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Kazeer [188]
3 years ago
10

The Perry Company reported Accounts Receivable, Net of $66,000 at the beginning of the year and $72,900 at the end of the year.

If the company's net sales revenue during the fourth year was $882,000, what are the days to collect during year? (Round all calculations to 1 decimal place.)
a. 8.3
b. 30.2
c. 12.1
d. 28.7
Business
1 answer:
rjkz [21]3 years ago
3 0

Answer:

d. 28.7

Explanation:

Calculation to determine the days to collect during year

Using this formula

Average collection period=Average accounts receivables/Net sales*365

Where,

Average accounts receivables=$66,000+$72,900/2

Average accounts receivables=$69,450

Let plug in the formula

Collection period =$69,450/$882,000*365

Collection period=28.7 days

Therefore the days to collect during year is 28.7days

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Answer:

Net operating profit= 102,000

Explanation:

Giving the following information:

Selling price per unit $ 71

Manufacturing costs:

Direct materials $ 12

Direct labor $ 6

Variable manufacturing overhead $ 3

Fixed manufacturing overhead per year $ 264,000

Selling and administrative expenses:

Variable selling and administrative expense per unit sold $ 4

Fixed selling and administrative expense per year $ 74,000

Year 1

Units in beginning inventory 0

Units produced during the year 11,000

Units sold during the year 8,000

Units in ending inventory 3,000

Year 2

Units in beginning inventory 3,000

Units produced during the year 12,000

Units sold during the year 14,000

Units in ending inventory 1,000

Unitary cost= (12 + 6 + 3) + (264,000/11,000)= $45

Income statement:

Sales= (8,000*$71)= 568,000

COGS= (8,000*45)= 360,000 (-)

Gross profit= 208,000

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Fixed selling and administrative expense= 74,000 (-)

Net operating profit= 102,000

4 0
3 years ago
Identify the accoun title.
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Answer:

1. On formation of new Company and receipt of cash of $ 12,000 from shareholders

Cash Dr    $ 12,000

To Share capital Cr $ 12,000

2. On purchase of truck for $ 18,000

  Truck A/c Dr $ 18,000

To Cash    Cr    $ 18,000

(Though list price of truck is $ 21,000, but in accounts only the purchase price will be recorded as its cost borne by the company.)

3. On payment of dividend in cash

Dividend A/c    Dr $ 10,000

  To Cash Cr    $ 10,000

4. On purchase of land

Land A/c Dr $ 50,000

To cash    Cr    $ 50,000

( On purchase of land on payment of $ 50,000).

There is another method of accounting of land value based on valuation by appraiser. If Company wants to record based on valuation by Appraiser, the accounting will be recorded as under:

Land A/c Dr    $ 55,000

To Cash    Cr    $ 50,000

To gain on purchase of land    Cr $ 5,000

5 On declaration of dividend

Dividend A/c Dr    $ 1,100

  To Dividend Payable A/c Cr $ 1,100

On payment of dividend after 60 days

Dividend payable A/c    Dr    $ 1,100

To Cash    Cr $ 1,100

6. After each month wages will be due to its workers, then accounting entry will be recorded as under

Wages A/c    Dr    $ 5,600

To Wages payable A/c    Cr $ 5,600

After two weeks, on payment of wages, the accounting entry will be recorded as under

Wages payable A/c    Dr $ 5,600

  To cash Cr    $ 5,600

Explanation:

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Answer:

False

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A body of the letter is composed of the:
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