Answered: XYZ Company has annual sales of…

XYZ Company has annual sales of $600,000 and cost of goods sold of $240,000. The accounts payable period is 36 days. Calculate the average accounts payable balance.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 2P: Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers...

See similar textbooks

Related questions

Q: Wildhorse Co. accumulates the following cost and market data on December 31. Inventory Categories…

A: To determine the lower-of-cost-or-market (LCM) valuation for Wildhorse Co.'s inventory, we must…

Q: Please given correct option general accounting

A: Average Total Assets = (Beginning Total Assets + Ending Total Assets) / 2= ($75,200 + $110,500) / 2…

Q: Attend all 3 questions.

A: Given InformationSelling Price per Bike: $800Production (Units Produced): 1,000 bikesSales (Units…

Q: Provide answer the general accounting question

A: Step 1: Define Gains on InvestmentAn investment can appreciate or depreciate in value over a given…

Q: The following data was taken from the production and accounting records for Casuccio Manufacturing,…

A: The sales to total assets ratio is calculated by dividing total revenues by total assets. For 2026,…

Q: Short explanation with correct answer please for this general account qustions

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: Please need answer the financial accounting question

A: Step 1: Define Net Present Value (NPV)The net present value of a project represents the net worth…

Q: Please need help with this general accounting question

A: Step 1: Define High-Low MethodMany cost accounting calculations and analyses depend on the accurate…

Q: Given answer accounting questions

A: Step 1: Define Cost of Goods ManufacturedThe cost of goods manufactured is the total cost incurred…

Q: Question:Cost Account Freeze Frame Camera Shop uses the lower-of-cost-or-net realizable value for…

A: To determine the ending inventory using the lower-of-cost-or-net realizable value (LCNRV) basis, we…

Q: Figge and Mathews Public Limited Company, a consulting firm, uses an activity-based costing in which…

A: To calculate the cost allocated to each activity cost pool, we need to multiply the total cost of…

Q: Please provide this question solution general accounting

A: The standard cost per output unit is computed as follows:= standard material cost per kg of raw…

Q: Accurate answer please

A: To calculate the equivalent units of production for materials, we need to account for the materials…

Q: What is shield's total gross profit on these general accounting question?

A: Step 1: Define Gross ProfitThe gross profit of the business is the difference between total sales…

Q: ?? Detailed answer

A: The accounting profession is essential for facilitating efficient governance and internal control…

Q: Waupan company has the following unit solve this general accounting question

A: Step 1: Define Costing MethodsCosting methods are used in management accounting. They help calculate…

Q: Please need answer the financial accounting question

A: Step 1: Define Inventory Turnover RatioThe inventory turnover ratio measures the movement of an…

Q: Question:Financial Account Which one of the following is an advantage of using variable costing? a.…

A: The correct answer is:c. Variable costing makes cost-volume relationships more easily apparent.…

Q: I want to correct answer general accounting

A: Step 1: Define Material Cost"Material cost" refers to the value of raw materials used by the…

Q: Financial Accounting

A: Step 1: Define Net EarningsNet earnings, called net income, are the total funds an entity receives…

Q: Wanted This General Account solution ASAP

A: Step 1: Given Information - Unit Information: - Beginning WIP: 4,000 units. - Units started into…

Q: Lower-of-Cost-or-Market (LCM) Method The following data are taken from the Smith & Wesson…

A: Step 1: Lower amount The lower of cost or market approach states that inventory should be recorded…

Q: The equipment maintenance department of kason solve this accounting questions

A: Step 1: Determine the months with the Highest and Lowest cost & production. (Hence,…

Q: Please provide this question solution general accounting

A: Step 1: Define Process CostingIn a process costing system, goods are produced in a continuous…

Q: What is ROA?

A: Explanation of Return on Assets (ROA): Return on Assets is a profitability ratio that measures how…

Q: Find the solution

A: To determine the equivalent units of production (EUP) and the unit production costs for the Assembly…

Q: Need Right Option (detailed answer) to this accounting Mcq

A: Explanation of Structural Dependency AnalysisStructural dependency analysis refers to the evaluation…

Q: What is the ending inventory??

