Definition of Equivalent Units for Material CostsEquivalent units for material costs…

Q: What is the production cost per unit under absorption costing

A: Concept of Absorption CostingAbsorption Costing is a costing method where all manufacturing costs,…

Q: Get correct solution with explanation for this accounting question

A: Step 1: Define Beginning Work-in-Process (WIP) InventoryBeginning Work-in-Process (WIP) Inventory is…

Q: What is the net income?

A: The formula for Return on Equity (ROE) is:ROE=Net Income/Total Equity Rearranging to solve for Net…

Q: can you help me with this General accounting

A: Step 1: Define Accounts Receivable (AR) Balance CalculationAccounts Receivable (AR) represents the…

Q: Financial Accounting 2.3 problem

A: Concept of Net SalesNet sales refer to the total revenue generated from selling goods or services…

Q: Falcon Enterprises starts the year with $15,000 in its cash account, $12,500 in its equipment…

A: Calculation of Book Value of the EquipmentBook Value of the Equipment = Equipment Cost - Accumulated…

Q: How much is total overhead cost

A: Explanation of Total Overhead Cost:Total overhead cost represents the sum of all indirect expenses…

Q: What would be the effect on income

A: Explanation of Absorption Costing:Absorption costing is a method of inventory costing in which both…

Q: Don't use ai given answer general accounting question

A: Step 1:The term FOB Chicago refers to the FOB shipping point, under this, the buyer is held liable…

Q: What is the division's margin of this financial accounting question? Please give correct answer

A: Step 1: Definition of MarginMargin is a financial metric that measures a company's profitability by…

Q: Accounting problem with correct solution

A: Step 1: Definition of Labor Efficiency VarianceLabor Efficiency Variance (LEV) measures the…

Q: Calculate the contribution margin per unit

A: Contribution margin per unit = Sales price - Variable costContribution margin per unit = 60 -…

Q: Jordan's Bakery has a monthly target operating income of $8,000. Variable expenses are 45% of sales,…

A: Explanation of Target Operating Income: Target operating income represents the profit goal that a…

Q: Provide best Answer

A: Here's how to calculate the incremental free cash flows in year 2:1. Calculate the Total Initial…

Q: Tata company uses predetermined overhead rate

A: Concept of Predetermined Overhead RateThe Predetermined Overhead Rate is an estimated cost…

Q: The following financial data is available for Summit Corp. for the year 2022: Net Income (2022):…

A: Here's the breakdown:Average Total Assets:We'll use the total assets at the beginning of 2022 (which…

Q: General accounting question

A: Step 1: Definition of Joint Cost Allocation (Value Basis)Joint cost allocation on a value basis is a…

Q: what is asset turnover

A: Step 1: Definition of Asset Turnover Ratio (AT)The Asset Turnover Ratio (AT) is a financial metric…

Q: What are the total equivalent units?

A: Explanation of Beginning Work-in-Process Inventory: Beginning work-in-process inventory represents…

Q: Lakeme

A: To determine the cash provided by or used in investing activities for Lakeme, Inc., we have to…

Q: General Accounting Question need help please

A: Step 1:Introduction According to lower of cost and market value inventory valuation method,…

Q: What is the labor efficiency variance for April?

A: The labor efficiency variance for April is calculated as follows: Labor efficiency variance =…

Q: Correct answer

A: Explanation of Activity-Based Costing (ABC): Activity-based costing is a costing methodology that…

Q: What is the cost of goods sold for the year?

