Answered: Subject General Accounting: Shelbi…

Subject General Accounting: Shelbi Sisters has a DSO of 15 days. The company's average daily sales are $30,000. What is the level of its accounts receivable? Assume there are 365 days in a year.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

See similar textbooks

Related questions

Q: Expert solve the problem

A: Explanation of Commercial Substance: Commercial substance refers to whether an exchange transaction…

Q: Watch the The Value of Data Visualization video and share your thoughts on what you learned about…

A: Here is a video about The Value of Data Visualization on YouTube:…

Q: 20 A bank will only continue a credit line for one of its small business customers if the small…

A: See above.

Q: Metlock Inc., a greeting card company, had the following statements prepared as of December 31,…

A: 1. Operating ActivitiesNet Income:From the Income Statement: $24,900Adjustments for Non-Cash…

Q: Give true answer this general accounting question

A: Step 1: Detailed Explanation of Net Cash Flow (NCF)Net Cash Flow (NCF) represents the cash generated…

Q: Provide correct solution for this accounting question

A: Step 1: Define Preferred StockPreferred stock is a type of equity that does not have residual rights…

Q: ?

A: To calculate the variance between the acceptable waste limit and the actual waste, we can follow…

Q: Do fast and step by step calculation for this financial accounting question

A: Step 1: Define Operating ActivitiesThe operating activities of the business include the activities…

Q: Financial accounting

A: Step 1: Define AssetsAssets are defined as the financial resources that an entity owns and manages…

Q: Need full details answer with explanation

A: Step 1: Define Net IncomeThe net income for a firm is the net earnings available after deducting all…

Q: Financial Accounting Question need answer please

A: Step 1: Define Interest Coverage RatioThe interest coverage ratio represents the capacity of the…

Q: vi.2

A: 1. Record the Purchase of AMC Supplies SharesAt the value given in the beginning of the financial…

Q: The absorption costing unit product cost is: a. $147.5 b. $163.5 c. $41.5 d. $99.5

A: Calculate total manufacturing cost per unit:Variable manufacturing cost per unit = Direct materials…

Q: Need Solution in this Account questions

A: Step 1: Understanding Variable CostingUnder variable costing, only variable manufacturing costs…

Q: Subject :- General Account

A: Formula: Book Equivalent of Taxable Income=Pretax Book Income−Favorable Temporary Differences +…

Q: I need correct answer this general accounting question

A: Step 1: Define Income taxThe government collects tax revenue from residents for initiatives that…

Q: 27 On January 1, Year 1, Company A issued a non-interest-bearing note with a $40,000 face value to…

A: Given:Face Value of the Note = 40,000Present Value of the Note = 31,341 Unearned Sales Revenue =…

Q: All details check and provide solution

A: Serebin Company, using the FIFO method, has valued its ending inventory of cameras, DVD players, and…

Q: You purchased 300 shares of common stock on margin for $60 per share. The initial margin is 60% and…

A: 1. Calculate Total Purchase Cost:Total Purchase Cost = Number of Shares * Price per ShareTotal…

Q: No short answer

A: Draft Press ReleaseFOR IMMEDIATE RELEASEOscar Brands, Inc. Addresses SEC Penalty and Highlights…

Q: Perk's basis in this land is?

A: Explanation of Basis of PropertyThe basis of property refers to the total cost incurred by a buyer…

Q: Non

A: Step 1: Calculate the Increase in Net IncomeIncrease in Net Income=2013 Net Income × Percentage…

Q: posting in general account

A: Step 1:Inventory valuation method of lower of cost and net realisable value, valued inventory at the…

Q: If provide Wrong Answer I give Dislike

A: Please hope you were asking this question It`s what I solved

Q: I won't correct answer general accounting

A: Step 1: Detailed Explanation of Price-Earnings RatioThe Price-earnings ratio is also known as the…

Q: At an activity level solve this question solution accounting

A: Step 1: Define Cost Per UnitThe amount spent by the company to manufacture one unit of the product…

Q: General accounting 7

A: Step 1: Calculate the applied overheadApplied overhead = Standard hours allowed x Predetermined…

Q: Help me to answer proper options for given below que.

A: Option A: This option is incorrect because absorption costing also takes into account fixed factory…

Q: Find the ROS?

