The following annual account balances are taken from Armour Sports at December 31. What is the change
Question:
The following annual account balances are taken from Armour Sports at December 31.
What is the change in the number of days' sales uncollected between years 2014 and 2015? (Round the number of days to one decimal.) According to this analysis, is the company's collection of receivables improving? Explain.
Transcribed Image Text:
2015 2014 Accounts receivable... 100,000 85,000 Net sales 2,500,000 2,000,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
Interpretation It took the company 09 days less to collect ...View the full answer
Answered By
Anum Naz
Lecturer and researcher with 10+ years of experience teaching courses in both undergraduate and postgraduate levels. Supervised 17 BA theses, 07 MA theses, and 1 Ph.D. dissertations. Edited and co-authored 2 monographs on contemporary trends in political thought. Published over articles in peer-reviewed journals.
4.80+
11+ Reviews
52+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Cost Accounting questions
-
The following annual account balances are taken from ProTeam Sports at December 31. What is the change in the number of days sales uncollected between years 2010 and 2011? According to this analysis,...
-
The following selected account balances are taken from the financial statements of Mandrich Inc. at year end prepared using IFRS: At December 31, 2012, the following information is available: 1....
-
The following selected account balances are taken from the financial statements of Mandrich Inc. at its calendar year end prepared using IFRS: At December 31, 2017, the following information is...
-
Write a program RecoverSignal that will read the binary file written by StoreSignal, as described in the previous exercise. Display the integer values that the data represents on the screen.
-
A major university bans the assignment of D or F grades. It defends its action by claiming that students tend to perform above average when they are free from the pressures of flunking out. The...
-
Give three reasons why the QA function has emerged in organizations.
-
Give some examples where companies use biased assumption? What is meant by "wildcatting?"
-
Ultra, Inc., manufactures a full line of well-known sunglasses frames and lenses. Ultra uses a standard costing system to set attainable standards for direct materials, labor, and overhead costs....
-
The adjusted trial balance of Ivanhoe Company at December 31, 2022, includes the following accounts: Owner's Capital $ 17,300, Owner's Drawings $ 7,200, Service Revenue $ 36,700, Salaries and Wag...
-
Refer to the ERP Decision case. Design a spreadsheet that will assist the Board in evaluating the net benefits of implementing the ERP system. THE ERP DECISION" During the 1990s, many large companies...
-
For each of the following items a through g, indicate whether its amount (1) Affects the bank or book side of a bank reconciliation, (2) Represents an addition or a subtraction in a bank...
-
Some of Crown Companys cash receipts from customers are received by the company with the regular mail. The companys recordkeeper opens these letters and deposits the cash received each day. a....
-
In virtually all systems that include DMA modules, DMA access to main memory is given higher priority than processor access to main memory. Why?
-
Hardy, Inc has a centralized HR department with $280,000 in expenses this year. HR has provided a total of 4,000 hours of service for the period. The Retail division used 2,750 hours of HR time while...
-
McDonald's has introduced an innovative new burger made with rabbit meat. This new offer has generated a change in consumer preferences. Before the introduction of the rabbit meat burger, the...
-
Orlando produces and sells a fitbit for $200 per unit. In 2022, 41,000 fitbits were produced and 37,000 were sold. Other information for the year includes: Direct materials $40.00 per unit Direct...
-
Sheffield Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price Estimated Disposal Costs Neutrinos $ 1,930 $2,210 $117 Ocillinos 4,940 4,840 107...
-
The account balance was $26,301 million at the start of the year and the company reported net income of $6,147 million for the year. What amount did the company record as dividends during the year?
-
Write the formula of the precipitate formed when these solutions are mixed: (a) Aluminum nitrate and sodium hydroxide (b) Potassium phosphate and calcium chloride (c) Magnesium sulfate and sodium...
-
Find the image of x = k = const under w = 1/z. Use formulas similar to those in Example 1. y| y = 0 -21 -2 -1 -1, /1 12 T -1 -1 y= -2 x =0
-
Which of the four statements refers to a conditional probability when selecting an adult person from the U.S population at random? (The probabilities are estimated based on a representative sample.)...
-
TechPro offers instructional courses in e-commerce website design. The company holds classes in a building that it owns. Classify each of TechPros costs below as (a) Variable or fixed (b) Direct or...
-
Listed below are costs of providing an airline service. Classify each cost as (a) either variable or fixed, and (b) either direct or indirect. Consider the cost object to be a flight. Variable or...
-
Both Apple and Google have audit committees as part of their boards of directors. Access each companys website (investor.apple.com or investor.google.com) and read about the purpose of the audit...
-
In which of the following circumstances has the money supply changed? a If Mario deposits $1,000 at his bank then the money supply (Click to select)changed. b. if Mario withdraws $1,000 from his bark...
-
Question 20 (1 point) A is the maximum sales available to all firms in an industry during a given period, under a given level of industry marketing effort and environmental conditions. A) market...
-
You work for a supplier that provides technology products to a variety of industries. One of your partners calls you and indicates they need to buy 10 computers that will run an application that...
Study smarter with the SolutionInn App