All categories

3 years ago

Chik’s Chickens has accounts receivable of $6,333. Sales for the year were $9,800. What is its average collection period?

Business

1 answer:

MAXImum [283]3 years ago

6 0

Answer:

235.5 days

Explanation:

Chik's chicken has accounts receivables of $6,333

The sales for the year for Chik's chicken is $9,800

The first step is to calculate the receivables turnover

= $9,800/$6,333

= 1.55

Therefore the average collection period for Chik's chicken can be calculated as follows

= 365/1.55

= 235.5 days

Hence the average collection period for Chik's chicken is 235.5 days

You might be interested in

Discuss the concepts of Mean, Median, Mode, and Standard Deviation, including when each should be used, and evaluate the differe

yaroslaw [1]

The mean is a mathematical concept that is used to determine what the average number is in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the mean is 2.4 ( $\frac{5+1+1+1+4}{5}$ ), where /5 is the sum of the given set of numbers.

<h3>What is the Median?</h3>

The median is a term used to represent the middle value in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the median is 1 because it is the middle for this set of numbers counting from left to right.

The mode is a term that refers to the most frequently repeated value in a given set of numbers. For example, given a set of numbers 5, 1, 1, 1, and 4, the mode in the set is 1 since it occurs most, exactly three times.

<h3>What is the Standard deviation?</h3>

Standard deviation is a statistical method used to determine how far (i.e the deviation) of a given dataset relative to its mean. It is often calculated as the square root of variance.

You can learn more about the concepts of Mean, Median, and Mode here brainly.com/question/14532771

#SPJ1

5 0

2 years ago

Ayan, the newly appointed team manager of the sales team, practices autocratic leadership in his team. However, his team members

tekilochka [14]

Answer: contingency approach to leadership

Explanation: As per the contingency approach of leadership theory the effectiveness of the team depends upon the style that the leader of the team uses as per the situation.

Autocratic leadership style refers to the situation when the leader of the team exercise individual control over the operations, this style is usually used when the members of the team are not experienced enough but in this case the members of the team are quite experienced, therefore we can conclude that Ayan is not contingent in his leadership.

8 0

3 years ago

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 80,000 mini refrigerators, of whi

andrew-mc [135]

Answer:

Absorption Costing Net Income 1008,000

Variable Costing Net Income 976,000

Explanation:

<u><em>Kodiak Fridgeration Company</em></u>

Units Produced = 80,000

Units Sold = 72,000

Ending Inventory = 8000

<u>Per Units Cost </u>

Direct materials $6,400,000/80,000 = $ 80

Direct labor 1,600,000 /80,000= $ 20

Variable manufacturing cost 1,280,000/80,000= $ 16

Fixed manufacturing cost 320,000 /80,000 = $ 4

Absorption Manufacturing Cost per unit= 9,600,000/80,000= $ 120

Variable Manufacturing Costs per unit = $ 116

<u><em>Kodiak Fridgeration Company</em></u>

<u><em>Income Statement </em></u>

<u><em>Absorption Costing</em></u>

<u>Sales $10,800,000 </u>

Manufacturing costs:

Direct materials $6,400,000

Direct labor 1,600,000

Variable manufacturing cost 1,280,000

Fixed manufacturing cost 320,000 9,600,000

Less Ending Inventory (8000*120) (960,000)

<u>Cost of Goods Sold 86,40,000</u>

Gross Profit 2160,000

Selling and administrative expenses:

Variable $ 72,000* 13.5= 972,000

Fixed 180,000

Net Income 1008,000

<em><u>Kodiak Fridgeration Company</u></em>

<em><u>Income Statement </u></em>

<em><u>Variable Costing</u></em>

Sales $10,800,000

Variable manufacturing cost

(80,000*116) 9280,000

Less Ending Inventory ( 8000*116) 928,000

<u>Cost of Goods Sold 83,52,000</u>

Gross Contribution Margin 2448,000

Variable Selling and administrative expenses

(72000 * $1,080,000/80,000) 972,000

Contribution Margin 1476,000

Less Fixed Expenses

Fixed manufacturing cost 320,000

Fixed 180,000 500,000

Net Income 976,000

3. The difference in absorption and variable costing income is because in absorption costing the fixed costs are treated as unit cost and in variable costs the fixed costs are treated as period costs. Also the fixed costs of the ending units is deducted in absorption costing where it is not deducted in variable costing.

5 0

3 years ago

there is a technological improvement in the production of good x. as a result, the curve for good x will shift resulting in a(n)

bulgar [2K]

There would a shift to the right of the supply curve. The equilibrium price would decrease and the equilibrium quantity would increase.

<h3>What is the impact of technological improvement?</h3>

Technological improvement in the production process means that there is an advancement or update in the technologies that are used in the production process. For example, progress from storing information in files to storing information in the cloud is an example of technological improvement.

A technological improvement in the production of a good would make it easier to produce a good. Thus, the supply curve would move forward.

Equilibrium quantity would increase. Due to the increase in quantity supplied, price has to decline in order to induce consumers to buy more of the product. Equilibrium price would decrease.

To learn more about an increase in supply, please check: brainly.com/question/14727864

#SPJ1

3 0

2 years ago

The static budget, at the beginning of the month, for Beacon Banner Company follows:

olasank [31]

Answer:

D. $3885 U

Explanation:

7 0

3 years ago