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

Question

...
1 Approved Answer

Barney's Antique Shop has annual credit sales of $ 2 , 3 4 0 , 0 0 0 and an accounts receivable balance of $

Barney's Antique Shop has annual credit sales of $2,340,000 and an accounts receivable balance of $260,000.
Calculate the average collection period.
Note: Use a 360-day year.
Average collection period days
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing

Auditing

Authors: Alan Millichamp, John Taylor

12th Edition

9781473778993

Students also viewed these General Management questions

Question

(5.7 to 6.5 pounds) was calculated with the usual formula Confidence intervals constructed in this way are symmetrical around the mean; is the mid-point of the confidence interval. (a) What is the...

Answered: 1 week ago

Question

★★★★★
As the controller of Breathless Perfume Company, you discover a misstatement that overstated net income in the prior years financial statements. The misleading financial statements appear in the...

Answered: 1 week ago

Question

★★★★★
Machine learning algorithms that work with data that cannot fit into a single machine's memory are called

Answered: 1 week ago

Question

★★★★★
Frank Thompson operates a small business that manufactures oversized backyard games. He runs the business as a sole proprietorship. The company uses a job order cost system using a first-in,...

Answered: 1 week ago

Question

★★★★★
A 1-year gold futures contract is selling for $1,645. Spot gold prices are $1,592 and the 1-year risk-free rate is 3%. Based on the above data, which of the following set of transactions will yield...

Answered: 1 week ago

Question

★★★★★
A commercial building that has a value of $600,000 is insured on a Broad Perils policy with a coverage limit of $400,000. and a deductible of $1,000. 1. If a new building has a replacement cost of...

Answered: 1 week ago

Question

★★★★★
The reading and videos for this week bring to light some of the ethical and business-related issues in collecting and using data gathered about customer behaviors and using it to target advertising....

Answered: 1 week ago

Question

★★★★★
You are a large customer of a major Wall Street investment bank. They believe the price of oil will be going up over the next year and they are willing to enter an unlimited number of long positions...

Answered: 1 week ago

Question

★★★★★
Use the following diagram of TCP/IP protocols of a Network 1) Add the following servers to the network. a. DC server b. data server c. SMTP server d. Application server e.web server...

Answered: 1 week ago

Question

★★★★★
A recent article/publication (within the last five years) which showcases the use of molecular testing techniques to diagnose infectious diseases. The article may have a public health, clinical...

Answered: 1 week ago

Previous Question Next Question