A: Step 1: Definition of Absorption CostingAbsorption costing is a method where all manufacturing costs…

Q: Financial Accounting

A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) measures how…

Q: subject ?? : General accounting question

A: The Degree of Operating Leverage (DOL) is a financial ratio that tells us how sensitive a company's…

Q: Ans

A: Concept of Net IncomeNet Income refers to the total profit a company earns after deducting all…

Q: General accounting

A: Step 1: Definition of Stockholders' EquityStockholders' Equity represents the owners' residual…

Q: Want answer

A: Given Data:Initial Operating Income = $150,000Degree of Operating Leverage (DOL) = 3.1Expected Sales…

Q: general accounting

A: Step 1: Definition of Overhead Application in a Job Order Cost SystemIn a job order cost system,…

Q: PLEASE HELP AND FILL ALL CELLS

A: Step 1: Working Notes: Commission revenue=Total price×Commission received=$67,000×7%=$4,690.00…

Q: i need correct solution of this general accounting question

A: Computation of Net IncomeNet Income = Addition to Retained Earnings + Dividends Paid…

Q: Financial Accounting

A: Absorption costing is a costing method that includes all fixed and variable manufacturing costs in…

Q: need this general account subjects solutions

A: Average Total Assets = (Total Assets at Beginning + Total Assets at End)/2Average Total Assets =…

Q: Please provide following requirements on these financial accounting question

A: Step 1: Define Financial RatiosFinancial Ratios are numerical values derived from a company's…

Q: provide correct answer

A: Step 1: Definition of Home Sale ExclusionThe Home Sale Exclusion under IRS Section 121 allows…

Q: The following cost data relate to the office overhead costs of Hamilton Accounting Services during…

A: Step 1: Definition of Over- or Underapplied OverheadOver- or underapplied overhead refers to the…

Q: Answer me

A: Step 1: DefinitionsDefinition of Flexible BudgetA Flexible Budget is a budget that adjusts based on…

Q: provide correct answer

A: Step 1: Definition of High-Low MethodThe high-low method is a technique used to estimate fixed and…

Q: What are the company's fixed expenses?

A: Step 1: Calculation of Break-even Sales in dollarsBreak-even point in units = 90,000Selling price…

Q: A company sold a piece of equipment that originally cost $55,000 for $20,000 when accumulated…

A: Explanation of Book Value:Book value is the net value of an asset recorded in the company's…

Question

What is the level of its accounts receivable?

Greene Sisters has a DSO of 15 days. The company's average daily sales are
$30,000. Assume there are 365 days in a year. What is the level of its accounts
receivable?
a. $400,000
b. $222,650
c. $10,950,000
d. $450,000
e. $730,000

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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

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?
Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35 days, and a payables deferral period of 25 days. Assume that cost of goods sold is 80% of sales. What is the length of the firm’s cash conversion cycle? If annual sales are $4,380,000 and all sales are on credit, what is the firm’s investment in accounts receivable? How many times per year does Negus Enterprises turn over its inventory?
Elizabeth Tailors Inc. has assets of $8,540,000 and turns over its assets 1.8 times per year. Return on assets is 16.5 percent. What is the firm's profit margin (returns on sales)? (Input your answer as a percent rounded to 2 decimal places.) Profit margin %6
A business usually has a mark-up of 20% on cost of sales. During a year, its sales were $90,000. What was cost of sales? A $15,000 B $72,000 C $18,000 D $75,000
Need help please provide answer
Assume a company sold 28,000 units last year and ncrease the sales commission by $2 per unit. What does this mean
Provide answer this question
WW Co has a current ratio of 2. Receivables are $3 million and current liabilities are $2 million. What are inventory days if cost of sales is $10 million per annum?
Wall Mart Pictures and Decor Company has a net profit margin of 10% and its inventory turnover is 9. What is its annual cost of sales? You also know that Wall Mart’s average inventory is $96,700, and its annual sales are $1,000,000. a. $870,000 b. $870,300 c. $790,000 d. $850,000
Need Answer pls find it
Vikings Inc., is developing a pro forma income statement for the coming year. The chief financial officer estimates that sales will be $150,000,000. If gross profits are historically 36% of sales, what is the expected cost of goods sold (in dollars)? a) $36,000,000 b) $54,000,000 c) $64,000,000 d) $96,000,000 NOTE: In your Excel spreadsheet, all calculations must be included
Tally ho inn has annual sales of... Please need answer the financial accounting question