Question: The financial statements of Alpine Sports Equipment report net sales of $600,000 and accounts receivable of $90,000 and $70,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?

Question: The financial statements of Alpine Sports Equipment report net sales of $600,000 and accounts receivable of $90,000 and $70,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Need answer the accounting question

A: Step 1: Define Variable CostThe total cost consists of the variable cost and the fixed cost where…

Q: Revenues are normally recognized when a company transfers promised goods or services to customers in…

A: The following are the expense account titles and the amounts for each transaction: a. Utilities…

Q: A capital maintenance adjustment would appear in?

A: Explanation of Capital Maintenance Adjustments: Capital maintenance adjustments are accounting…

Q: Explain the concept of revenue recognition. What are the criteria that must be met before revenue…

A: Understanding Revenue Recognition: Concept and Criteria1. Core Concept of Revenue RecognitionRevenue…

Q: set answer

A: To calculate the monthly payment for John's purchase, we can treat this as an installment loan with…

Q: Select the accurate answer to this accounting MCQ

A: Explanation of Diluted EPS: Diluted Earnings Per Share is a financial metric that measures a…

Q: General Accounting question

A: Step 1:- Introduction to the Manufacturing OverheadThe term manufacturing overhead is one of the…

Q: Glenn

A: Explanation of Cost of Goods Sold (COGS): Cost of Goods Sold represents the direct costs…

Q: Business 123 Introduction to Investments May I please have the solution for the following writing…

A: ReferencesBrown, A., Johnson, L., & Smith, K. (2020). Investment behavior and outcomes in…

Q: Use the scenario loaded under additional resources to answer the following question. With reference…

A: ExplanationStep 1: Understanding Other Components of EquityIn a consolidated statement of financial…

Q: ks.1

A: Part A: Angel Is Enrolled in a Graduate Degree ProgramStep 1: Calculate AOTC for Kai First, we need…

Q: I am trying to get these for a year end (December 31) financial report. What is the Gain on Sale of…

A: To calculate the gain on the sale of investment and the discount on the note receivable, we'll…

Q: WIP

A: Total value of work started = Initial WIP ($30,000) + Additional costs ($80,000) Total value of work…

Q: Accounting Problem-Provide Answer

A: Manufacturing overhead allocated for the year = Overhead rate per hour × Actual machine…

Q: I need do fast typing clear urjent no chatgpt used i will give 5 upvotes pls full explain with…

A: Step 1: Step 2:Newton's 2nd law of motion states thatM=Iαwhere : I is the moment of inertia of the…

Q: Explain

A: Computation of total cost of goods in addition to the additional cost particularly paid to purchase…

Q: Give me solution

A: Explanation of Retained Earnings: Retained earnings represent the accumulated net income of a…

Q: An investor will receive equal payments of $700 for four years, and the first payment will be…

A: Step 1: Substitute values into the formula PV=700× 1−(1+0.09)−4/0.09 Step 2: Calculate (1+r)−n…

Q: Discuss the accounting treatment for investments in debt and equity securities.

A: Accounting Treatment for Investments in Debt and Equity Securities1. Debt SecuritiesDebt securities…

Q: Need help

A: Step 1: Define Applied OverheadApplied overhead refers to the estimated overhead expense. It is the…

Q: What was independence's asset turnover ratio on these general accounting question?

A: Step 1: Define Asset Turnover RatioThe asset turnover ratio is part of the efficiency ratios…

Q: Mr A and Mrs A, married couple and residents of Philippines had the following data in 2018:…

A: Step 5: Adjust for CPG Rules According to CPG rules, the taxable net estate may be further adjusted…

Q: Need answer please

A: Step 1: Define Manufacturing CostThe manufacturing cost in standard costing for each job will be the…

Q: Green Valley Company prepared the following trial balance at the end of its first year of operations…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: What dollar amount of the purchase price will be allocated to the building account on this…

A: Step 1:This question is related to basket purchase where two or more assets purchased at a single…

Q: The allowance method of accounting for bad debts. follows which principle? a) Matching b) Revenue…

A: Explanation of Allowance Method: The allowance method is an accounting approach used to estimate and…

Q: Pretzel Corporation owns 60 percent of Stick Corporation’s voting shares. On January 1, 20X2,…

A: Notes: A) The entries of each Company to record the intercompany transactions shall mirror each…

Q: Answer the Problem

A: Approach to solving the question:Please see attached photos for detailed solutions. Thank you.…

Q: ווח M Question 7 - Week 11 - Homework #7 (100 points) - Connect Week 11 - Homework #7 (100 points) i…

