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

Question

1 Approved Answer

A company has a gross profit ratio of 40%. The trade receivables collection period for the company has been calculated at 53 days. If the

A company has a gross profit ratio of 40%. The trade receivables collection period for the company has been calculated at 53 days. If the actual gross profit earned was 480,000, what were the trade receivables?

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

Step: 3

blur-text-image

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

Intermediate Accounting

Intermediate Accounting

Authors: Kin Lo, George Fisher

3rd Edition Vol. 1

ISBN: 133865940, 133865943, 978-7300071374

More Books

Students also viewed these Accounting questions

Question

★★★★★
A smooth rope is placed above a hole in a table (Figure 9-D). One end of the rope falls through the hole at t = 0, pulling steadily on the remainder of the rope. Find the velocity and acceleration of...

Answered: 1 week ago

Question

★★★★★
What is the link between the implied volatility of a firms assets and its expected default frequency?

Answered: 1 week ago

Question

★★★★★
2. Explain the reasons for learning, and ask students for examples of how they will apply their understanding of the material.

Answered: 1 week ago

Question

★★★★★
The trial balance of Roman Company at the end of its fiscal year, August 31, 2014, includes these accounts: Inventory $17,200; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000; Sales...

Answered: 1 week ago

Question

★★★★★
What is the right most part of a domain name? A . top level domain B . company name C . admin level domain D . DNS

Answered: 1 week ago

Question

★★★★★
Problean 1: Micase complete the Amsertization Sehedule below ueng the informatice given. e Duathy peiate Steps for creating as Amertizatios Sehedule. Cinstractions e Step I: Compute the Monthly...

Answered: 1 week ago

Question

★★★★★
Compose a thoughtful response to the original post with a reference source and link, This week I'd like to dive into the company Amazon, and how they implement information systems for strategic...

Answered: 1 week ago

Question

★★★★★
Brief the following case by using FILAR for structure and discuss the legal rules that applied to each issue and the reasons for the decision. Wright v. McArthur, 2005 BCSC 1797 case in a document...

Answered: 1 week ago

Question

★★★★★
9. A dual cycle operates with an air intake of 1 bar and 50C. The compression ratio is 15:1 and the maximum pressures and temperatures reached in the cycle are 75 bar and 2200C. (a) Sketch a p-V and...

Answered: 1 week ago

Question

★★★★★
From 1634 to 1637 CE, tulips in the Dutch Republic sold for extraordinarily high prices, sometimes as much as 10 times the annual wage of a skilled worker, in a phenomenon known as tulip mania. Some...

Answered: 1 week ago

Question

★★★★★
Required: Compute the following: ( 1 ) current ratio, ( 2 ) acid - test ratio, ( 3 ) days' sales uncollected, ( 4 ) inventory turnover, ( 5 ) days' sales in inventory, ( 6 ) debt - to - equity ratio,...

Answered: 1 week ago

Question

★★★★★
Which of the following has the lowest percentage of impact in communication? What is said Body language Paralingual How it is said

Answered: 1 week ago

Question

★★★★★
How will it feel to have achieved this? Describe this briefly to yourself.

Answered: 1 week ago

Question

★★★★★
What does this look like?

Answered: 1 week ago

Question

★★★★★
1. The purpose of this chapter is to describe the key principles, procedures and strategies of personal communication benchmarking, as understood in this context.

Answered: 1 week ago

Previous QuestionNext Question