Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 19, 2024

ABC Company has annual sales of $310,954 and cost of goods sold of $198,600. The average accounts receivable balance is $104,720. How many days on

ABC Company has annual sales of $310,954 and cost of goods sold of $198,600. The average accounts receivable balance is $104,720. How many days on average does it take the firm to collect its accounts receivable? Assume 365 days.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 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

Handbook Of Financial Markets Dynamics And Evolution

Authors: Thorsten Hens

1st Edition

0323165478, 978-0323165471

Students also viewed these Finance questions

Question

★★★★★

Various organizations develop standards for audits and regulate CPA firms. Compare and contrast the roles of the AICPA, the PCAOB, and the state boards of accountancy along the following dimensions:...

Answered: 1 week ago

Question

★★★★★

A company has been purchasing from two suppliers whose credit terms are as follows: Supplier A: 2/10 net 30 Supplier B: 1/20 net 50 Note: Invoice value: $10,000; Cost of borrowing: 10% a. Compute the...

Answered: 1 week ago

Question

★★★★★

Which two conditions show the largest difference? (a) 1 and 2 (b) 2 and 3 (c) 1 and 4 (d) They are identical

Answered: 1 week ago

Question

★★★★★

Buntzell Industrial Supplies distributes industrial equipment. The company's fiscal year ends on March 31, 2017. One department in the company had 50 items that cost $540 each on hand at January 1,...

Answered: 1 week ago

Question

★★★★★

ABC Company has annual sales of $310,954 and cost of goods sold of $198,600. The average accounts receivable balance is $104,720. How many days on average does it take the firm to collect its...

Answered: 1 week ago

Question

★★★★★

If you want to measure the performance of your mutual fund, including the timing of inflows and outflows, you should calculate the __________. a. Time-weighted return b. arithmetic average return c....

Answered: 1 week ago

Question

★★★★★

O'Hara Photography's checkbook lists the following (Click the icon to view the checkbook.) Read the requirements Requirement 1. Prepare O'Hara Photography's bank reconciliation at November 30, 2024....

Answered: 1 week ago

Question

★★★★★

On January 1, 2022, Blossom Corporation acquired machinery for $1470000. Blossom adopted the straight-line method of depreciation for this machine and had been recording depreciation over an...

Answered: 1 week ago

Question

★★★★★

The result of a TLC experiment showed that a compound has an Rf value of 0.25 on a silica gel plate using 10% ethyl acetate in hexane as the mobile phase. Indicate if the Rf values of the compound...

Answered: 1 week ago

Question

★★★★★

What are the purposes of promotion ?

Answered: 1 week ago

Question

★★★★★

4. Explain the limitations of some cross-cultural research findings.

Answered: 1 week ago

Question

★★★★★

3. Identify cultural universals in nonverbal communication.

Answered: 1 week ago

Question

★★★★★

10. Understand the differences between the modernist and postmodern views of cultural spaces.

Answered: 1 week ago

Previous Question Next Question