Question
The Kenwood Corporation began doing business on July 1, 2016. They have established the payment pattern on receivables is stable at .25, .55, .15, .05
The Kenwood Corporation began doing business on July 1, 2016. They have established the payment pattern on receivables is stable at .25, .55, .15, .05 The sales and receivable for the most recent quarter are: Month Sales End of quarter receivables from respective months sales July $30,000 $1,500 August 45,000 9,000 September 52,000 39,000 Total Accounts Receivables $49,500 a. Calculate daily sales as of Sept 30. b. Calculate the end of quarter Days Sales Outstanding. c. Assuming that no sales are made after September 30, what would the accounts receivable balance be on October 31? d. Prepare an aging schedule as of September 30.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started