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lukranit [14]
3 years ago
13

Omega Co. has annual sales of $250,000, costs of goods sold of $168,000, and assets of $322,000. Accounts receivable are $86,200

. What is the receivables turnover?
Business
1 answer:
LiRa [457]3 years ago
6 0

Answer:

2.90 times

Explanation:

The formula and the computation of the account receivable turnover is shown below:

Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable  

= $250,00 ÷ $86,200

= 2.90 times

The net credit sales would be equal to annual sales and the average account receivable equal to receivables turnover

All other information which is given is not relevant. Hence, ignored it

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4 0
3 years ago
Your older and wiser sibling has offered to loan you some much needed money to help cover textbook expenses this semester. Since
masya89 [10]

Answer:

80 years

Explanation:

Data provided in the question:

Simple interest rate charged = 1.25% = 0.0125

Now,

Let principal amount be '$x'

we know,  Simple interest = Principal × Interest Rate × Time

Since the debt is doubled this means the interest  is equal to the principal amount

Therefore,

$x = $x × 0.0125 × Time

or

1 = 0.0125 × Time

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3 0
3 years ago
In July, Lane Co. sells merchandise to Avery Co. on account. In August, Avery pays the balance in full. The entry that Lane will
grandymaker [24]

The entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

<h3>What is Accounts Receivable?</h3>

Accounts Receivable can be defined as the amount a company is expected to receive from their clients or customers for the goods and service they rendered to their clients.

Based on the information given the appropriate journal entry to record the transactions is:

Debit Cash

Credit Account receivable

(To record the receipt of cash)

Inconclusion the entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

Learn more about account receivable here:brainly.com/question/24848903

7 0
2 years ago
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. Th
nydimaria [60]

Answer:

Journal entry to record depletion expense

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Accumulated depreciation $280,000 (credit)

Explanation:

The coal mine is an economic resource controlled (ownership of risks and benefits) by Last year, Mountain Top, Inc as a result of past event (purchase transaction) from which economic benefits are expected to flow into the business (cash from sale of minerals).Therefore the coal mine is an asset!

The asset is being depleted as it is being used. This is called depreciation.

Depreciation expense in this case is calculated as :

Depreciable Account × Current harvest as a percentage of total estimated tons available

(900000-100000)× 70000/200000 = $280,000

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3 years ago
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Marina CMI [18]
<span>The board of governors of the federal reserve system can increase commercial bank reserves by increasing the size of its term auction facility.</span>
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3 years ago
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