A: Formula for Ending Inventory:Ending Inventory = Beginning Inventory + Net Purchases − Cost of Goods…

Q: Financial information is presented below: please solve this financial accounting question

A: Step 1: Define Net SalesNet sales are the total sales made by a business during a certain period…

Q: Do fast answer accounting questions

A: Step 1: Define Contribution MarginThe contribution margin is calculated to determine the amount…

Q: Hi expert please give me answer general accounting

A: Step 1: Define Interest on Notes receivableNotes Receivable is a written promissory note issued by…

Q: A company receives a $ 5000 solve this accounting questions

A: Step 1: Define Notes ReceivableNotes receivable are accepted by the lender and issued by the…

Q: Given answer accounting questions

A: Step 1: Definition of ReceivableThe total receivable includes both the principal amount of the loan…

Q: Solve this question

A: To calculate the average days it took B&B to collect an outstanding receivable during Year 2, we…

Q: A company reported the following information solve this general accounting question

A: Step 1: Definition of Net Cash Provided by Operating ActivitiesNet cash provided by operating…

Q: Financial accounting question

A: Step 1: Define AssetsIn financial accounting, the assets are financial and non-financial resources…

Q: What is the budgeted cost of goods sold for June on this general accounting question?

A: Step 1: Define Cost of Goods SoldCost of Goods Sold (COGS) represents the total direct costs…

Q: The beta of westbrook corp. Solve this general accounting question

A: Step 1: Calculate the market risk premiumE(Rm)−Rf=0.14−0.05=0.09Step 2: Apply the CAPM formula:Key…

Q: Need help with this question solution general accounting

A: Step 1: Define Equivalent UnitsEquivalent units are used by industries with continuous manufacturing…

Q: Hi expert please provide correct answer general Accounting

A: Step 1: Define Note Receivable DiscountingDiscounting of notes receivable is a usual practice of…

Q: Need this questions answer asap subject is financial account

A: To calculate the inventory value using the dollar-value LIFO method, follow these steps for each…

Q: Erholm Corporation has two operating divisions-an Atlantic Division and a Pacific Division. The…

A: Logistics department cost charges to Pacific Division =(6,800 shipments * $48 per shipment) +…

Q: A production department has no beginning work solve this accounting questions

A: Step 1: Definition of Equivalent Units for Conversion CostsEquivalent units for conversion costs…

Q: Accounting 3.7 When should cross-dimensional analysis replace single-focus review? a) Interrelated…

A: Option a: This option is correct because cross-dimensional analysis takes into account the complex…

Q: Question: BigBoss Inc. provides the following extracts from income statement for the year 2009: Net…

A: Explanation of Net Sales: Net sales represents the total revenue generated from the sale of goods or…

Q: Help me

A: DEFINITIONS RELATED TO THE QUESTION:Accounting Standards: These are authoritative guidelines and…

Q: Wanted This General Account solution ASAP

A: To solve the problem, we follow the process costing method using the weighted-average method to…

Q: Do fast this question answer financial accounting

A: Step 1: Define AssetsAssets are the resources that a company owns or has substantial control over.…

Q: hrd

A: 1.Bond Issuance:Digital issued bonds with:Face value = $37,000,000Proceeds (cash received) =…

Q: Subject - General Account

A: Step 1: Understanding the given data:Units produced = 650Direct materials = $750.00 per unitDirect…

Question

Xyz company has annual sales solution this general accounting question

XYZ Company has annual sales of $600,000 and cost of goods sold of
$240,000. The accounts payable period is 36 days. Calculate the
average accounts payable balance.

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

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.
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.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
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?
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 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?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Ben Corp has the following annual information: Receivable days assumption = 55 days Payable days assumption = 69 days Forecasted revenue = 263,500 Forecasted cost of goods sold = 114,780 Forecast the accounts receivables.
Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above
Calvani, Inc., has a cash cycle of 43.5 days, an operating cycle of 63 days, and an inventory period of 27 days. The company reported cost of goods sold in the amount of $342,000, and credit sales were $565,000. Required: What is the company's average balance in accounts payable and accounts receivable?
A company factored $45,000 of its accounts receivable with a service charge of 4% factoring fee. The journal entry to record this transaction would include a
Grab Co. has a normal operating cycle of 60 days. The average age of inventory is 30 days. The annual credit sales of the company amounted to P1,800,000. What is the company’s average accounts receivable balance? (Use 360 day-year)