Pls answer the all questions with solutions 10. Wint Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning of the year and a balance of P410,000 at the end of the year. Net credit sales during the year amounted to P4,000,000. The average collection period of the receivables in terms of days was a. 30 days. b. 365 days. c. 73 days. d. 37 days. 11. Pint Hardware Store had net credit sales of P6,500,000 and cost of goods sold of P5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were P600,000 and P700,000, respectively. The receivables turnover was a. 7.7 times. b. 10.8 times. c. 9.3 times. d. 10 times. 14. A company has a receivables turnover of 10 times. The average net receivables during the period are P300,000. What is the amount of net credit sales for the period? a. P30,000. b. P3,000,000. c. P360,000. d. Cannot be determined from the information given. 15. If the average collection period is 30 days, what is the receivables turnover? a. 11.1 times b. 12.2 times c. 6.1 times d. None of these
Pls answer the all questions with solutions 10. Wint Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning of the year and a balance of P410,000 at the end of the year. Net credit sales during the year amounted to P4,000,000. The average collection period of the receivables in terms of days was a. 30 days. b. 365 days. c. 73 days. d. 37 days. 11. Pint Hardware Store had net credit sales of P6,500,000 and cost of goods sold of P5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were P600,000 and P700,000, respectively. The receivables turnover was a. 7.7 times. b. 10.8 times. c. 9.3 times. d. 10 times. 14. A company has a receivables turnover of 10 times. The average net receivables during the period are P300,000. What is the amount of net credit sales for the period? a. P30,000. b. P3,000,000. c. P360,000. d. Cannot be determined from the information given. 15. If the average collection period is 30 days, what is the receivables turnover? a. 11.1 times b. 12.2 times c. 6.1 times d. None of these
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pls answer the all questions with solutions
10. Wint Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning of the year and a balance of P410,000 at the end of the year. Net credit sales during the year amounted to P4,000,000. The average collection period of the receivables in terms of days was
a. 30 days.
b. 365 days.
c. 73 days.
d. 37 days.
11. Pint Hardware Store had net credit sales of P6,500,000 and cost of goods sold of P5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were P600,000 and P700,000, respectively. The receivables turnover was
a. 7.7 times.
b. 10.8 times.
c. 9.3 times.
d. 10 times.
14. A company has a receivables turnover of 10 times. The average net receivables during the period are
P300,000. What is the amount of net credit sales for the period?
a. P30,000.
b. P3,000,000.
c. P360,000.
d. Cannot be determined from the information given.
15. If the average collection period is 30 days, what is the receivables turnover?
a. 11.1 times
b. 12.2 times
c. 6.1 times
d. None of these
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