The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000. What is the amount of net credit sales for the period?
Answer to relevant QuestionsRecord the following transactions on the books of Galaxy Co.(a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, terms 2/10, n/30.(b) On July 8, Kingston Inc. returned merchandise worth $3,800 ...Gleason Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the ...Karbon Wholesalers accepts from Bazaar Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Bazaar's overdue account. (a) What is the maturity date of the note? (b) What is the entry made by Karbon at the maturity ...Presented below are two independent situations.(a) On March 3, Hinckley Appliances sells $620,000 of its receivables to Universal Factors Inc. Universal Factors assesses a finance charge of 3% of the amount of receivables ...Hilda and Tim Piwek own Campus Fashions. From its inception, Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the Piweks have ...
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