FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Calculating the Average Collection Period Trout Lumber Yard has a current accounts receivable balance of $527,164. Credit sales for the year just ended were

image text in transcribed
3. Calculating the Average Collection Period Trout Lumber Yard has a current accounts receivable balance of $527,164. Credit sales for the year just ended were $6,787,626. What is the receivables turnover? The days' sales in receivables? How long did it take, on average, for credit customers to pay off their accounts during the past year? LO 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Developments In Entrepreneurial Finance And Technology

Developments In Entrepreneurial Finance And Technology

Authors: David B. Audretsch, Maksim Belitski, Nada Rejeb, Rosa Caiazza

1st Edition

1800884338,1800884346

More Books

Students also viewed these Finance questions

Question

★★★★★
In a cold environment, a person can lose heat by conduction and radiation at a rate of about 200 W. Estimate how long it would take for the body temperature to drop from 36.6oC to 35.6oC if...

Answered: 1 week ago

Question

★★★★★
Draw a logic diagram for a 32-bit accumulator circuit. The circuit features a control signal inc and enable input en . If en is 1 and inc is 1 , the circuit increments the stored value by an amount...

Answered: 1 week ago

Question

★★★★★
Can you determine the appropriate reading level for the context in which the document will be read?

Answered: 1 week ago

Question

★★★★★
Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) Annual salaries of $20,000 for Martha and $12,000...

Answered: 1 week ago

Question

★★★★★
The common stock of Alpha Manufacturers has a beta of 1.14 and an actual expected return of 15.26%. The risk-free rate of return is 4.3% and the market rate of return is 12.01%. Answer the following...

Answered: 1 week ago

Question

★★★★★
An article reports that 1 in 500 people carry the defective gene that causes inherited colon cancer. In a sample of 2500 individuals, what is the approximate distribution of the number who carry this...

Answered: 1 week ago

Question

★★★★★
1.The motion of an athletic mouse is shown in the graph below. Use the graph to answer the following questions. (a) Total distance travelled. (b) Total displacement (c) Average speed (d) Average...

Answered: 1 week ago

Question

★★★★★
10. To find out dissatisfiers, the best starting point is (a) Market research (b) Benchmarking (c) Brainstorming (d) Customer complaints 11. Which of the following are important for front line...

Answered: 1 week ago

Question

★★★★★
plaese clear steps how to slove it in excel? H Company advertises on soap operas and football games. Each soap opera ad costs $50,000, and each football game ad costs $100,000 ving all figures in...

Answered: 1 week ago

Question

★★★★★
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 2012....

Answered: 1 week ago

Question

★★★★★
Two years ago, Carlisle Industries commenced its business by issuing 250,000 shares of $5 par value stock for $28 per share. During the fourth quarter of the current year, the company repurchased...

Answered: 1 week ago

Previous Question Next Question