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PtichkaEL [24]
3 years ago
9

Ordonez Lumber Yard has a current accounts receivable balance of $442,016. Credit sales for the year just ended were $9,358,610.

What is the receivables turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Receivables turnover times What is the days’ sales in receivables? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Days’ sales in receivables days How long did it take on average for credit customers to pay off their accounts during the past year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Average collection period days
Business
1 answer:
shutvik [7]3 years ago
8 0

Answer:

Receivables turnover= Sales/ Accounts Receivables

Receivables turnover= $9,358,610 / $442,016

Receivables turnover= 21.173 times

Days' sales in receivables= 365 days/ Receivables turnover

Days' sales in receivables= 365 days/ 21.173 times

Days' sales in receivables= 17.239 days

Average collection period= Days' sales in receivables = 17.239 days

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Mncs can use ____ to sell their existing accounts receivable as a means of obtaining cash.
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Possible misstatements that may occur during the cash receipts process result from cash receipts being received, but not recorde
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There should be strong internal controls implemented and segregation of duties in the finance department.

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3 years ago
Based on the systems viewpoint, a restaurant’s ability to accept cash, credit, or both, is associated with which part of a syste
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Based on the systems viewpoint, a restaurant’s ability to accept cash, credit, or both, is associated with transformational processes

This is further explained below.

<h3>What is transformational processes?</h3>

A transformation process may be thought of as any activity or combination of activities that takes two or more inputs, modifies and adds to those inputs, and creates outputs for customers or clients.

The demand from the outside world to conform to ever-shifting circumstances and needs in order to achieve one's business objectives is what drives the long-term change management process which is known as business process transformation.

In conclusion, according to the systems view, transformational processes are connected to the ability of a restaurant to accept cash, credit, or both forms of payment.

Read more about transformational processes

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complete question

Based on the systems viewpoint, a restaurant's ability to accept cash, credit, or both, is associated with which part of a system? Multiple Choice

financial

transformational processes

outputs

feedback

inputs

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2 years ago
Kessler, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined
Savatey [412]

Answer:

(a) $493,200

Explanation:

(a) Pension expense to be reported in 2018:

= Service cost + Interest on projected benefit obligation - Expected return on plan assets + Amortization of prior service cost

= $137,500 + ($2,480,000 × 9%) - (1,150,000 × 9%) + $236,000

= $137,500 + $223,200 - $103,500 + $236,000

= $493,200

(b) The journal entry is as follows:

Pension expenses A/c Dr. $493,200

Pension Asset/ Liability A/c Dr. $242,800

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           To Other comprehensive income        $236,000

(To record the pension expense and the employer's contribution to the pension plan)

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