The following information is for however company...given answer Accounting The following information is for Yosef Company:20X220X1Sales$260,000 $320,000Accounts Payable10,000 20,000Retained Earnings125,000 78,000Inventory40,000 50,000Accounts Receivable 25,000 20,000Cost of Goods Sold 180,000 200,000For 20X2, compute the average number of days that elapse from the time Yosef purchasesinventory until the time Yosef sells that inventory.a. 59.7 daysb. 122.9 daysc. 32.2 daysd. 91.3 dayse. 105.2 days

Step 1: Define Financial RatiosFinancial ratios are fundamental as they serve various crucial…

Answered: The following information is for Yosef…

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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ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 Net Sales during 2020 Cost of Sales during 2020 800,000 8,364,000 5,950,000 What is the average collection period, in days, for Solomon's accounts receivable O 35.8 days O 36.3 days O 34.1 days 37.5 days
Calculate the sale-to-cash conversion period based on the following information: average inventories = $120,000; average receivables = $90,000; average payables = $40,000; cost of goods sold = $182,500; and net sales = $365,000. 180 days 90 days 60 days 45 days
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ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 800,000 Merchandise Inventory, 12/31/19 Net Sales during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute Solomon's accounts receivable turnover ratio in 2020 O 9.8 times O 10.7 times O 10.2 times 9.73 times
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
Please help me with this question general Accounting
The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %
ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 800,000 Net Sales.during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute the inventory turnover for 2020. O7.4 times O 7 times 6.8 times 6.6 times
A firm has sales of $1.4 million, and 10 percent of the sales are for cash. The year-end accounts receivable balance is $205,000. What is the average collection period? (Use 365 days in a year. Do not round intermediate calculation. Round the final answer to the 1 decimal place.) Average collection period days 76thjbnn
General Accounting
Consider the following financial statement information for the Newk Corporation: Item Inventory Accounts receivable Accounts payable Net sales Cost of goods sold Beginning $ 11,400 6,400 8,600 Operating cycle Cash cycle $ 94,000 74,000 days days Ending $ 12,400 Calculate the operating and cash cycles. (Use 365 days a year. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) 6,700 9,000

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