The question that says “if the accounts payable turnover is 5.7, what is the days’ payable outstanding? ( round your answer to the nearest day.) If the accounts payable turnover is 5.7, what is the days' payable outstanding? (Round your answer to thenearest day.)Select one:A. 14 daysB. 54 daysC. 51 daysD. 64 daysOn December 31st, Datton, Inc. has cost of goods sold of $550,000, ending inventory is $108,000, beginninginventory is $123,000; and average accounts payable is $103,000. What is the accounts payable turnover?(Round your answer two decimal places.)Select one:А. 5.49B. 8.58С. 3.10D. 5.19When a business receives cash from customers before earning the revenue, theaccount is credited.Select one:Peceivable

Days payable outstanding = 365 / Accounts payable turnover

Answered: If the accounts payable turnover is…

If the accounts payable turnover is 5.7, what is the days' payable outstanding? (Round your answer to the nearest day.) Select one: A. 14 days B. 54 days C. 51 days D. 64 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Accounts receivable Less: Allowance for doubtful accounts. Net accounts receivable Net sales (assume…

A: Average Accounts Receivable :— It is calculated by dividing sum of beginning accounts receivable and…

Q: A company reports the following: Sales $399,675 Average accounts receivable (net) 54,750 Determine…

A: Accounts receivable turnover is computed by dividing the sales with the average accounts receivable…

Q: Gross sales $150,000 Accounts receivable, beginning of year $18,000 Sales…

A: Accounts receivable is the amount owed to a corporation for goods or services delivered or used but…

Q: Which report identifies the percentage of accounts receivable that are delinquent by 90 days or…

A: The lawfully enforceable claims for payments that are made by the companies for the services and…

Q: A company reports the following: Sales $1,156, 320 Average accounts receivable (net) 87,600…

A: Lets understand the basics.Account receivable turnover ratio indicates number of times account…

Q: Determine the following measures for 20Y2, rounding to one decimal place including percentages,…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: If at the end of the year Allowance for Uncollectible Accounts has a credit balance before any…

A: Allowance for doubtful accounts: It is a contra asset account of an organization that records the…

Q: Los Altos, Inc. has an accounts receivable turnover of 20. What is the company's average collection…

A: Formula: Average collection period = 365 days / Accounts receivable turnover. Division of 365 days…

Q: What relationship exists between the average collection period and accounts receivable turnover?…

A: Introduction:- Accounts receivable turnover ratio tells the number of times a company collects its…

Q: The "age" of an account receivable is the length of time that it has been outstanding. At the end of…

A: Accounts receivables is the current asset that represents the money which is to be received by…

Q: he companative financal satements of Mara Inc. ane a follows. The markt prie of Marshal comman stock…

A: Financial Ratios- A financial ratio or accounting ratio is a relative scale of two selected…

Q: Smart and Smiley Incorporated has an average collection period of 74 days. What is the accounts…

A: Accounts receivable turnover ratio refers to the ratio which describes the period which is consumed…

Q: The following information relevant to accounts receivable is presented for Dharma Initiative (in…

A: The accounts receivable turnover ratio is used to measure the number of times the receivables are…

Q: The following information is available for Market, Incorporated and Supply, Incorporated at December…

A: Turnover :— It is calculated by dividing net sales revenue by average accounts receivable. Average…

Q: The following is a partial balance table for a simple interest account that deposits the interest…

A: Present Value refers to the current value of the amount deposit and interest compounded on the…

Q: A firm has $375,000 in credit sales and $135,000 in accounts receivable. Compute the average number…

A: Average number of collection days = 365 days / Average receivable turnover ratio Average receivable…

Q: Pharoah Company had accounts receivable of $135,000 on January 1, 2022. The only transactions that…

A: Accounts receivable turnover measures how many times a company collects its average accounts…

Q: Suppose your business has secured a line of credit and receives the accompanying statement of…

A: Note: As per our guidelines, only the first three subparts have been answered Interest…

Q: Accounts payable turnover days (Use 365 days. Round your answer to nearest whole number.)

