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kenny6666 [7]
3 years ago
15

Tall Guys Clothing has a 45-day collection period. Sales for the next calendar year are estimated at $2,100, $1,600, $2,500 and

$2,300, respectively, by quarter, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a year has 360 days.
(A)The firm will collect a total of $800 in Quarter 2.
(B) The accounts receivable balance at the beginning of Quarter 4 will be $1,150.
(C) The firm will collect a total of $2,000 in Quarter 3.
(D) The firm will have an accounts receivable balance of $2,300 at the end of the year.
(E) The firm will collect a total of $2,400 in Quarter 4.
Business
1 answer:
BigorU [14]3 years ago
5 0

Answer:

(E) The firm will collect a total of $2,400 in Quarter 4.

Explanation:

We will calcualte under two assumptions:

  1. the sales are done uniformly over the quarter
  2. and the collection period is the same over the entire year

With this we conclude the following:

each quarter has 90 days

the sales from day 1 to 45 will be collected within the quearter while the sales from 46 to 90 will be collected on the next quarter.

so half the sales will be collected during the quarter as sales are done uniformly.

<u>Collection on Q1</u>

2,100 / 2 = 1,050

<u>collection on Q2</u>

1,050 + 1,600/2 = 1,850

<u>collection on Q3</u>

800 + 2,500/2 =2,050

<u>collection on Q4</u>

1,250 + 2,300/2 = 2,400

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3 years ago
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skelet666 [1.2K]
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Ann [662]

Answer:

a. Capitalized : Equipment

b. Expensed

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Explanation:

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6 0
3 years ago
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EastWind [94]

in step with the text, superior overall performance in the strategic commercial enterprise unit (SBU) is sought with the aid of asking the main question is a functional supervisor.

The definition of a superior is a person who is better in diploma, rank, numbers, etc. than others. An example of a superior is the supervisor of an enterprise. advanced comes from the Latin phrase which means above and it literally way something that is above others in best or reputation.

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1 year ago
The balance sheet above shows the financial situation for the Jamestown National Bank. The central bank has set a required reser
dedylja [7]

Answer: $40,000

Explanation:

Hello. Your question was incomplete as it lacked the balance sheet in question. Luckily I found it and have now attached it.

The question states that the central bank has set a required reserve ratio of 10%. This means that 10% of the deposits at the bank are not to be touched so they cannot loan past 90% of the deposits.

The bank has only $60,000 remaining to loan out as they will not sell their securities.

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The maximum amount of additional loans the bank in Jamestown can undertake is $40,000.

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