Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 16, 2023

Your company had net sales of $100,000 over the past year. During that time average receivables were 20,000. calculate what was the average collection period?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The formula for calculating the average collection peri... 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

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

Recommended Textbook for

Introduction to Finance Markets Investments and Financial Management

Authors: Melicher Ronald, Norton Edgar

15th edition

9781118800720, 1118492676, 1118800729, 978-1118492673

More Books

Students also viewed these Finance questions

Question

★★★★★

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

Answered: 1 week ago

Question

★★★★★

The Robinson Company from Problem 2 had net sales of $1,200,000 in 2013 and $1,300,000 in 2014. a. Determine the receivables turnover in each year. b. Calculate the average collection period for each...

Answered: 1 week ago

Question

★★★★★

Below are the statements of financial position of three companies as at 31 December 2017. Bauble Jewel Gem Co Co Co GHS000 GHS000 GHS000 Non-current assets Property, plant and equipment 720 60 75...

Answered: 1 week ago

Question

★★★★★

Three years ago, Witt Gas Controls purchased equipment for $80,000 that was expected to have a useful life of 5 years with a $9000 salvage value . Increased demand necessitated an upgrade costing...

Answered: 1 week ago

Question

★★★★★

Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $430,000; Purchase Returns and Allowances $13,000; Purchase Discounts $8,000; and Freight-In...

Answered: 1 week ago

Question

★★★★★

Design a collection of database tables for the Springfield Town Council. The council is made up of representatives from each of the towns 15 precincts. The data you need to store includes the...

Answered: 1 week ago

Question

★★★★★

A military aircraft that carries n bombs shoots against a target until the target is destroyed or the aircraft runs out of bombs. The probability a bomb finds the target is p1, while the probability...

Answered: 1 week ago

Question

★★★★★

Suppose that Wabash completes the house one month later than promised. Inclement weather, which was no ones fault, caused the tardiness. Explain how the court might compute efficient damages.

Answered: 1 week ago

Question

★★★★★

Calculator Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30...

Answered: 1 week ago

Question

★★★★★

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

Answered: 1 week ago

Question

★★★★★

Date Description Units Purchased at Cost 150 units $13-$1,950 200 units $12 $2,400 Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 14 Sale1 22 Purchase 2 29 Sale 2 300 units $25 250...

Answered: 1 week ago

Question

★★★★★

A. Advanced Digital Design is analyzing a capital investment project for using new computing technology to reduce current operating costs. The new computing technology will have a five-year life with...

Answered: 1 week ago

Question

★★★★★

Agents from the Laredo South Station received a report of an individual lost east of the city. The disoriented individual had been abandoned by the group with which she was traveling. Agents were...

Answered: 1 week ago

Question

★★★★★

Emma, a golfer, claims that her drive distance is less than 175 meters, on average. Several of her friends do not believe her, so she decides to do a hypothesis test, at a 1% significance level, to...

Answered: 1 week ago

Question

★★★★★

What additional activities would a manager undertake, in addition to looking at job cost sheets, to determine whether they can remain competitive? Reviewing financial statements and comparing...

Answered: 1 week ago

Question

★★★★★

Part 1: Case Studies From the perspective of your specific discipline, pick four stages to illustrate early childhood development (3-8 years old) . Pick two from Erikson's Stage Theory and two from...

Answered: 1 week ago

Question

★★★★★

You currently have $247,887.43 to deposit. Your banker offers you an annuity paying $25,000 per year for the next 18 years. What implied rate is the banker offering? [Present the answer rounded to...

Answered: 1 week ago

Question

★★★★★

we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...

Answered: 1 week ago

Question

★★★★★

How might the following influences affect a firms business risk (consider each separately)? a. Imports increase the level of competition b. Labor costs decline c. Health care costs (provided for all...

Answered: 1 week ago

Question

★★★★★

What are the differences in owner liability in proprietorships and partnerships versus corporations?

Answered: 1 week ago

Question

★★★★★

What does it mean when a firms MVA is negative?

Answered: 1 week ago

Question

★★★★★

What makes you really angry? For one day, keep a journal of the way you are reacting to problems around you. You can do this by keeping track of your data in three columns. In the first, list the...

Answered: 1 week ago

Question

★★★★★

When have you recently (or ever) blown up over something that was not such a big deal really? Can you think of times you got really upset but now cant remember why? Think back on these occasions and...

Answered: 1 week ago

Question

★★★★★

Read the case study below and answer the questions that follow it. With my roommate Elena, Ive been unhappy and stressed out over the fact that my roommate may or may not be coming back next year to...

Answered: 1 week ago

Previous Question Next Question