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Note Receivable Cube Ice Company received a 120-day, 10% note for $36,000, dated April 9 from a customer on account. Assume 360 days in a
Note Receivable Cube Ice Company received a 120-day, 10% note for $36,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 95 Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 2019 20Y8 $8,113,000 $6,903,000 Sales Accounts receivable: Beginning of year End of year 620,000 600,000 560,000 620,000 a. Determine the accounts receivable turnover for 2049 and 20Y8. Round answers to one decimal place. 2048: 20Y9 b. Determine the days' sales in receivables for 2019 and 2018. Use 365 days and round all calculations to one decimal place. 2048: days 20Y9 days c. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 2049 favorable or unfavorable? Favorable Unfavorable
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