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qwelly [4]
2 years ago
15

Senath Company's annual report reveals net credit sales of $266,000 and average accounts receivable of $46,000. The report also

shows an average inventory balance of $16,500 and cost of goods of $265,000. Based on this information (treat any partial day as a whole day) :_________
a. the average number of days to collect receivables is 6.
b. the average number of days to collect receivables is 64.
c. the accounts receivable turnover is 16.
d. the accounts receivable turnover is 15.
Business
1 answer:
SpyIntel [72]2 years ago
5 0

Answer:

b. the average number of days to collect receivables is 64.

Explanation:

Average number of days to collect receivables = Accounts Receivable ÷ ( Sales / 365)

                                                                               = $46,000 ÷ ($266,000 / 365)

                                                                                = 63.10 or 64

Conclusion

The average number of days to collect receivables is 64

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Explain how a consumer’s place of residence has an especially large impact on their purchase of sports and entertainment commodi
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8 0
3 years ago
Characteristics of level production include. Select one or more:
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Answer:

Characteristics of level production include:

a. All of these answers are correct.

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Speedy Package is California's largest express transportation company. In addition to the largest fleet of all-cargo aircraft in
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Answer:

Date    General Journal                         Debit       Credit

            Cash                                         $15,400

            Accumulated Depreciation    $39,600

                    Equipment - Delivery truck              $55,000

           (Assuming the truck was sold for $15,400 cash)

            Cash                                         $16,500

            Accumulated Depreciation     $39,600

                     Gain on sale                                      $1,100

                     Equipment - Delivery truck              $55,000

            (Assuming the truck was sold for $16,500 cash)

            Cash                                          $12,700

            Accumulated Depreciation      $39,600

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             (Assuming the truck was sold for $12,700 cash)

4 0
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Answer:

The goal of the bank reconciliation process is to find out if there are any differences between the two cash balances. ... A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.

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