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Anastasy [175]
3 years ago
13

The Monster Truck operates several specialty vehicles that provide hot food and beverages for firms that have workers employed i

n outlying regions. The company has annual sales of $627,200. Cost of goods sold average 38 percent of sales and the profit margin is 5.1 percent. The average accounts receivable balance is $35,300. On average, how long does it take the company to collect payment for its services
Business
1 answer:
GaryK [48]3 years ago
7 0

Answer:

The answer is 20.55 days

Explanation:

Solution

Given that:

Annual sales =$627,200

Average accounts receivable =$35,300

Now

The accounts turnover ratio (receivable) = Sales/Average accounts receivable

Accounts receivable turnover ratio = $627,200/$35.300

=17.76 times

Thus

Number of days payment receives = 365/ Accounts receivable turnover ratio =365 days/17.76 times

=20.55 days

Therefore The company takes 20.55 days to get payment for its services

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Nash's Trading Post, LLC has assets of $4200000, common stock of $1000000, and retained earnings of $600000. What are the credit
Anastasy [175]

Answer:

The correct answer is $2,600,000.

Explanation:

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

Total Assets = $4,200,000

Common stock = $1,000,000

Retained earnings =  $600,000

So, we can calculate the creditors' claims on their assets by using following formula:

Creditor's Claim on their Assets = Total Assets - ( Common stock + Retained earnings)

= $4,200,000 - ( $1,000,000 + $600,000 )

= $4,200,000 - $1,600,000

= $2,600,000

Hence, Creditors' claims on their assets will be $2,600,000.

3 0
3 years ago
GNI PPP, or gross national income divided by purchasing power parity, helps measure:
Mekhanik [1.2K]

Answer: 1- the standard of living in a country.

Explanation: The standard of living is a measure of the material aspects of an economy. It counts the amount of goods and services produced and available for purchase by a person, family, group, or nation.

The generally accepted measure of the standard of living is GDP per Capital. This is a nation's gross domestic product divided by its population. The GDP is the total output of goods and services produced in a year by everyone within the country's borders. it can also be measured using the gross national income divided by purchasing power parity.

8 0
3 years ago
On april 1, griffith publishing company received $1,548 from santa fe, inc. for 36-month subscriptions to several different maga
Fudgin [204]
Given:
April 1 - <span>Griffith publishing company received $1,548 from Santa Fe, inc. for 36-month subscriptions.
</span><span>
1,548 / 36 months = 43 per month.

Assuming that the amount is paid in cash.
       
                               Debit                  Credit
April 1:                       
Cash                     1,548
     Unearned Revenue                     1,548

April 30:
Unearned Revenue   43
      Revenue Fees                                 43

May 31:
Unearned Revenue    43
      Revenue Fees                                 43

June 30:
Unearned Revenue    43                
      Revenue Fees                                 43

</span>July 31
Unearned Revenue   43
      Revenue Fees                                 43

August 31:
Unearned Revenue    43
      Revenue Fees                                 43

September 30:
Unearned Revenue    43                
      Revenue Fees                                 4<span>3
</span>
October 31:
Unearned Revenue   43
      Revenue Fees                                 43

November 30:
Unearned Revenue    43
      Revenue Fees                                 43

December 31:
Unearned Revenue    43                
      Revenue Fees                                 4<span>3
</span>
Book Value of Unearned Revenue is: 1,548 - (43*9) = 1,548 - 387 = 1,161

Since it is a monthly subscription, the unearned revenue must always have an adjusting entry at the end of the month because Griffith company has already earned some of the prepaid fees. 
3 0
3 years ago
Tax questions; if my employer forgot to take taxes out of my salary, am i responsible?
Gre4nikov [31]
It depends in if you noticed or not because if you did you would be responsible for telling them. if you didn't notice then it would be their responsibility. 
  
hope that helped 
8 0
3 years ago
Ivanhoe Company purchased a new machine on October 1, 2017, at a cost of $77,980. The company estimated that the machine has a s
Marysya12 [62]

Answer:

Depreciation for

2017 = $2,540

2018 = $10,160

Explanation:

Provided, Total cost of the machine = $77,980

Estimated salvage value = $6,860

Therefore, value to be depreciated = $77,980 - $6,860 = $71,120

Total life of asset = 7 years

Depreciation for the year 2017 = October to December = 3 months

\frac{71,120}{7} \times \frac{3}{12} = $2,540

Depreciation for the year 2018 = \frac{71,120}{7} = $10,160

Under straight line method depreciation is fixed for each year, but in the given case in 2017 the asset is used only for 3 months, thus depreciation will be charged for 3 months only.

Final Answer

Depreciation for

2017 = $2,540

2018 = $10,160

7 0
3 years ago
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