The class trip is going to cost each of the fifty

Novak Corp. had accounts receivable of $140,000 on January 1, 2022. The only transactions that affected accounts receivable duri

algol13

Answer:

a. $210,000

b. 21.69 times

c. 16.83 average days to collect receivables

Explanation:

a. Ending balance of accounts receivable

= Beginning account receivable + Net credit sales - Cash collections

= $140,000 + $3,795,000 - $3,725,000

= $210,000

b. Account receivable turnover

= Net credit sales ÷ [(Beginning inventory + Ending inventory)/2]

= $3,795,000÷ [($140,000 + $210,000)/2]

= $3,795,000 ÷ $175,000

= 21.69 times

c. Average collection period in days

= Average account receivable ÷ [ Annual sales ÷ 365]

= $175,000 ÷ [$3,795,000 ÷ 365]

= $175,000 ÷ $10,397

= 16.83 average days to collect receivables

5 0

3 years ago

Before contacting the news or print media about your business, what must you come up with first ?

Talja [164]

Answer:

D

Explanation:

A good story angle attracts attention

6 0

3 years ago

Read 2 more answers

Rebecca Siddoway own and operate Country Candies. Siddoway specializes in making rich, creamy toffees that she packages in attra

Black_prince [1.1K]

The advantage to Siddoway if she decides to incorporate her business is Corporations have an enhanced ability to attract financing.

A Corporations is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now permit the formation of new companies by registration.

The company is managed and supervised by its directors and officers. Directors are appointed by shareholders and are responsible for the overall management and corporate governance of the company. The directors appoint officers who are responsible for the day-to-day management and operations of the company.

A Corporations company consists of shareholders, a board of directors and officers. When incorporating a company, owners and managers must be organized and given responsibilities and rights according to the rules laid down in the state corporate law.

Learn more about Corporations brainly.com/question/13551671

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7 0

2 years ago

The following data from the just completed year are taken from the accounting records of Mason Company: Sales$658,000 Direct lab

Alex_Xolod [135]

Answer:

1. Prepare a schedule of cost of goods manufactured

schedule of cost of goods manufactured

Direct labor cost $83,000

Raw Materials $133,000

Manufacturing overhead $202,000

Add Beginning Work In Process $5,900

Less Ending Work In Process ($20,500)

cost of goods manufactured $403,400

2. Prepare a schedule of cost of goods sold

schedule of cost of goods sold

Begining Finished goods $74,000

Add cost of goods manufactured $403,400

Less Ending Finished goods ($25,100)

Add Under- Applied Overheads $22,000

cost of goods sold $473,300

3. Prepare an income statement.

Sales $658,000

Less cost of goods sold ($473,300)

Gross Profit $184,700

Less Operating Expenses

Selling expenses ($106,000)

Administrative expenses ($46,000)

Net Income $ 32,700

Explanation:

1. Prepare a schedule of cost of goods manufactured

Raw Materials Consumed in Production

Begining Raw Materials Inventory $8,800

Add Raw material purchases $135,000

Less Ending Raw Materials Inventory ($10,800)

Raw Materials Consumed in Production $133,000

schedule of cost of goods manufactured

Direct labor cost $83,000

Raw Materials $133,000

Manufacturing overhead $202,000

Add Beginning Work In Process $5,900

Less Ending Work In Process ($20,500)

cost of goods manufactured $403,400

2. Prepare a schedule of cost of goods sold

Actual manufacturing overhead costs ($224,000) > Applied Manufacturing overhead($202,000)

Under- Applied Overheads

Applied Manufacturing overhead $202,000

Actual manufacturing overhead costs $224,000

Under- Applied Overheads $22,000

schedule of cost of goods sold

Begining Finished goods $74,000

Add cost of goods manufactured $403,400

Less Ending Finished goods ($25,100)

Add Under- Applied Overheads $22,000

cost of goods sold $473,300

3. Prepare an income statement.

Sales $658,000

Less cost of goods sold ($473,300)

Gross Profit $184,700

Less Operating Expenses

Selling expenses ($106,000)

Administrative expenses ($46,000)

Net Income $ 32,700

6 0

4 years ago

The purpose of a SWOT analysis is to ___.

astra-53 [7]

Answer: e. formulate goals and objectives for a company.

Explanation:

The SWOT analysis helps in decisions making in businesses. It helps in changing the needs of the organization. It helps the organization to build a plan so as to meet goals and improve the performances, and it also helps in keeping the relevancy in businesses in terms of decisions. It helps in analyzing the deep strengths, threats and weaknesses of the organization. It helps in promoting the overall growth, production, and services. It targets the market competition to develop necessary strategy.

4 0

3 years ago