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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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Toussaint Company issued 10,000 shares of its common stock in exchange for merchandise that it will resell. The merchandise had
Aleks [24]

Answer:

The correct answer is $300,000.

Explanation:

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

Original cost = $250,000

Fair value = $300,000

Retail value = $520,000

As Share based transaction of the organization record or issued always at fair value for which the goods or services are exchanged.

Here, Fair value is given.

So, the transaction will be recorded at fair value = $300,000

7 0
3 years ago
In Mordica Company, total materials costs are $35,500, and total conversion costs are $54,000. Equivalent units of production ar
MrMuchimi

Explanation:

The computation is shown below:

Material Cost per unit = Total Material Cost  ÷  Equivalent units of production

                                    =  $35,500 ÷ 10,000  units

                                    = $3.55

Conversion Cost per unit = Total conversion cost ÷  Equivalent units of production

                                          =  $54,000 ÷ 12,000  units

                                          = $4.5

Total Manufacturing cost per unit = Material cost per unit + conversion cost per unit

                                                        = 3.55 + 4.5

                                                        = $8.05

6 0
2 years ago
Simon lost $4,300 gambling this year on a trip to Las Vegas. In addition, he paid $2,650 to his broker for managing his $265,000
Ostrovityanka [42]

Answer:

Assuming Simon’s AGI is $40,000.

Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.

Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction

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3 years ago
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In february 1898, what ship exploded in havana harbor with a loss of nearly 270 lives?
Dmitriy789 [7]
The battleship Maine
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You and the other shoe store owners decide to fix your shoe prices at $60 a pair in order to maximize your profits. This is call
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Often time, to attract customers, sellers will offer a lower price than their competitor. Though it may attract more customer, it will lower their profit.

In price collusion, all sellers is guaranteed to have same product price and profit margin, creating a perfect competition market for that product
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