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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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Alecsey [184]

the diffrence bewteen 2 and one it comes and goes like days

4 0
3 years ago
Read 2 more answers
Terry took out a mortgage loan for $100,000 at an interest rate of 11.5% for 30 years. if terry had not had a bankruptcy on her
Mrrafil [7]

Because Terry had a bankruptcy on her credit report, the additional amount of interest that Terry is paying over the life of the loan is <u>$167,839.720</u>.

<h3>What is interest?</h3>

Interest is the finance charge for a loan or mortgage.

It is calculated on the principal amount based on the agreed rate and maturity period of the loan.

We can compute the interest using an online finance calculator as below.

<h3>Data and Calculations:</h3>

Home Price= $100,000

Down Payment = 0%

Loan Term = 30 years

Interest Rate = 11.5%

Monthly Payment:   $990.29

Normal monthly payment (without a bankruptcy) = $524.07

Total of 360 Mortgage Payments = $356,504.92 ($990.29 x 30 x 12)

Total of 360 Mortgage Payaments without bankruptcy = $188,665.20 ($524.07 x 30 x 12)

Additional payment in interest = $167,839.720 ($356,504.92 - $188,665.20)

Thus, the additional amount of interest that Terry is paying over the life of the loan is $167,839.720.

Learn more about interest calculations at brainly.com/question/25545513

#SPJ4

4 0
2 years ago
Define securitization.​
Harman [31]
The word secure is a protected sounding word so it’s the process of securing something from a business to protecting something from terrorist BASICALLY protecting‍♂️
8 0
2 years ago
The delivery of computing as a service is knonw as?​
ZanzabumX [31]

Answer:

Infrastructure as a service

Explanation:

5 0
3 years ago
You have just retired with savings of $2 million. If you expect to live for 57 years and to earn 7% a year on your savings, how
galben [10]

Answer:

Annual withdraw= $143,023.66

Explanation:

Giving the following information:

Present value (PV)= $2,000,000

Number of periods (n)= 57

Interest rate (i)= 7% a year

<u>To calculate the annual withdrawal, we need to use the following formula:</u>

Annual withdraw= (PV*i) / [1 - (1+i)^(-n)]

Annual withdraw= (2,000,000*0.07) / [1 - (1.07^-57)]

Annual withdraw= $143,023.66

6 0
3 years ago
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