Mobile Kitchen Express has annual sales of $280,000, cost of goods sold of 45% of sales, and a profit margin of 4.8%. If their average accounts receivable balance is $32,000, what is their collection period?
Q: I want accurate answer ☑
A: Explanation of Matching Principle:The Matching Principle ensures that expenses are recorded in the…
Q: Need help with this accounting questions
A: Step 1: Definition of Depreciation Tax ShieldThe depreciation tax shield is the reduction in taxes…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Debt to Assets RatioThe debt to assets ratio measures the proportion of total…
Q: Please post. General Account
A: Step 1: Identify the variable manufacturing costs per unit Step 2: Add the variable manufacturing…
Q: Provide This general account answer.
A: To determine the level of volume (output) where the firm would prefer Process B to Process A, we…
Q: Quick answer of this accounting questions
A: Calculation of Ending Balance in the Accounts ReceivableEnding Balance in the Accounts Receivable =…
Q: Pinhead Manufacturers Inc. has estimated total factory overhead costs of $147,000 and 12,800 direct…
A: Concept of Overhead RateThe overhead rate is the predetermined cost allocated to production…
Q: The balance of the owner's drawing account is reported:(general account)
A: The correct answer is:B. on the statement of owner's equity Explanation:The owner's drawing account…
Q: Gross profit of $1.25 on each sale ?
A: To determine the selling price per cookie to earn a gross profit of $1.25 on each sale: The formula…
Q: What is the amount of current liabilities??
A: Step 1: Define Current LiabilitiesCurrent liabilities are the borrowings that the business has to…
Q: tutor of general account accept it.
A: To determine the total liabilities and stockholders' equity on December 31, we use the accounting…
Q: Financial Accounting Question please answer
A: The question pertains to the weight of each source of capital that will be utilized to calculate the…
Q: Assets totaled $25,550 and liabilities totaled $8,630 at the beginning of the year. During the year,…
A: Concept of AssetsAssets are resources owned by a company or individual that have economic value and…
Q: What is the standard time ?
A: To calculate the standard time, follow these steps:1. Understand the Formula:The formula for…
Q: Owner's equity for our company is $980,000, and total liabilities are $377,000. The company paid…
A: Step 1: Formula Total assets = Total liabilities + Total equity Step 2: Substitution Total assets =…
Q: provide asnwer. general account.
A: 1. Introduction to Economies of ScaleEconomies of scale refer to the cost advantages that firms…
Q: Financial Accounting Question please solve this problem
A: Step 1: Dollar markup Dollar markup = Selling price - CostDollar markup = $30 - $20.50Dollar markup…
Q: General account tutor your help want
A: Step 1: Given InformationUnits transferred out: 800,000 unitsEnding WIP inventory: 208,000 units…
Q: Do fast answer of this general accounting question
A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio measures a company's financial leverage…
Q: Quick answer of this accounting questions
A: Cash Return on Assets:Cash Return on Assets = Net Cash Flows from Operating Activities / Average…
Q: Unit costs in a process-costing system are derived by using:
A: The correct answer is:d. equivalent units. Explanation:In a process-costing system, costs are…
Q: I want solution
A: Comprehensive income includes all changes in equity during a period, except those resulting from…
Q: Refer to the following list of liability balances at December 31, 2017. Accounts payable Employee…
A: The question asks for the total of current liabilities as of December 31, 2017. Current liabilities…
Q: What is the 2007 cash flow to creditors?
A: The question requires the determination of the cash flow to creditors. Cash Flow to Creditors…
Q: General Account.
A: Step 1: Inventory EquationThe fundamental accounting formula for inventory is: Beginning…
Q: Earning after taxes of $25,000? General accounting
A: Step 1: Define Net Profit MarginNet profit margin is also called net margin. It is a financial…
Q: please solve this question Financial accounting question
A: Step 1: Define Cost of DebtThe cost of debt is a return that is made by a firm on its debt to its…
Q: General Accounting
A: To calculate the weights in equity and debt for the Weighted Average Cost of Capital (WACC), we use…
Q: Ross corporation, a calendar year taxpayer, had a taxable income of $90,000, which included a net…
A: Concept of Taxable IncomeTaxable income refers to the portion of a corporation's or individual's…
Q: The unit product cost under super-variable costing is: @ financial account.
A: Step 1: Understand Super-Variable CostingUnder super-variable costing, only variable costs directly…
Q: Financial Accounting
A: Step 1: Define Net Income (or Loss)Net income (or loss) for a period is the change in the business's…
Q: A company has a net income of $790,000 and 55,300 outstanding shares. What is the earnings per…
A: The question requires the determination of the EPS.Earnings per share (EPS) is a financial metric…
Q: Kindly help me with accounting questions
A: Step 1: Formula Gross margin = Net sales - Cost of goods soldGross margin = (Sales revenue - Sales…
Q: Baltimore Company experienced an increase in total assets of $10,500 during the current year. During…
A: Step 1: IntroductionIn this question, we are given that no investment was made by shareholders and…
Q: Quick answer of this accounting questions
A: Step 1: Definition of High-Low Method for Fixed OverheadThe high-low method helps in separating the…
Q: The total of the product costs listed above for September is _.
