Salad Daze maintains an inventory of produce worth $550. Its total bill for produce over the course of the year was $79,000. How oldon average is the lettuce it serves its customers?Note: Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.Average days

COGS = $79,000 (given total bill for produce over the year)Average Inventory = $550 (assuming it's…

Answered: Salad Daze maintains an inventory of…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

A large retailer obtains merchandise under the credit terms of 3/20, net 35, but routinely takes 65 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places
Tri-State Bank and Trust is considering giving Crane Company a loan. Before doing so, management decides that further discussions with Crane's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $290,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Crane shipped goods costing $34,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $91,000 that were shipped to Crane FOB destination on December 27 and were still in transit at year-end. Crane received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Crane shipped goods costing $33,000 to Jesse Co., FOB destination, on…
None
Edmund Supplies Company sold 3,170 metal connectors on account to Door Incorporated for $200 each on September 15. Each metal connector costs Edmund $150 to make. Door has 60 days to return the unused goods. Edmund believes that Door will ultimately return 75 of the connectors. On September 29, Door returns 50 connectors. Edmund has a September 30 fiscal year end. At year end, Edmund believes 75 connectors is a good estimate of the total that will be returned. The cost of recovering these products is immaterial. Edmund expects to be able to resell these goods for a profit. Instructions Prepare the following journal entries on the books of Edmund Company: Entries to record the initial sales on September 15. Entries to record the return of goods September 29. Entries to record the year-end adjustment based on estimated returns on September 30.
Essence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a price per unit of $415. All sales are on credit with terms of 1/10, net 40. The discount is taken by 45 percent of the customers. a. Calculate the average collection period. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the receivables turnover? (Use 365 days a year. Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) c. What is the amount of the company's average receivable? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Average collection period b. Receivables turnover c. Average receivables days times
Lowes Farm Supply paid $73 for a large bag of fertilizer. Expenses are 13% of cost and the profit is 21% of cost. Round the answers to the nearest cent if necessary. 1) What is the regular selling price? 2) To help clear inventory, the fertilizer was sold at break-even during a sale. What is the break-even selling price?
Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,900. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $520 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,900 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $520 in gift cards redeemed. (Hint. The $520 includes a 4% sales tax of $20.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet.
shobha
A large retailer obtains merchandise under the credit terms of 3/10, net 30, but routinely takes 50 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places. Don't use Excel
Subject :- Accounting
A large retailer obtains merchandise under the credit terms of 3/10, net 40, but routinely takes 65 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places. %
Boost inc sells vitamin supplements to customers with an unconditional sales return if they are not satisfied. The sales return extends 90 days. On May 12, 2023, High Country Integrated health purchases $4,000 of products with a cost of $2,000. Based on the company's prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes a

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS