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

Question

1 Approved Answer

Candle Shop, Inc. has net sales on account of $1,800,000. The average net accounts receivable are $640,000. Calculate the days' sales in receivables. (Use 365

image text in transcribed

Candle Shop, Inc. has net sales on account of $1,800,000. The average net accounts receivable are $640,000. Calculate the days' sales in receivables. (Use 365 days for any calculations. Round any intermediate calculations and your final answer to two decimal places.) A. 2.81 days B. 129.89 days C. 341.88 days D. 365 days

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

Accounting Texts And Cases

Accounting Texts And Cases

Authors: Robert Anthony, David Hawkins, Kenneth A. Merchant

12th Edition

0073100919, 978-0073100913

More Books

Students also viewed these Accounting questions

Question

★★★★★
For an arbitrary motion of a given particle, does the direction of the velocity vector have any particular relation to the direction of the position vector?

Answered: 1 week ago

Question

★★★★★
How does the net position section of a balance sheet of a proprietary fund differ from the fund balance section of a governmental- type fund?

Answered: 1 week ago

Question

★★★★★
=+A plot of the residuals vs. predicted values showed: 2.5 0 2.5 5.0 Residuals (mpg) 12.5 25.0 37.5 50.0 Predicted Values (mpg)

Answered: 1 week ago

Question

★★★★★
The intangible assets reported by Ip Company at December 31, 2016, follow: Patent #1 was acquired in January 2015 and has an estimated useful life of 10 years. Copyright #1 was acquired in January...

Answered: 1 week ago

Question

★★★★★
For the holidays, Marty gave a watch worth $22,300 to Sobia and jewelry worth $46,000 to Natalie. Has Marty made any taxable gifts this year and, if so, in what amounts? Assume Marty is married and...

Answered: 1 week ago

Question

★★★★★
To train missionaries to achieve their missionary purpose. The Missionary Department expects that all missionaries receive training prior to entering the mission field. MTC teachers are recently...

Answered: 1 week ago

Question

★★★★★
a. Draw a triangle similar to the one drawn opposite. (i) Measure the length of side AB and let this be the base of the triangle. (ii) Draw on your diagram a line which represents the height of the...

Answered: 1 week ago

Question

★★★★★
The following data show the education and employment status of women aged 2029 (from the 1991 General Household Survey): (a) Draw a bar chart of the numbers in work in each education category. Can...

Answered: 1 week ago

Question

★★★★★
In promiscuous species of mammals, such as deer mouse, the breeding success of males can be predicted from their testes size and the number of sperm they produce. Fisher et al. (2018) investigated...

Answered: 1 week ago

Question

★★★★★
Implicit in the stop-and-wait scenarios of Figure 2.14 is the notion that the receiver will retransmit its ACK immediately on receipt of the duplicate data frame. Suppose instead that the receiver...

Answered: 1 week ago

Question

★★★★★
The following information pertains to Bay Cabinet Company's sales on account and accounts receivable: After several collection attempts, Bay Cabinet Company wrote off \(\$ 2,800\) of accounts that...

Answered: 1 week ago

Question

★★★★★
identify and define industry-standard communication design tools and their uses in the creative domains.

Answered: 1 week ago

Question

★★★★★
19. What effect do you want to have on them? (what feelings should they have)

Answered: 1 week ago

Question

★★★★★
11. What is their background in relationship to the topic. (what they have experienced so far)

Answered: 1 week ago

Previous Question Next Question