A: Net Revenue = 333,000Cost of Goods Sold = 101,000Operating Expenses = 124,000Other Expenses =…

Q: The following items are components of a traditional balance sheet. How much is the total equity of…

A: Step 1: IntroductionTo calculate the total equity of the firm, we need to add the components that…

Q: Not use ai given question general accounting

A: Step 1: Define Cash Collection from SalesBusinesses sell merchandise for instant cash, termed cash…

Q: Last year, stephen company had 20,000 units in it's solve this question general accounting

A: Step 1: Define Fixed Manufacturing OverheadWhen comparing the variable and absorption costing income…

Q: Solve with explanation accounting questions

A: Step 1: Define Credit SalesCredit sales made for the period reflect an increase in the accounts…

Q: During April, koduck cameras sold answer general and

A: Step 1: Define Warranty ExpenseThe warranty expense is an accrual adjusting entry at the end of the…

Q: coursehero.com/qa/wait/72332969/?question_id=72332969 Question: Need Answer of this Question with…

A: Turnover = Sales / Average Operating AssetsWe are given:Sales = $11,520,000Average Operating Assets…

Q: ?

A: Explanation of Transactional Layering: Transactional layering is an accounting method that involves…

Q: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below:…

A: Step 1: Start with the accrual-based selling and administrative expenseFrom the income statement, we…

Q: calculate variable costing for this account questions

A: Given Data:Units produced = 9,000Units sold = 8,000Sales = $80,000Cost of goods manufactured (COGM)…

Q: 30 What are two examples of needing to record a notes payable liability? Choose 2 answers. A company…

A: Option A incorrect: A company decides to pay $1.28 per share to each of its stockholders. This is…

Q: Management at C. Pier Press has decided to allocate costs of the paper’s two support departments…

A: Step (a): Direct MethodIn the direct method, we allocate the support department costs directly to…

Q: Provide this account query's answer

A: Step 1: Data ProvidedThe year-end inventory includes the following:CategoryQuantityCost per…

Q: provide answer

A: Step 1: Treatment of loss on sale of plant equipmentThe loss on the sale of plant equipment is…

Q: financial account

A: Part (a): DRD with 15% OwnershipStep 1: Understand the DRD RateIf a corporation owns less than 20%…

Q: Business 123 Introduction to Investment May I please have the solution for the following question?…

A: Step 1: Step 1: Evaluate the Risk vs. RewardUnderstand that a 17% return is unusually high and…

Q: QUE. ACCOUNT-8 Americus Camera Shop uses the lower-of-cost-or- market basis for its inventory. The…

A: To determine the ending inventory using the lower-of-cost-or-market (LCM) basis, we compare the cost…

Q: Answer this with full explanation

A: Net Income Effect = Increase in Sales + Decrease in Expense Net Income Effect = 50,000+10,000 Net…

Q: Direct labor rate variance?

A: Explanation of Direct Labor Rate Variance: Direct labor rate variance is the difference between the…

Q: Speedy has a net income of 24,955 answer general accounting

A: Step 1: Define Return on AssetThe return on asset represents the percentage of income earned in…

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

A: This study analyzes a hypothetical 8%, 10-year bond with a par value of $1,000, a call price of…

Q: Want right answer

A: Analysis of OptionsHere's an analysis of each option to clarify how replacement cost depreciation…

Question

answer?

Subject General Accounting: Shelbi Sisters
has a DSO of 15 days. The company's average
daily sales are $30,000. What is the level of
its accounts receivable? Assume there are
365 days in a year.

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

Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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.
Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
I need solution
Baxley Brothers has a DSO of 23 days, and its annual salesare $3,650,000. What is its accounts receivable balance? Assume that it uses a 365-day year.
Greene Sisters has a DSO of 20 days. The company’s average daily salesare $20,000. What is the level of its accounts receivable? Assume there are365 days in a year.
Baxley Brothers has a DSO of 46 days, and its annual sales are $5,840,000. What is its accounts receivable balance? Assume that it uses a 365-day year. Round your answer to the nearest cent.
Baxley Brother has a DSO of 23 days, and its annual sales are $3,650,000. What is its accounts receivable balance? Assume that is uses a 365 day year. I must show the work. How you arrive at the answer.
Tulips Company has a DSO of 40 days, and its annual sales are P7,300,000. What is its accounts receivable balance? Assume that it uses a 365-day year.
B&B Mining has a DSO of 40 days, and its annual sales are 7,300, 000. What is its accounts receivable balance? Assume that it uses a 365-day year.