Answer:
The correct answer is 44.73 days or 45 days.
Explanation:
According to the scenario, the computation of the given data are as follows:
We can calculate the day's sales uncollected by using following formula:
Day's sales uncollected = No. of days in year ÷ Debtor turnover ratio
Where, Debtor turnover ratio = Sales ÷ Accounts receivable
= $607,500 ÷ $74,422
= 8.16
So, by putting the value, we get
Day's sales uncollected = 365 days ÷ 8.16
= 44.73 days or 45 days.
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<span>I believe it's Press Release. </span>
How does a country's business cycle generally affect the international trade balance? Depending on the growth an sales of businesses affecting the economy, imports may drop and as they start to boom, imports begin to rise. Exports may also drop, but trade deficit normally does not happen during these times. A recession or recessionary period can contribute to the import and export sizes within different countries.
Answer:
Explanation:
The journal entry is shown below:
Purchase A/c Dr $5.9 million
To Retained earning A/c $5.9 million
(Being the error is corrected and it credited to the retained earning account)
For correction of an error, we debited the purchase account and credited the retained earning account for $5.9 million so that the correct posting can be done.
