Ans Mr. Husker's Tuxedos Corp. ended theyear 2017 with an average collection periodof 35 days. The firm's credit sales for 2017were $63.9 million. What is the year-end2017 balance in accounts receivable for Mr.Husker's Tuxedos?

Concept of Average Collection Period: The average collection period refers to the time it takes for…

Answered: Mr. Husker's Tuxedos Corp. ended the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
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South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit salesfor the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivableturnover rate for 2018 (rounded to two decimal places)?
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 32 days. The firm's credit sales for 2021 were $56.1 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions. Use 365 days a year.)
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Mr. Husker's Tuxedos Corp. ended the year 2017 with an average collection period of 35 days. The firm's credit sales for 2017 were $63.9 million. What is the year-end 2017 balance in accounts receivable for Mr. Husker's Tuxedos?