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
bonufazy [111]
3 years ago
14

The 2013 income statements of Leggett & Platt, Inc. reports net sales of $3,746.0 million. The balance sheet reports account

s receivable, gross of $482.6 million at December 31, 2013 and $465.4 million at December 31, 2012. The average collection period in 2013 was Select one: a. 46 days b. 10 days c. 47 days d. 8 days e. None of the above
Business
2 answers:
Mamont248 [21]3 years ago
7 0

Answer:

The answer is a. 46 days.

Explanation:

The average collection period is the time it takes on average to receive the cash from the credit sales. It is the time period for which an average accounts receivable pays the company. The formula for average collection period is,

Average collection period = (Average accounts receivable / Net sales) *365

Where 365 is taken as the number of days in a year.

The average of accounts receivables can be calculated by adding the opening and closing accounts receivables and dividing them by 2.

Average accounts receivables = (465.4 + 482.6) / 2 = 474 million

Average collection period = (474 / 3746) * 365 = 46.185 days rounded off to 46 days.

pickupchik [31]3 years ago
3 0

Answer:

The correct option is A, 46 days

Explanation:

Average collection period=365 days/average receivables turnover ratio

Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts

Receivable

Net credit sales is $3,746.0 million

Average receivables=$482.6 million+$465.4 million=$474  million

Accounts receivables turnover ratio=$3,746.0 million/$474  million

                                                            =7.90

Average collection period=365/7.90

                                           =46.20 days

When is rounded to a whole number it becomes 46 days,no doubt option A is the correct option .

You might be interested in
A firm that is facing both strong cost pressures and strong pressures for local responsiveness should follow _____ strategy. Mul
dangina [55]

Answer:

a global standardization.

Explanation:

Global standardization can be defined as the ability of an organization to use standard marketing techniques across the world with respect to the cultural factors.

Also, local responsiveness can be defined as the degree of requirements and conditions to which a manufacturing firm should significantly adjust their products and methods of production in a particular country to.

A firm that is facing both strong cost pressures and strong pressures for local responsiveness should follow a global standardization strategy.

Hence, when a firm follows the global standardization strategy, the quality of its goods and services is able to meet the needs of customers (people) all over the world because of the streamlining of its production processes, products design, and simplified supply chain management.

5 0
3 years ago
If an investor purchases $1,000 face amount of an 8% corporate bond at 93. The bond is scheduled to mature in 2028. What will ha
sdas [7]

Answer:

The amount to be paid is $100,440

Explanation:

When the bond matures, it is the due date on which the bond issuer need to pay off the bond on that particular date.

In this case, the bond matures in 2028, so

Interest amount = Face value of bond × Price × Interest

= $1,000 × 93 × 8%

= $7,440

The amount to be paid on maturity will be:

= $7,440 + $93,000

= $100,440

7 0
3 years ago
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed wh
Genrish500 [490]

Answer:

c. $1,740 F

Explanation:

The $\text{material quantity variance}$ is the measure of the $\text{difference}$ between the amount of materials that is used in actual for the production process and the amount of the material that was expected or estimated to be used in the production process.

It is given that the Snuggs Corporation applies the variable overhead on direct labor hour basis.

Therefore, the SQ = 2.8 ounces per unit x 1100 units =   3080 ounces

The materials quantity variance = (AQ - SQ) x SP

                                            = (2790 ounces - 3080 ounces) x $ 6 per ounce

                                            = (-290 ounces) x $ 6

                                            = $ 1740 F

4 0
3 years ago
Why can't orphans play baseball? They don't know where home is.....and neither do i anymore:(
Ratling [72]

Answer:

a

Explanation:

7 0
3 years ago
Read 2 more answers
A television costs $100, but a new excise tax law imposes a $5 tax on the sale of the set. If Takeshi wants to buy a television,
miv72 [106K]

Answer:

The correct answer is option (A).

Explanation:

According to the scenario, the given data are as follows:

Television cost = $100

Tax imposed = $5

So, we can calculate the minimum willingness to pay to buy television can be concluded by taking following observation:

  • As the minimum amount of the television without taxes is $100 So, the minimum amount we will take is $100.
  • While after new excise tax law the maximum amount that should be payable to buy television is ($100 + $5 = $105) $105. So, the maximum amount we will take is $105.

Hence, the amount that should be pay to buy the television should be between $100 and $105.

8 0
3 years ago
Other questions:
  • Kuzma​ Foods, Inc. has budgeted sales for June and July at $ 680 comma 000.00 and $ 720 comma 000.00​, respectively. Sales are 8
    14·1 answer
  • George retired from a local law firm and then volunteered to oversee a nonprofit's legal records. george is performing the dutie
    5·1 answer
  • Consider the following budget information: materials to be used totals $69,750; direct labor totals $198,400; factory overhead t
    8·1 answer
  • An investor contributes $100,000 of cash to a partnership and signs a $200,000 recourse note. During the first year, the investo
    5·1 answer
  • If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would
    10·1 answer
  • TOMS is a shoe company that, since its inception, has given away one pair of shoes to someone in need for every pair purchased b
    15·1 answer
  • Which section of a proposal identifies the problem and discusses the goals of the project?
    6·1 answer
  • Which of the following statements is true of personnel management during the 1930s and 1940s?a. It was concerned almost exclusiv
    13·1 answer
  • Please help! :)
    14·1 answer
  • The following information is taken from the 2022 general ledger of Sunland Company.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!