John Byers owns and operates Byers Building Supplies. The following information was taken from his financial statements:
Question:
John Byers owns and operates Byers Building Supplies. The following information was taken from his financial statements:
Balance Sheet 12/31/-2 12/31/-1
Accounts Receivable $700 $500
Inventory 300 100
Income Statement
Net Credit Sales $7,200
Cost of Goods Sold 5,000
All sales are made on account.
REQUIRED
Based on the above information, on average, approximately how many days pass from the time Byers purchases inventory until he receives cash from customers?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
To compute the average number of days to convert inventory to cash the average day...View the full answer
Answered By
Muhammad Ahtsham Shabbir
I am a professional freelance writer with more than 7 years’ experience in academic writing. I have a Bachelor`s Degree in Commerce and Master's Degree in Computer Science. I can provide my services in various subjects.
I have professional excellent skills in Microsoft ® Office packages such as Microsoft ® Word, Microsoft ® Excel, and Microsoft ® PowerPoint. Moreover, I have excellent research skills and outstanding analytical and critical thinking skills; a combination that I apply in every paper I handle.
I am conversant with the various citation styles, among them; APA, MLA, Chicago, Havard, and AMA. I also strive to deliver the best to my clients and in a timely manner.My work is always 100% original. I honestly understand the concern of plagiarism and its consequences. As such, I ensure that I check the assignment for any plagiarism before submission.
4.80+
392+ Reviews
587+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following information was taken from the 2008 annual reports-statements of cash flows-of Hewlett-Packard, Southwest Airlines, and The Boeing Co., Inc. (dollars in millions). REQUIRED:Each of...
-
The following information was taken from the 2008 annual report-statements of cash flows-of Goodrich Corporations, a major company in the aerospace and defense industry (dollars in millions)....
-
The following information was taken from Logsden Manufacturings trial balances as of December 31, 2008, and December 31, 2009. Required: Calculate the gross profit ratio and operating margin ratio...
-
Lombard Ltd has been offered a contract for which there is available production capacity. The contract is for 20,000 identical items, manufactured by an intricate assembly operation, to be produced...
-
Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2017, for $6,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2018, the copier...
-
(a) Describe the structure of lithium nitride and explain how it is able to function as a lithium ion conductor. The structures of Li 3 P and Li 3 As are analogous to that of the nitride. How do you...
-
Sleep and Recognition of Facial Expressions. The ability to recognize and interpret facial expressions is key to successful human interaction. Could this ability be compromised by sleep deprivation?...
-
Determine the force in each member of the double scissors truss in terms of the load P and state if the members are in tension or compression. B L/3 -L13 L13- P.
-
E3-7 Payroll taxes Davis, Inc. paid wages to its employees during the year as follows: Anderson.... $ 15,400 Bates.... 16,700 Chavez..... 13,000 Devon...... 23,300 Estevez..... 33,200 Franco......
-
In P3-11 above, prepare the entries to distribute the weekly payroll and the costs and liabilities related to the bonus, vacation, and holiday pay, assuming that the fringe benefits of the direct...
-
Dominique Fouque owns and operates Dominique's Doll House. She has a small shop in which she sells new and antique dolls. She is particularly well known for her collection of antique Ken and Barbie...
-
During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim...
-
A therapist at the Acme College Counseling Center noted a high prevalence of adjustment disorder among incoming freshmen, with depression being the predominate symptom. The clinicians want to...
-
1. Identify and define the types of communication channels that exist in organizations. What kinds of messages are communicated through these channels? Within an organization, what is formal...
-
In the simultaneous-move, one-shot game above, two firms must choose between innovating and entering a new product market (I) and not innovating/not entering (N). The cost of innovating is c. If only...
-
1. Why critical path has less meaning in cases where the activity times are not known with certainty? 2. Overhead consists of all the following except: explain Indirect materials Direct labor Store...
-
Identify how the law of diminishing marginal utility fits into an analysis of the demand for health care. Identify an example of an opportunity cost in the context of healthcare economics for an...
-
What are the molecular adaptations that enable photosynthetic organisms to thrive in extreme environments, such as deep-sea hydrothermal vents, Antarctic ice shelves, and desert ecosystems, and how...
-
How can hospitals be characterized as a mixed type of economic agent?
-
A firm has the following balance sheet: Assets Cash Accounts receivable Inventory Plant and equipment $ 15,000 150,000 92,000 170,000 $427,000 Liabilities and Equity Accounts payable Long-term debt...
-
Use the power series for (1 + x 2 ) 1 and differentiation to prove that for |x| 2x (x + 1) = (-1)"-1(2n)x21-1 n=1
-
Prospecting Supply Company of Edson completed the following transactions: Additional Data as of 01/01/2013: Required a. Journalize the transactions. b. Post to Allowance for Doubtful Accounts, Income...
-
Joan Myers, the newly hired bookkeeper of Lyon Company, has until 5 p.m. today to prepare an analysis on December 31, 2013, of accounts receivable by age as well as record the entry for bad debts...
-
To: Al Jones FROM: Peter Flynn, President RE: Bad Debts At a party last night, a friend of mine told me that we should not be using the direct write-off method. He told me that it doesnt fulfill the...
-
Can you elucidate the principles underlying genome organization and chromatin structure, including the roles of topologically associating domains (TADs) and chromosomal territories in gene regulation...
-
State three ways of using artificial intelligence and machine learning in marketing and explain each use case with two examples.
-
discuss the principles of population genetics, including allele frequency distributions, Hardy-Weinberg equilibrium, genetic drift, and natural selection, and how these concepts inform our...
Study smarter with the SolutionInn App