Answer:
the average collection period for accounts receivables is 41.2 days
Explanation:
Average Collection Period measures the amount of time it takes to collect credit from accounts owing.
Average Collection Period = Average Accounts Receivables / (Sales/365)
=(($27600+ $56400)/2) / ( $372000/365)
= $42,000/1019.178082
= 41.20967742
= 41.2 days
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Going out to buy things that she doesn't need in life<span />
11.68 $ a month, i believe thats the answer, if not its pretty close...
Answer:
Explanation:
The journal entry is shown below:
Bonds payable A/c Dr $640,000
Premium on bonds payable A/c Dr $23,970
Loss on bonds redemption A/c $8,030
To Cash A/c $672,000 ($640,000 × 1.05)
(Being the redemption of bond is recorded and the remaining balance is debited to the Loss on bonds redemption account)
The Premium on bonds payable is computed below:
= Carrying value of the bonds - face value of the bond
= $663,970 - $640,000
= $23,970
