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

Question

1 Approved Answer

Problem 7-6 Average collection period (LO7-4] Oral Roberts Dental Supplies has annual sales of $6,255,000. Eighty percent are on credit. The firm has $722,800 in

image text in transcribed

Problem 7-6 Average collection period (LO7-4] Oral Roberts Dental Supplies has annual sales of $6,255,000. Eighty percent are on credit. The firm has $722,800 in accounts receivable. Compute the value of the average collection period. (Do not round intermediate calculations. Use a 360-day year.) Average collection period 42 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_2

Step: 3

blur-text-image_step3

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

The Handbook Of Fixed Income Securities

The Handbook Of Fixed Income Securities

Authors: Frank Fabozzi, Steven Mann

8th Edition

ISBN: 0071768467, 978-0071768467

More Books

Students also viewed these Finance questions

Question

★★★★★
Refer to Data Set 10 in Appendix B and categorize the listed one-year returns for mutual funds as poor (up to 24%), fair (above 24% to 36%), good (above 36% to 48%), or excellent (above 48%). Test...

Answered: 1 week ago

Question

★★★★★
A manufacturer of automobile shock absorbers is interested in comparing the durability of its shocks with that of its two biggest competitors. To make the comparison, a set of one each of the...

Answered: 1 week ago

Question

★★★★★
1. Use essay questions as well as multiple-choice items on a test.

Answered: 1 week ago

Question

★★★★★
Orlando Auto Accessories produces pickup truck bumpers that it sells on a wholesale basis to new car retailers. The average bumper sales price is $160. Normal annual sales volume is 300,000 units,...

Answered: 1 week ago

Question

★★★★★
help.2 LEARNING OBJECTIVES Explanation Three steps to follow in preparing a check are as follows: 1 The most common reasons for differences between the book and bank cash balances are as follows: LO1...

Answered: 1 week ago

Question

★★★★★
How can strong communication skills lead to lower employee turnover in an organisation? Select one: a. Employees will create stronger ties in the marketplace b. There is more opportunity to influence...

Answered: 1 week ago

Question

★★★★★
A vertical centrifuge, operating at $100 \mathrm{rpm}$, contains an aqueous suspension of solid particles with $S G=1.3$ and radius of $1 \mathrm{~mm}$. When the particles are $10 \mathrm{~cm}$ from...

Answered: 1 week ago

Question

★★★★★
The rallying cry of Donald Trump in the US presidential election in 2016 was to Make America Great Again and to focus on policies that protected and boosted US jobs and US workers. On election, Mr...

Answered: 1 week ago

Question

★★★★★
Compute the variance and the ACF (lag-1 to lag-4) of the following ARMA models with \(\operatorname{Var}\left(a_{t} ight)=1\) : (a) \(z_{t}=0.7 z_{t-1}+a_{t}\); (b) \(z_{t}=0.4 a_{t-1}+a_{t}\); (c)...

Answered: 1 week ago

Question

★★★★★
The optical system of Figure P33.95 consists of a converging lens and a converging mirror. The focal points of the lens are marked by open dots and the center of curvature of the mirror by a solid...

Answered: 1 week ago

Question

★★★★★
In testing the cash discounts on vendors invoices, the auditor did not expect to find any errors in the sample and therefore used attributes sampling techniques. Based upon the statistical...

Answered: 1 week ago

Question

★★★★★
2-4 What is the role of the information systems function in a business? Describe how the information systems function supports a business. Describe the services provided by information systems...

Answered: 1 week ago

Question

★★★★★
1 What are business processes? How are they related to information systems? Define business processes and describe the role they play in organizations. Explain how information technology and...

Answered: 1 week ago

Question

★★★★★
2-3 Why are systems for collaboration and social business so important and what technologies do they use? Define collaboration and social business, and explain why they have become so important in...

Answered: 1 week ago

Previous QuestionNext Question