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
Selective distortion is a process by which: a.consumers interpret information in ways that are biased by their previously held b
Sever21 [200]

Option A. It is a process by which consumers interpret information in ways that are biased by their previously held beliefs.

<h3>What is selective distortion?</h3>

This is the term that is used to refer to the way people reason using their subconscious mind.

This type of reasoning happens as a person would try to make new information to fit with the old reasoning they have.

Read more on  selective distortion here:

brainly.com/question/14969833

#SPJ1

6 0
2 years ago
Accounts Payable: $19,207
lisabon 2012 [21]

Answer:

total liabilities = $169,008

Explanation:

total liabilities:

  • Accounts Payable: $19,207
  • Discount on Bonds Payable: ($7,000) ⇒ contra liability account
  • Sales Tax Payable: 3,512
  • FICA Tax Payable: 3,200
  • Bonds Payable: 100,000
  • Note Payable, due in two years 1,709
  • Unearned Service Revenue 30,500 ⇒ must be reported as a liability
  • Salaries and Wages Payable 17,880

to determine the total liabilities we just have to add both current and long term liabilities, and subtract any contra liability accounts = $176,008 - $7,000 = $169,008

7 0
3 years ago
The Omega Corporation has some excess cash it would like to invest in marketable securities for a long-term hold. Its Vice-Presi
Leokris [45]

Answer:1

Explanation:

4 0
2 years ago
A company must consider the product's stage in the life cycle and its importance in the company's portfolio before responding to
Vadim26 [7]
That statement is true,

The company must indeed take all of those things for the consideration.

if the difference in the markets interests way too big, a company may not need to give any response to competitor's price cut.
In online videos watching outlet, for example, youtube has a massive lead to the point where they don't even need to their competitor's business model.
3 0
3 years ago
high-end whole home electronic systems. The company provides a one-year warranty for all products sold. The company estimates th
timama [110]

Answer:

$16,925,000

Explanation:

The company estimates that the warranty cost is $310 per units sold

The estimated warranty costs at the beginning of the year is $10,600,000

In the current year, the company sold 59,500 units

The company paid warranty claims of $12120000

Therefore, the amount of liability that should be reported at the end of the current year can be calculated as follows

= 10,600,000+(59,500×310)-$12,120,000

= $10,600,000+18,445,000 -$12,120,000

= $29,045,000-$12,120,000

= $16,925,000

Hence the amount of liability that should be reported on the balance sheet at the end of the current year is $16,925,000

7 0
3 years ago
Other questions:
  • What does the purchaser of a product obtain besides the good service or idea itself?
    7·2 answers
  • How else can nordstrom continue to provide exceptional customer service and increase brand loyalty?
    8·1 answer
  • According to Harvey MacKay, a goal is a dream with?
    15·2 answers
  • During the ___________ stage of the product life cycle, firms either position themselves for a niche segment of diehard consumer
    9·1 answer
  • Billy contributes equipment used in a trade or business that he has held for more than 1 year to a partnership in exchange for a
    12·1 answer
  • Apple sold more than 7 million iPads within months of launching the product. Prices for this product ranged from $499 to more th
    11·1 answer
  • Sam owns a small apartment building. This is the only rental building that Sam owns. During the year, Sam incurs the following e
    10·1 answer
  • When the price of Nike tennis shoes goes from $100 to $80, the quantity demanded increases from 20 to 30 million. Over this pric
    6·1 answer
  • In 2020, Sandhill Co. reported a discontinued operations loss of $1160000, net of tax. It declared and paid preferred stock divi
    7·2 answers
  • Suppose that the owner of Boyer Construction is feeling the pinch of increased premiums associated with workersâ compensation an
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!