A: Step 1: Initial entry Debit Prepaid rent to increase its balance by $33,000.Debit Cash to decrease…

Q: Solve this accounting problem

A: Step 1:- Introduction to the Discounting Own NotesA company can discount their notes by giving the…

Q: Please Need help

A: Step 1: Define Pre-determined Overhead RateThe manufacturing overhead cost is estimated at the…

Q: Question:34 Perl Corp. applies to manufacturing overhead costs to products at a budgeted…

A: To calculate the bid price for the special order, follow these steps: Step 1: Calculate Total Direct…

Q: Need help

A: Step 1: Define High-Low MethodThe high-low method determines the variable cost per unit (which…

Q: accounts

A: FV = $1,200 × (1 + 2%)5FV = $1,325 PV = PMT × [1 - (1 + r)-n]/rWhere:Periodic or monthly payment…

Q: Coca cola ratio analysis, identify liquidity, leverage, profitability, asset managemen, price…

A: Key Conclusions: 1. Liquidity Position: Coca-Cola has a current ratio of 1.06, and Q ratio of 0.85…

Q: Solve general accounting question not use chatgpt

A: Step 1:- Introduction to the Overhead costThe cost which is not related to manufacturing of products…

Q: Accounting Problem solve

A: Step 1: Definition of Gain or Loss on Asset Disposal:When a company sells one of its fixed assets,…

Q: None

A: Given Information:Investment at the beginning (January 1): 44,000 randNet income throughout the…

Q: Provide solution

A: Explanation of Cash SalesCash sales refer to the revenue generated by selling goods or services…

Q: Concept

A: Impairment of Long-Lived AssetsThe concept of impairment of long-lived assets involves recognizing…

Q: Provide accurate & detailed Answer with short summary

A: Lease vs. Purchase: Accounting Treatment and Decision FactorsWhen a company is considering whether…

Q: Need answer

A: Explanation: In the given case, we are required to calculate the monthly salary and commission per…

Q: View the transaction and its impact on the Balance Sheet. Transaction 4: Our company performs…

A: Detailed explanation:The Transaction: The company provides services worth $10,000 to a customer, and…

Q: Windsor Company leased equipment from Costner Company, beginning on December 31, 2024. The lease…

A: Given,Lease Start Date: December 31, 2024Lease Term: 4 years, with equal annual payments of $87,122…

Q: Please give me answer

A: Step 1: The debt-to-equity ratio is the ratio of total liabilities to total equity. Debt to equity…

Q: What is P/E ratio on these general accounting question?

A: Step 1: Define Price-Earnings RatioThe Price-earnings ratio is used to determine whether a share is…

Q: Solve this accounting question

A: Step 1: Define Time Value of MoneyIn the domain of Finance, a dollar invested today in a financial…

Q: Answer in step by step with explanation. Don't use Ai.

A: a).The translation adjustment is based on changes in the net assets of the subsidiary. Compute the…

Q: After reading the case, you will choose one side to assist (you’ve been hired by Dave James OR…

A: The first step in business valuation is to determine the net asset value (NAV). The NAV is…

Q: At December 31, 2027, the trading debt securities for Sheridan, Inc. are as follows. Security Cost…

A: As of December 31, 2027, Sheridan, Inc.'s traded debt securities had the following values, according…

Question

100%

Hello Tutor please provide solution of this one

Question: The financial statements of Alpine Sports
Equipment report net sales of $600,000 and accounts
receivable of $90,000 and $70,000 at the beginning of the
year and end of year, respectively. What is the average
collection period for accounts receivable in days?

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Using the following select financial statement information from Mover Supply Depot, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the industry average is 4 times?
The financial statements of the Splish Brothers Inc. reports net sales of $360000 and accounts receivable of $48000 and $21600 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)
A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place. Assume a 365- day year. a. Accounts receivable turnover $398,580 76,650 b. Number of days' sales in receivables days
Financial statement data for the years ended December 31 for Parker Corporation are as follows: Sales Accounts receivable: Beginning of year End of year Current Year Current Year $2,595,600 Current Year 390,000 434,000 a. Determine the accounts receivable turnover for each year. Round your answers to one decimal place. Accounts Receivable Turnover times times Prior Year $2,409,500 400,000 390,000 Prior Year b. Determine the days' sales in receivables for each year. Round your answers to nearest day. Assume 365 days per year. Number of Days' Sales in Receivables days days Prior Year c. Does the change in accounts receivable turnover and days' sales in receivables from the first year to the second year indicate a favorable or unfavorable change?
What was the average collection period in days on these general accounting question?