Provide correct option with accounting question Selected financial information for 20X8 is as follows:.•Net sales (all on account) = $9,000,000.Average receivables = $1,500,000•Net income = $900,000Assuming a 360-day year, what was the average collection period(in days) for the receivables during 20X8?a. 8b. 30c. 45d. 60e. None of the above

Step 1: Definition of Average Collection PeriodAverage Collection Period measures the average number…

Answered: Selected financial information for 20X8…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...

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You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
The following information relates to ReDo Corporation: $28,184,000 $316,199,000 $64,115,000 What ReDo's receivables collection period (DSO)? In your computations, assume there are 360 days in a year. 42.50 days O 72.99 days 32.09days Accounts receivable Total credit sales Accounts payable O 11.22days
9. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? O $200 favorable O $200 unfavorable O $700 favorable O $700 unfavorable 10. T Corporation is authorized to issue 500,000 common stock at $10 par value. As of December 31, 2019 the corporation has 350,000 common stock issued and outstanding. On February 14, 2020, the market price of the stock is $17. On the same date, T Corporation acquired 50,000 stocks at $15. On March 5, 2020, the company reissued 25% of the treasury stocks at $20. Which of the following will be included in the entry to record the transaction on March 5, 2020? Debit Treasury Shares $187,500 Debit Common Stock $250,000 O Credit Additional Paid-in Capital $62,500 O Credit Cash $250,000
19. The accounts receivable turnover is 8.14, and average net accounts receivable during the period is $400,000. What is the amount of net credit sales for the period? Brief Exercises Identify different types of receivables. BE8.1 (LO 1), C The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balan a. Sold merchandise on account for $64,000 to a customer. b. Received a promissory note of $57,000 for services performed. c. Advanced $10,000 to an employee. Record basic accounts receivable transactions. PEO AR Rooord the following transactions on the books of Jarvis Co. (Omit cost of goods sold entries.)
What is the level of its accounts receivable?
what was the accounts receivable turnover?
What is the average collection period for accounts receivable?
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5. Krackle Korn Inc. had credit sales of $3.500.000 last year and its days sales outstanding was DSO = 35 days. What was its average receivables balance, based on a 365-day year?

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