The Current ratio equals 2.9, the Accounts receivable turnover equals 5.77 and Average collection period equals 63 days.
<h3>What is Current ratio?</h3>
= Current Assets / Current Liabilities
= 145,000 / 50,000
= 2.9
<h3>What is Accounts receivable turnover?</h3>
= Net sales / Average Accounts Receivable
= 375,000 / )(70,000 + 60,000) / 2)
= 5.76923076923
= 5.77
<h3>What is Average collection period?</h3>
= 365 Days /Average Receivable Turnover ratio
= 365 / 5.77
= 63.2582322357
= 63 days
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Answer:
All accounts and their balances at a particular date
Explanation:
The trial balance is the total of the all accounts belong to the income statement, retained earnings, balance sheet. Also their debit and credit balance are totalled and equalled to each other
So as per the given options, all other options except the above one are wrong as it represent to the particular statement i.e. totally incorrect
Therefore the above represent the answer
Answer:
B
Explanation:
It is the correct answer and outsourcing is were another company hires a company to essentially do their job. But done by a different company.
Answer:
The journal entries are as follows:
(i) On March 31,
Finished Goods A/c Dr. $56,400
To Work in Process $56,400
(To record the completion of the two jobs)
(ii) On March 31,
Cash A/c Dr. $38,000
To sales $38,000
(To record the sale Job 10)
(iii) On March 31,
Cost of goods sold A/c Dr. $21,400
To finished goods $21,400
(To record the cost of the job sold)
