ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
14th Edition
ISBN: 9781119845102
Author: Weygandt
Publisher: WILEY
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Chapter 11, Problem 2Q
To determine

Note Payable: An alternative of equity or capital to finance the assets of a company is called debt. When a company borrows money from banks and other financial institutions to acquire the required assets and to run the operations of the company, the borrowed money is called debt.

To report: The note payable in the financial statements.

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Hudson Drilling & Mining (HDM) currently generates $90,000 in annual credit sales. HDM sells on terms of net 45, and its accounts receivable balance averages $15,000. HDM is considering a new credit policy with terms of net 30. Under the new policy, sales will decrease to $85,000, and accounts receivable will average $17,000. Compute the days sales outstanding (DSO) under the existing policy and the proposed policy.
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