Question
I need all answers quickly. No explanation needed. 6. Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as
I need all answers quickly. No explanation needed.
6.
Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as outstanding accounts receivable if Company Z has a total sale of $1,800,000 of which $200,000 are cash sales and the beginning and ending accounts receivable balances are $30,000 and $50,000, respectively.
11.40 days
9.13 days
6.84 days
8.11 days
7.
Mr. D recently manufactured a product that will be introduced to the market next year. The unit cost is $210. Mr. D wishes to achieve a margin of 25% based on sales. How much would Mr. D sell the product for?
$262.50
$280.00
$367.50
$250.00
8.
The sole proprietorship business of Individual M purchased a machinery amounting to $30,000. The machinery is expected to be useful for a period of 4 years and have a residual value of $5,000. Individual M uses the double-declining method in depreciating their fixed assets. How much would be the depreciation expense for year 3?
$3,750.00
$2,500.00
$7,500.00
$1,250.00
9.
T Corporation is authorized to issue 500,000 common stock at $10 par value. As of December 31, 2019 the corporation has 350,000 common stock issued and outstanding. On February 14, 2020, the market price of the stock is $17. On the same date, T Corporation acquired 50,000 stocks at $15. On March 5, 2020, the company reissued 25% of the treasury stocks at $20. Which of the following will be included in the entry to record the transaction on March 5, 2020?
Debit Treasury Shares $187,500
Debit Common Stock $250,000
Credit Additional Paid-in Capital $62,500
Credit Cash $250,000
10.
The amortization of premium on bonds payable will _____________ the net income.
increase
decrease
not affect
offset
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