A: Cost of good sold=3865.20Account payable=$442 and $461.50Assume=365 days

Q: How long did it take Dark Knight to collect from its customers who were extended credit in Year…

A: To understand how long it took Dark Knight to collect from its customers who were extended credit in…

Q: A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: The numerator in calculating the accounts receivable turnover is a. average accounts…

A: Ratio Analysis - Ratio Analysis helps management and user of the financial statement to get an idea…

Q: Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit when payment is…

A: Trade credit is an important source of liquidity and financing for any company. The company needs to…

Q: Accounts receivable analysis A company reports the following: Sales Average accounts receivable…

A: (a) Accounts receivable turnover=sales/ Average accounts…

Q: Suppose that on the statement for a money market account, the initial balance was $7744.70, the…

A: Annual Percentage Yield (APY) is the interest rate at which the money is invested in savings account…

Q: Hello In calculating average accounts receivable net from financials, would I include: (current year…

A: Accounts receivable are those outstanding balances that are due to a firm for goods and services…

Q: Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported…

A: The allowance for uncollectible accounts is a contra-asset account that represents the estimated…

Q: Michaels Corp. has a current accounts receivable balance of $623,410. Credit sales for the year just…

A: Introduction: Accounts receivable turnover is the number of times a year that a business pays its…

Q: How do I calculae the times interest earned ratio?

A: Calculate the times interest earned ratio as follows: Times interest earned ratio = EBIT / Interest…

Q: Q6. Pujols Lumber Yard has a current accounts receivable balance of $394,539. Credit sales for the…

A: First, find the receivable turnover ratio ( RTOR) = Credit Sales / Accounts receivable Given credit…

Q: Compute for each year the accounts receivable turnover. (Raunda

A: Ratio: It is a number expressed in terms of another to establish relationship among them. They…

Q: How to calculate the total outstanding receivables?

A: To calculate the total outstanding receivables, you can follow the following steps: Determine the…

Q: 4. The following select financial statement information from Hogge Computing. Compute the accounts…

A: The accounts receivable turnover ratio is a financial metric that measures how efficiently a company…

Q: calculate these (d) Current ratio :1 (e) Accounts receivable turnover times (f)…

A: Financial ratio analysis: It can be defined as an analysis tool that is based upon the relative…

Q: Accounts receivable Less: Allowance for doubtful accounts 1. During 2022, the company had the…

A: Account receivable are the amount of sales that are pending with customers and collection of money…

Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

100%

The question that says “if the accounts payable turnover is 5.7, what is the days’ payable outstanding? ( round your answer to the nearest day.)

If the accounts payable turnover is 5.7, what is the days' payable outstanding? (Round your answer to the
nearest day.)
Select one:
A. 14 days
B. 54 days
C. 51 days
D. 64 days
On December 31st, Datton, Inc. has cost of goods sold of $550,000, ending inventory is $108,000, beginning
inventory is $123,000; and average accounts payable is $103,000. What is the accounts payable turnover?
(Round your answer two decimal places.)
Select one:
А. 5.49
B. 8.58
С. 3.10
D. 5.19
When a business receives cash from customers before earning the revenue, the
account is credited.
Select one:
Peceivable

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Formula:

VIEW

Answer:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The “age” of an account receivable is the length of time that it has been outstanding. At the end of October, a firm had $12,570 in receivables that are 30 days old, $6850 in receivables that are 60 days old, and $1325 in receivables that are 90 days old. What is the average age of its accounts receivable at the end of October?
Please answers parts 4,5, and 6. I have the first three already
11. Please answer which is best for
7
A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) the days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day a. Accounts receivable turnover b. Days' Sales in Receivables Time Remaining: 1:48:20 $284,700 54,750 days Il Proctorio is sharing your screen. Stop sharing Hide
At January 1, 2025, Pembina Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for expected credit losses 1. During 2025, the company had the following summary transactions related to receivables and sales. Pembina uses the perpetual inventory system. Pembina expects a return rate of 3%. 2. 3. 4. $696,000 5. 44,800 Sales on account amounted to $2,800,000. The cost of the inventory sold was $2,100,000. Goods with a total sales price of $44,800 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,464,000. Write-offs of accounts receivable deemed uncollectible, $50,400. Recovery of credit losses previously written off as uncollectible, $16,800.
compute number of days sales in receivables round your calculation and answer assume 365 days ina year
Your answer is correct. Calculate Maple Leaf's receivables turnover and collection period for 2019 and 2018. (Round receivables turnover to 2 decimal places, e.g. 52.75 and collection period to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Receivables turnover Collection period 2019 33.75 times 2018 34.81 times 10.81 days 10.48 days (b) Has the company's liquid improved weakened? weakened Company's liquidity has Attempts: 1 of 1 used
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,453,630, beginning accounts receivable balance of $587,900, and an ending accounts receivable balance of $623,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day’s sales ratio is 180 days? a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years’ data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.
Shiplt Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 11.2? Complete this question by entering your answers in the tabs below. Required 1 Required 2 2019 2018 $ 5,355 $ 5,060 (265) (270) $ 5,090 $ 4,790 $ 49,000 $ 47,200 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect times days