Answer:
Wilcox’s average collection period is <u>9 days</u>.
Explanation:
The average collection period can be described as how long it takes a company to get paid by the amount of money its clients are owing it in terms of accounts receivable (AR).
Average collection period can be calculated using the following formula:
ACP = (Accounts receivable / Net sales) * 365 days .............. (1)
Where, for this question;
ACP = Average collection period = ?
Accounts receivable = $70
Net sales = $2,870
Substituting the values into equation (1), we have:
ACP = ($70 / $2,870) * 365 days
ACP = 0.024390243902439 * 365 days
ACP = 8.90 days, or approximately 9 days
Therefore, Wilcox’s average collection period is <u>9 days</u>.
When my supervisor presents me with multiple situations to see if I know when to implement a certain skill, (s)he clearly does not trust me to know what I am doing. The above statement is false.
<h3>
What does skill refer to?</h3>
- A skill is a learned ability to perform an action with predictable results consistently and well within a certain window of time or energy, or both. Domain-general and domain-specific skills are two common categories of skills.
- For instance, in the field of work, generic skills like time management, teamwork and leadership, self-motivation, and others are useful in all jobs, whereas domain-specific abilities are only applicable to a certain position.
- To evaluate the amount of ability being displayed and applied, specific contextual triggers and scenarios are typically required.
- When a skill represents a body of knowledge or a specific field of study, such as the art of war or the art of medicine, it is referred to as an art.
To learn more about skill with the given link
brainly.com/question/9648460
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Question:
When my supervisor presents me with multiple situations to see if I know when to implement a certain skill, (s)he clearly does not trust me to know what I am doing. State whether the statement is true or false.
Answer:
$585,000
Explanation:
Given that
Prime costs = $960,000
Conversion costs = $980,000.
Overhead costs = 150% of direct labor costs.
As we know that
Prime costs = Direct material cost + Direct labor cost
So,
Direct material cost + Direct labor cost = $960,000
And,
Conversion costs = Direct labor cost + Manufacturing overhead.
$980,000 = Direct labor cost + 150% of direct labor.
2.5 direct labor cost = $980,000
Direct labor cost = $980,000 ÷ 2.5
= $392,000
So,
Manufacturing overhead is
= $392,000 × 150%
= $585,000
Answer:
$74,000.
Explanation:
Operating activities are those activities that are linked to the provision of goods and services. These activities are performed to conduct the core operations of the business. Operating activities earn revenue and generate profits for the entity, so transactions related to Non-current assets, Liabilities, and Equity are excluded from operating activities.
While preparing a cash flow statement under indirect method, the opening and closing balances of Accounts receivable are compared to determine the cash inflow/outflow. The opening balance of receivable is $16,000. During the period, $64,000 of credit sales were made. This will increase the balance of receivable to $80,000. The ledger of receivable reveals that the ending balance is $10,000, this means that the receivables decrease by $70,000 during the period. A decrease in receivable is a cash inflow. But it should be noted here that balances provided are stated at NRV (Net Realizable Value), it means that these balances include the effect of bad debts. We have to remove this effect because bad debt (uncollectible accounts expense) is a non-cash expense, it is just the estimation of management and the requirement of prudence concept. This amount should be added back to in-flows, and the resultant value will be $74,000.
<u>Calculation</u>
16,000 + 64,000 - 10,000 + 4,000 = $74,000.
<span>A manufacturing process is a set of methods and technologies used in the production of a good or service. The manufacturing process is extremely important because it is one of the final stages in making sure the product is put together as designed and turns out the way the company wants. If something goes wrong within the manufacturing process, the company could lose a lot of products and money. </span>