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scZoUnD [109]
3 years ago
8

Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of

$840,000 at the end of the year. Net credit sales during the year amounted to $7,200,000. The average collection period of the accounts receivable in terms of days was
A) 30 days.

B) 365 days.

C) 45.1 days.

D) 42.9 days.
Business
1 answer:
natulia [17]3 years ago
5 0

Answer:

The correct answer is 40.6 days. None of the options is correct.

Explanation:

The average collection period of the accounts receivable is how long it takes the company to collect its accounts receivable. It is expressed as: (Average accounts receivable / Net credit sales) x 365 days.

Average collection period = [($760,000 + $840,000)/2 / $7,200,000] x 365 days =  40.6 days

This means it takes the company 40.6 days to collect its accounts receivable.

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Clark Manufacturing manufactures a product with a standard direct labor cost of twohours at $12.00 per hour. During July, 2,000
meriva

Answer:

$2,400 U

Explanation:

Labor efficiency variance is a financial metric that assesses a company’s ability to efficiently use labor per the expectations. The variance is worked out as the difference between the actual labor hours utilized and the standard amount that ought to have been used, multiplied by the standard labor rate.

In Clark Manufacturing:

It is given that:

Number of hours required to produce one product = 2 hours

Standard Labor rate(SLR) per hour = $12

Actual Labor rate(ALR) per hour = $12.20

Units of products produced = 2000

Number of hours required(SLH) to produce 2000 units = 4,000 hours

Actual Labor Hours(ALH) used =4,200 hours

Labor Efficiency Variance =(ALH - SLH) *SLR

       = (4200-4000) *12

           200*12 = $2,400 U

U means unfavorable. This variance is unfavorable because the labor cost exceeded the standard or budgeted labor cost.

4 0
3 years ago
A loan that is less risky for a lender and is associated with a valuable asset is called a(n) . Rayna needs to get a new set of
eimsori [14]
1. secured
2.unsecured loan
3.secured loan
4 0
2 years ago
Read 2 more answers
Borasco Corp. owns land with a fair market value of $200,000. Borasco purchased the land 10 years ago for $65,000 and owes a lia
sleet_krkn [62]

Answer:

$65,000

Explanation:

Borasco was the person who purchased the land for $65,000 in which the land was later transferred to Alvo. Therefore no gain or loss is been recognized in this liquidation because it subsidiary is been liquidated by the parent which is why the basis of land is said to be carryover basis of $65,000 at the end of the transaction.

5 0
3 years ago
An important use of a hot stick is to_____?
jekas [21]
Protect them from electric shock
hope this helpss
7 0
2 years ago
Trek Company has the following production data for April: units transferred out 40,200, and ending work in process 6,220 units t
Kitty [74]

Answer:

the costs to be assigned to the units transferred out and the units in ending work in process is $562,800 and $49,760 respectively

Explanation:

The computation is shown below:

Cost assign to units transferred out is

= 40,200 units × $4 + 40,200  units ×  $10

= $160,800 + $402,000

= $562,800

And, the Cost assign to work in progress is

= 6,220  units × $4 + (6,220 units × 0.40) × $10

= $24,880 + $24,880

= $49,760

Hence, the costs to be assigned to the units transferred out and the units in ending work in process is $562,800 and $49,760 respectively

5 0
3 years ago
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