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Mamont248 [21]
3 years ago
12

The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 10,319 Accounts

receivable 79,922 Merchandise inventories 69,862 Prepaid expenses 6,000 Accounts payable $ 16,850 Notes payable 96,138 Other current liabilities 11,400 If net credit sales for the current year were $602,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
Business
1 answer:
garri49 [273]3 years ago
8 0

Answer:

49 days

Explanation:

Account receivable turnover ratio = Net credit sales / Accounts receivable

Account receivable turnover ratio = $602,000 / $79,922

Account receivable turnover ratio = 7.53

Average collection period = 365/7.53

Average collection period = 48.47277556440903

Average collection period = 49

Thus, firm’s sales uncollected for year is 49 days.

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Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incu
fenix001 [56]

Answer:

156.6%

Explanation:

Given:

Cosi Company's Incurred over head for the next period = $830,000

Expected labor hours = 53,000

Cost of labor = $10.00 per hour

Thus,

Total labor cost = 53,000 × $10.00 = $530,000

Now,

the Cosi Company's predetermined overhead rate will be calculated as:

Predetermined overhead rate =  Incurred overhead / Total labor cost

on substituting the respective values, we get

Predetermined overhead rate = ( $830,000 / 530,000 ) = 1.566

or

Predetermined overhead rate = 1.566 × 100% = 156.6%

4 0
3 years ago
.Grannis Corporation purchased land in order to construct a new factory . Expenditures incurred by the company were as follows:
katovenus [111]

Answer:

The amount recorded in the Land account is $61,200    

Explanation:

The cost of acquisition/purchase of a landed asset includes all the normal, reasonable and necessary costs incurred in obtaining the land and getting it ready for use. These cost includes the price of the land, the legal fees, title fees, taxes, excavation costs etc. On the other hand, cost of improvements on the land are recorded on improvement on asset accounts, where depreciation is put in consideration when computing cost. This is separate from acquisition cost because, there is no depreciation on a land. The cost is calculated as follows:

purchase price = $ 45,000

broker's fees    = $   8,000

accrued taxes  = $    2,000

demolition        = $    2,700

grading             = $    1,500

excavation       =  $    2,000

Total                 =  $ 61,200

6 0
3 years ago
What is investment firms?
Anvisha [2.4K]

Answer:

An investment firm or fund is a partnership, trust or corporation that “pools” money from shareholders and invests it in the appropriate security instruments and multiply investment money.

3 0
2 years ago
Take it and go don't wast my time
BartSMP [9]

Answer:

thanks man

Explanation:

7 0
2 years ago
Read 2 more answers
A company has a factory that is designed so that it is most efficient (average unit cost is minimized) when producing 18,300 uni
PtichkaEL [24]

Answer: 14.9%

Explanation:

18300/12770x100%

8 0
2 years ago
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