College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
Question
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Chapter 8, Problem 2PA

1.

To determine

Complete the Company A’s payroll register.

2.

To determine

Prepare journal entry to record the payroll as of December 7.

3.

To determine

Prepare journal entry to record the payroll taxes as of December 7.

4.

To determine

Prepare journal entry to record the payroll as of December 9 by assuming that the company has transferred cash to the cash-payroll bank account.

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Need help answering question B? Negus Enterprises has an inventory conversion period of 55 days, an average collection period of 42 days, and a payables deferral period of 20 days. Assume that cost of goods sold is 80% of sales. Assume a 365-day year. Do not round intermediate calculations. A. What is the length of the firm's cash conversion cycle? Round your answer to the nearest whole number.   77 days B. If annual sales are $4,635,500 and all sales are on credit, what is the firm's investment in accounts receivable? Round your answer to the nearest dollar. $    C.) How many times per year does Negus Enterprises turn over its inventory? Round your answer to two decimal places. 6.64
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