A: Step 1: Understanding Product CostsProduct costs, also called manufacturing costs, include all costs…
Q: Please answer the following requirements on these financial accounting question
A: Step 1: Information providedCurrent assets: $4,500Net fixed assets: $8,200Current liabilities:…
Q: Calculate the cost of goods sold ??? General accounting
A: Step 1: Define Cost of Goods SoldThe cost of goods sold is the sum of all direct expenses incurred…
Q: General Accounting
A: Step 1: Define Total LiabilitiesTotal liabilities refer to all financial obligations or debts owed…
Q: General Accounting
A: Step 1: Define Free Cash FlowFree cash flow refers to the cash remaining with the organization after…
Q: Josh Industy has three activity cost pools and two products
A: Concept of Activity-Based Costing (ABC):Activity-Based Costing (ABC) is a method of allocating…
Q: Want solution to this financial accounting question
A: Step 1: Information providedTotal asset turnover = 3.31Profit margin = 6.9% or 0.069Equity…
Q: Hii expert please given correct answer general Accounting
A: Step 1: Define Spending VarianceSpending Variance measures the difference between the actual…
Q: Hamilton corp issued a long term bond... Please answer the financial accounting question
A: Step 1: Given Value for calculation Bond Interest Rate = 9%Average Expected annual Inflation Rate =…
Q: What is the absorption cost per unit on these financial accounting question?
A: Step 1: Define Absorption CostAbsorption cost is the total cost assigned to a product, including all…
Q: Landis Company is preparing its financial statements. Gross margin is normally 40% of sales.…
A: To calculate the estimated ending inventory, we can use the gross margin method. This method…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Average Payment PeriodThe average payment period (or Days Payables Outstanding…
Q: Financial Accounting Question please answer
A: As per CAPM, Expected Return on Stock = Risk-free Rate + Beta*(Market Rate-Risk-free Rate) Expected…
Q: Question: Quill Corp. shows the following information on its 2007 income statement: Sales $145,000…
A: I hope you are finding the material engaging and informative. If you have any questions or…
Q: Assets turnover??
A: Step 1: Define Asset TurnoverTotal asset turnover represents the ability of a company to use…
What is their collection period??
Step by step
Solved in 2 steps
- Abbot Communications has annual credit sales of $1,800,000 and accounts receivable of $190,000. What is the average collection period? Thompson Wood products have credit sales of $2,160,000 and accounts receivable of $288,000. Compute the value of the average collection period. Lone Star Petroleum Co. has annual credit sales of $2,880,000 and accounts receivable of $272,000. Compute the value of the average collection period. Knight Roundtable Co. has annual credit sales of $1,080,000 and an average collection period of 32 days in 2010. Assume a 360-day year. What is the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. Darla’s Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days in 2010. Assume a 360 day year. What is the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales time the average…Falafel Hut has sales of $512,630. The cost of goods sold is equal to 60 percent of sales. The beginning accounts receivable balance is $22,970, and the ending accounts receivable balance is $28,214. How long on average does it take the firm to collect its receivables?Calculate COGS
- XYZ Corporation has credit sales of $10,640,000 and receivales of $1,520,000. What is the receivales turnover and what is the average collection period (days sales outstanding) ?An analyst has obtained the following information regarding ABC, Inc. Using this information, he needs to estimate the company's Accounts Payable. Sales = $93,398Cost of Goods Sold (COGS) = $36,052Cash Cycle = 22 daysOperating Cycle = 86 daysAccounts Receivable Period = AR Period = Average Collection Period (ACP) = 40 daysWhat is the company's Accounts Payable balance?You made a sale for $175,000. The customer paid in cash. Your gross margin is 48%. What is your cost of goods sold?
- A company has net income of $184,000, a profit margin of 8.5 percent, and an accounts receivable balance of $123,370. Assuming 60 percent of sales are on credit, what is the company’s days’ sales in receivables?If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery expenses P100, the net sales of the business will totalThe following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
- A firm has $375,000 in credit sales and $135,000 in accounts receivable. Compute the average number of collection days. (Do not round intermediate calculations, round your answer to two decimal places, i.e. 12.34) Using the abswer to the prvious question, how does the numbers relate to the terms of 2/10 net/30?A firm has $400,000 in credit sales and $100,000 in accounts receivable.Compute accounts receivable turnover and average number of collectiondays. How do these numbers relate to the terms of 2/10, n/30?A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable balance of $106,014. Assuming 69 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 21.05 days 40.40 days 30.50 days
