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GenaCL600 [577]
2 years ago
13

Assume the following for a company whose sales are all on account: The total asset turnover is 1.8. The average total assets is

$600,000. The accounts receivable turnover is 9.00. The average accounts receivable balance is closest to:
Business
1 answer:
Sauron [17]2 years ago
7 0

The average accounts receivable balance is closest to $120,000.

<h3>What is the average accounts receivable balance?</h3>

The average accounts receivable balance is the addition of beginning and ending accounts receivable divided by two.

For instance, if the average accounts receivable balance is $120,000, then the total accounts receivable is $240,000 ($120,000 x 2).

<h3>Data and Calculations:</h3>

Assets turnover = 1.8

= (Net sales/Average Total Assets)

Average total assets = $600,000

Accounts receivable turnover = 9.00

= (Net Sales/Average Accounts Receivable)

Net sales = $1,080,000 ($600,000 x 1.8)

Average Accounts Receivable = $120,000 ($1,080,000/9)

Thus, the average accounts receivable balance is closest to $120,000.

Learn more about average accounts receivable at brainly.com/question/23821865

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[The following information applies to the questions displayed below.]
Dvinal [7]

Answer:

                                  Allied Merchandisers

                                        Journal Entries

Date           General Journal                         Debit        Credit

03-May   Merchandise Inventory               $20,000

                     To Cash                                                     $20,000

05-May    Accounts Receivable                 $21,000

                      To Sales                                                    $21,000

05-May     Cost of goods sold                     $15,000

                     To Merchandise Inventory                        $15,000

07-May      Sales Returns and allowances   $1,750  

                      To Accounts Receivable                           $1,750

07-May      Merchandise Inventory               $1,250

                      To Cost of goods sold                                $1,250

08-May      Sales Returns and allowances    $300

                       To Accounts Receivable                            $300

15-May        Cash                                             $18,571

                   Sales Discounts                           $379

                    ($18950*2%)

                         To Accounts receivable                           $18,950

                          ($21000-$1750-$300)

8 0
3 years ago
In bramble, Inc., the Assembly Department started 30,000 units and completed 35,000 units. If beginning work in process was 15,0
natka813 [3]

Answer:

Option (d) is correct.

Explanation:

Given that,

Beginning work in process = 15,000 units

Assembly Department started = 30,000 units

Units completed = 35,000 units

Ending work in process:

= Beginning work in process inventory + Additions during the year -  Units completed and transferred out

= 15,000 + 30,000 - 35,000

= 10,000 units

Therefore, the ending work in process is 10,000 units.

8 0
3 years ago
A weaker dollar benefits_______and hurts______.
oksian1 [2.3K]

Answer:

C. American businesses; American consumers.

Explanation:

Currently so many businesses of America are overseas, approximately 40%.

Now when the dollar turns weak these businesses are benefited in a manner that is the buyers needs to pay more for such deals.

Further with this as the buyers needs to pay more, even in the country the imported goods turns expensive as dollars decrease their value.

Accordingly, it is the american business man who gets benefited with weaker dollar, and the american consumer has to pay more for this.

4 0
3 years ago
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
Lera25 [3.4K]

<u>Solution and Explanation:</u>

The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing

Date        Accounts Titles and Explanation  Post Ref    Debit  Credit

1 Nov-21  Notes receivable                                      $ 72,000  

      Accounts receivable-McKenna Outer Wear Co.        $ 72,000

2  Dec-31  Interest receivable (72000 * 9 \% * 40 / 360)    $720  

 Interest revenue                                                     $ 320

3  Jan-20  Cash                                           $ 73080  

 Interest revenue (72000 * 9 \% * 20 / 360)         $360

 Interest receivable                                          $720

 Notes receivable                                               $72,000

Note: the figures have been calculated and rounded off in the nearest dollar amount.

4 0
3 years ago
Question 3 of 10
Stels [109]

Answer:

underrepresented student scholarship.

7 0
2 years ago
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