Perkins, Inc. had net sales of $1,530,000 during the year. On January 1, Perkins' accounts receivable was

Fantastic news! We've Found the answer you've been seeking!

Question:

Perkins, Inc. had net sales of $1,530,000 during the year. On January 1, Perkins' accounts receivable was $320,000. On December 31, Perkins' accounts receivable was $400,000. What was Perkins' average collection period for the year?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

See More Books

Posted Date: Mar 12, 2024 09:33 PM

See More Questions

1: Which of the following are the same under both GAAP and IFRS? a. The journal. b. The ledger. c. The chart of accounts. d. All of the above. e. Only a & c. 2: Which of the following is true? a....
Shava is a dealer in electrical goods, who started trading on 1 January year 2020 with $250 000 in a bank account. He has not kept proper accounting records. However, the following information is...
Vanier corporation is comparing two different capital structures: an all-equity plan (plan 1) and a levered plan (plan 2). Under plan 1, the company would have 195000 shares of stocks outstanding....
In Chapter 12 (p. 432), we described a study reporting that college students who are on Facebook (or have it running in the background) while studying had lower grades than students who did not use...
Consider the following inventory data for two companies: ........................................Nichols, inc.................Winters, Inc. Beginning...
Why do financial managers need to understand the implications of both the internal and the sustainable rates of growth?
When conducting an incremental analysis, what step must always be taken immediately prior to beginning the pairwise comparisons? a. Order the alternatives from highest to lowest initial investment b....
The Soft Toys Company has collected information on fixed and variable costs for four potential plant locations. a. Plot the total cost curves for the four plant locations on a single graph. b....
need 1) ERD and 2) relational model for an airline company An airline company has many planes that travel between different airports. A trip is handled by one pilot and involves one plane. Trips...
Explain why business cycles exist and how the various phases reflect different types of employment rates.
(1) A 1200 kg racecar goes at a constant speed of 120 km/h round a curved section of track that has a radius of 60 m. (i). What is the speed of the car in m/s? (ii). What is the car's centripetal...
a program that calculates incentive bonus pay for employees on a sales team. An employee earns $500 weekly as base pay, there is a bonus scale for various levels of sale quota each week. If the...
I need JAVA CODE TO BE MODIFIED TO ACCOMPLISH AS PER THE INSTRUCTION BELOW: Employee Class: The Employee information you must track is as follows: ID (This is generated randomly) Name Gender Job...
A hollow steel ball of mass kg is suspended from a spring. This stretches the spring m. The ball is started in motion from the equilibrium position with a downward velocity of 0.3 meters per second....
You must use GridBagLayout for this assignment. Must have the application that displays a menu of items on the left hand side and displays the total of all the items selected on the right. The...
(a) Explain the meaning of a Poisson process, and use your explanation to argue what the distribution of the sum of two independent Poisson random variables must be. You do not need to prove anything...
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
The comparative balance sheet for Cosky Corporation follows: Additional information: 1. Dividends of $15,000 were declared and paid in 2012. 2. There were no unrealized gains or losses on the...
Mulholland Corp., a lessee, entered into a non-cancellable lease agreement with Galt Manufacturing Ltd., a lessor, to lease special purpose equipment for a period of seven years. Both Mulholland and...
Kellys Shoes Limited used to be a major store in Canada before it went bankrupt and was bought by Bears Shoes Limited. Many of the stores were anchor tenants in medium- to large-sized retail shopping...
Four moles of nitrogen and one mole of oxygen at $P=1 \mathrm{~atm}$ and $T=300 \mathrm{~K}$ are mixed together to form air at the same pressure and temperature. Calculate the entropy of mixing...
A mole of argon and a mole of helium are contained in vessels of equal volume. If argon is at $300 \mathrm{~K}$, what should the temperature of helium be so that the two have the same entropy?
If the two gases considered in the mixing process of Section 1.5 were initially at different temperatures, say $T_{1}$ and $T_{2}$, what would the entropy of mixing be in that case? Would the...

Perkins, Inc. had net sales of $1,530,000 during the year. On January 1, Perkins' accounts receivable was

Question:

Expert Answer:

To calculate Perkins average collection period we first need to find the average accounts receivab... View the full answer

Intermediate Accounting

Students also viewed these accounting questions