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bagirrra123 [75]
3 years ago
6

The financial statements of the Skysong, Inc. reports net sales of $372000 and accounts receivable of $60000 and $31200 at the b

eginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
a. 4.5 times
b. 8 times
c. 9 times
d. 10.3 times
Business
1 answer:
UkoKoshka [18]3 years ago
8 0

Answer:

It will be 8.15 times which is not in the given option

Explanation:

We have given that net sales = $372000

Account receivable at the beginning = $60000

And account receivable at the end = $31200

Average account receivable =\frac{60000+31200}{2}=$45600

We know that account receivable turnover is given by

Account receivable turnover = \frac{net\ sales}{average\ account\ receivable}=\frac{$372000}{$45600}=8.15times

Which is not in the given option

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Why is it very important to properly present the results of your analysis in a report
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Suppose the civilian noninstitutionalized working age population is 35.9 million in Laborland, 4.6 million are working part time
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Answer:

The answers are:

A) 25.23 million people

B) 70.28%

C) 4.92 million people

D) 19.50%

Explanation:

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Laborland's labor force participation rate can be calculated by dividing the labor force by the total population.

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6 0
3 years ago
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
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Answer:

$3,355

Explanation:

Accounts receivables = $ 352,000

Debit Allowance for uncollectible accounts = 630

Net Sales = $797,000

The company estimates that 0.5% of net credit sales are uncollectible

Estimates of uncollectible receivables

= 0.5% × $797,000

=$3985

This is the total amount to be recognized at the end of the year as Bad Debts Expense. Since a debit of $630 has been recognized already, additional debit required

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The amount to be debited to Bad Debts Expense when the year-end adjusting entry is prepared is $3,355.

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