Newton Ltd. had net sales of $1,100,000. Accounts receivable at the beginning of the period were $90,000, and at the end of the period, $110,000. Calculate days' sales in receivables.
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- The financial statements of Garner Manufacturing report net sales of $600,000 and accounts receivable of $120,000 and $80,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?what is the average accounts payable balance?The financial statements of SolarTech Industries report net sales of $1,350,000 and accounts receivable of $75,000 and $85,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?
- 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 aboveThe financial statements of Sunland Manufacturing Company report net sales of $1277500 and accounts receivable of $71000 and $69000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?What is the average accounts payable balance?