1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Artist 52 [7]
2 years ago
15

At​ year-end, Simple has cash of $ 22 comma 000​, current accounts receivable of $ 80 comma 000​, merchandise inventory of $ 24

comma 000​, and prepaid expenses totaling $ 4 comma 600. Liabilities of $ 64 comma 000 must be paid next year. Assume accounts receivable had a beginning balance of $ 40 comma 000 and net credit sales for the current year totaled $ 480 comma 000. How many days did it take Simple to collect its average level of​ receivables? ​(Assume 365​ days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole​ number.)
Business
1 answer:
oee [108]2 years ago
5 0

Answer:

45.62 days

Explanation:

For computing the average number of days receivables, first, we have to calculate the account receivable ratio. The formula is shown below:

Account receivable ratio = Net credit sales ÷ Average accounts receivable

where,

Average account receivable = (Beginning account receivable balance + ending account receivable balance) ÷ 2

Now put these values to the above formula

So, the answer would be equal to

= $480,000 ÷ ($40,000 + $80,000 ÷ 2)

= $480,000 ÷ $60,000

= 8 times

Now, the average level of​ receivables equals to

= Total number of days in a year ÷ Account receivable ratio

= 365 days ÷ 8

= 45.62 days

You might be interested in
True or False: An increase in the demand for notebooks raises the quantity of notebooks demanded but not the quantity supplied.
Natasha2012 [34]

Answer:

False

Explanation:

An increase in the demand for notebooks raises the quantity of notebooks demanded and also the quantity supplied

An increase in demand leads to a corresponding increase in supply

If the supply is not raised which will also increase the quantity of notebooks supplied, there will not be enough notebooks to meet the high demand for notebooks which brought about an increase in the quantity of notebooks demanded

4 0
3 years ago
Read 2 more answers
Using tools, operating vehicles, and repairing equipment all involve working with _____.
Akimi4 [234]

Answer:

things.

Explanation:

Using tools, operating vehicles, and repairing equipment all involve working with things.

8 0
2 years ago
Read 2 more answers
(TCO 2) An object of interest to the end user is
emmasim [6.3K]

An object of interest to the end user is <u>entity</u>.

<u>Explanation:</u>

An entity is a real world object or thing that has an independent existence. Entity is distinguishable from the other objects. The attributes of an entity are the properties of the entity which make the entity distinguishable from the other objects.

The examples of entity are a car, a book or any other product. A set of an entity is known as the entity set. Entity may be an object with physical existence or it may be with a conceptual existence.

6 0
3 years ago
When estimating the cost of equity by use of the bond-yield-plus-risk-premium method, we can generally get a good idea of the in
diamong [38]

Answer: True

Explanation: <em> Bond-yield-plus-risk-premium method is used if the entity has publicly listed debt, shapes the bond return. This is therefore effective interest on a organization's long-term debt. </em>

<em>Here equity risk premium approximation can be extremely imprecise,  also fluctuating disorderly, depending on which framework is used.</em>

6 0
3 years ago
In east icicle, minnesota, on the northern edge of the corn belt, the growing season is short and the soil is poor. corn yields
user100 [1]

The answer is marginal costs in both places are the same. This is because the farmers in both places are profit-maximizers, the value in each flat is equal to MC or Marginal Cost and subsequently the market of corn is competitive, the price of corn in both places is the same. Also, marginal costs are higher in East Icicle than in Corncrib can also be a possible answer. For any given outflow per acre Corncrib’s corn yield are far better than in East Icicle, at any level of output, the marginal cost per acre in East Icicle must be higher in Corncrib, which suggests that in equilibrium the output level of corn in East Icicle is less than the output level of corn in Corncrib.

8 0
3 years ago
Other questions:
  • For a normal good, if the price of a substitute good decreases then:
    12·1 answer
  • You are planning to make monthly deposits of $458 into a retirement account that pays 6.3 percent interest compounded monthly. I
    12·1 answer
  • Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all invest
    5·1 answer
  • Stone criticizes the agency argument against corporate social responsibility because:
    15·1 answer
  • A good rule of thumb is to spend no more than __% of your monthly gross income on rent. 20 25 30 40
    5·1 answer
  • Which of the following transactions would cause a decrease in both assets and stockholders' equity? A) Paying advertising for th
    8·1 answer
  • When a life insurance company advertises the safety and security of its products, it is using a ________ advertising strategy.
    8·2 answers
  • Phillips NV produces DVD players and exports them to the United States. Last year the exchange rate was​ $1.25/euro and Phillips
    11·1 answer
  • The average annual stock return is 11.3%. If you begin your investment portfolio with $2,000, what will your portfolio be worth
    14·2 answers
  • Sue Peters is the controller at Vroom, a car dealership. Dale Miller recently has been hired as bookkeeper. Dale wanted to atten
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!