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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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Answer:

The correct approach will be "Social media ".

Explanation:

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  • It is an internet-connected communication method whereby the participants build virtual forums to exchange knowledge, ideas, private correspondence, and certain other functionality.
3 0
3 years ago
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning
yan [13]

Answer:

1. Adjusted net income = Ending inventory higher by amount * (1-Tax rate) = $70,000*(1-34%) = $70,000 * 66% = $46,200

Details                                                                                 Amount

Beginning retained earnings for the year 2017               $880,000

Add:  Adjusted net income                                               <u>$46,200</u>

Beginning adjusted retained earnings for year 2017  <u>$926,200</u>

2. Tax payable = Inventory * Tax rate = $70,000*34% = $23,800

Date   Account Titles and Explanation          Debit          Credit

           Inventory                                            $70,000

                 Retained earnings                                            $46,200

                  Tax payable                                                     $23,800

            (To record adjustment of ending inventory)

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3 years ago
The open innovation technique that involves generating insights based on ideas from massive numbers of people is called Blank___
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According to the research, crowdsourcing is the open technique that involves generating insights based on ideas from massive numbers of people.

<h3>What is crowdsourcing?</h3>

It refers to a massive collaboration provided by individuals who are not part of an entity or institution.

It is an open modality of joint work of an indefinite number of people, who contribute their ideas for the development of a certain project.

Therefore, we can conclude that according to the research, crowdsourcing is the open technique that involves generating insights based on ideas from massive numbers of people.

Learn more about crowdsourcing here: brainly.com/question/14490967

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2 years ago
Prepare a December 31, 2020, balance sheet for Long Print Shop from the following: cash, $50,000; accounts payable, $38,000; mer
Bumek [7]

Answer:

                                   <u>Long Print Shop</u>

         <u>Balance sheet for the year ended December 31, 2020</u>

                                                         Amount in $                       Amount in $

<u>Assets</u>

<u>Non-current asset</u>

Equipment                                                                                     20,000

<u>Current assets</u>

Merchandise inventory                      14,000

Cash                                                     50,000

Total current asset                                                                        <u>64,000</u>

Total assets                                                                                  <u>84,000</u>

<u>Liabiities</u>

Accounts payable                                                                         <u>38,000</u>

Total liabilities                                                                             <u> 38,000</u>

<u>Equity</u>

Capital                                                                                            <u>46,000</u>

Total equity                                                                                   <u>46,000</u>

Total liabilities and equity                                                            <u>84,000</u>

Explanation:

The accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity. This may be expressed mathematically as

Assets = Liabilities + Equity

While assets include fixed assets, cash, inventories, account receivables etc, liabilities include accounts payable, loans payable, accrued expenses etc.

Equity which represents the amount owed to the owners of the business includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid) and common shares.

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Answer:

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Explanation:

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3 years ago
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