Solve this accounting question not use ai Starset, Inc., has an average collection period of50 days. Its average daily investment inreceivables is $44,300. Assume 365 days peryear.A) What is the receivables turnover? Round youranswer to 4 decimal places.B) What are annual credit sales? Round youranswer to 2 decimal places.

Step 1: Define Receivable Turnover RatioThe receivable turnover ratio is used to assess how well a…

Answered: Starset, Inc., has an average…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lupo, Inc., has an average collection period of 52 days. Its average daily investment in receivables is $70,300. Assume 365 days per year. a. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) b. What are annual credit sales? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
ABCD Corporation has credit sales of $12,690,000 and receivables of $1,970,000. Assume there are 365 days in a year. What is the receivables turnover? Round your answer to two decimal places. What is the average collection period (days sales outstanding)? Round your answer to the nearest whole number. days If the company offers credit terms of 50 days, are its receivables past due? Round your answer to the nearest whole number. Enter zero if the receivables are not past due. -Select-YesNoItem 3 , it is days overdue.
What is the receivables turnover?
What is the receivable turnover?
ABCD Corporation has credit sales of $8,460,000 and receivables of $1,260,000. Assume there are 365 days in a year. What is the receivables turnover? Round your answer to two decimal places. What is the average collection period (days sales outstanding)? Round your answer to the nearest whole number. days If the company offers credit terms of 30 days, are its receivables past due? Round your answer to the nearest whole number. Enter zero if the receivables are not past due. , it is days overdue.
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The Caccamisse Corporation has annual credit sales of $35 million. The average collection period is 37 days. What is the average investment in accounts receivable as shown on the balance sheet? Assume 365 days per year. Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.
Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a.16.08% b.16.88% c.15.27% d.17.72% e.18.39%
Lalit Lumber Company has sales of $13 million per year, all on credit terms calling for payment within 30 days, and its accounts receivable are $3.45 million. Assume 365 days in the year for your calculations. 1. What is Lalit's DSO? 2. What would DSO be if all customers paid on time? General Account
A firm charges its credit customers 1.67% interest per month. What is the effective interest rate?
Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? O a. 26.29% b. 31.12% O c. 29.51% d. 26.82% e. 21.19%
An FI has estimated the following annual costs for its demand deposits: management cost per account = $150, average account size = $1600, average number of cheques processed per account per month = 75, cost of clearing a cheque = $0.10, fees charged to customer per cheque = $0.05, and average fee charged per customer per month = $15. (a) What is the implicit interest cost of demand deposits for the FI? (b) If the FI has to keep an average of 8 per cent of demand deposits as required reserves with the RBA paying no interest, what is the implicit interest cost of demand deposits for the FI? (c) What should be the per-cheque fee charged to customers to reduce the implicit interest costs to 3 per cent? Ignore the reserve requirements.

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Starset, Inc., has an average collection period of 50 days. Its average daily investment in receivables is $44,300. Assume 365 days per year. A) What is the receivables turnover? Round your answer to 4 decimal places. B) What are annual credit sales? Round your answer to 2 decimal places.