of The accounts receivable at year-end are $200,000. The average collection period is 50 days. What...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
of The accounts receivable at year-end are $200,000. The average collection period is 50 days. What was the sales figure for the year assuming all sales are on credit? DON'T USE COMMA SEPARATORS Answer: of The accounts receivable at year-end are $200,000. The average collection period is 50 days. What was the sales figure for the year assuming all sales are on credit? DON'T USE COMMA SEPARATORS Answer:
Expert Answer:
Answer rating: 100% (QA)
To calculate the sales figure for the year we can use the formula Sales Acco... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these finance questions
-
The commercial banking system has excess reserves of $3,000. Then new loans of $30,000 are subsequently m and the system ends up just meeting its reserve requirements. The required reserve ratio must...
-
On 1 April 2020, Kimin is attempting to budget cash flows through 30 June 2020. On this latter date, the principal of a secured bank loan, $5 million, will be payable. This bank loan was secured at...
-
On January 1, 20X1, Kiner Company formed a foreign subsidiary that issued all of its currently outstanding common stock on that date. Selected accounts from the balance sheets, all of which are shown...
-
Solve: [1+ log (xy)] dx + [ 1 + x/y ]dy = 0.
-
Oldcity, Corp., has $1,750,000 of callable bonds payable outstanding, with a bond premium of $35,000 on May 31, 2012, immediately after an interest payment. Oldcity decides to retire the bonds when...
-
Le Chef Heureux Restaurant has 20 tables that can be reserved at 5 pm, 7 pm, or 9pm. Design a program that accepts reservations for specific tables at specific times; the user enters the number of...
-
Describe some of the reasons that people make art and give examples of symbolism and ritual in art.
-
Medwig Corporation has a DSO of 17 days. The company averages $3,500 in credit sales each day what is the companys average accounts receivable?
-
How does servant leadership affect organizational culture? How might a consistent practice of servant leadership positively influence employee morale, engagement, and satisfaction within the...
-
A boy tosses a ball onto the roof of a house. For the launch conditions shown, determine the slant distance s to the point of impact. Also, determine the angle which the velocity of the ball makes...
-
Trisha is head of a team of three accountants at a non-profit agency that strives to promote literacy among inner city teenagers who drop out of high school. Trisha has held this position for over...
-
A proton (q=e= 1.602x10-19 C, m-1.67x10-27 kg) goes through a small hole in a negatively charged metal plate with an initial velocity of v 7.42x105 m/s at 0=11 degrees above the horizontal. The field...
-
I once heard that lightning goes upward from the ground to clouds. Let's investigate to figure out if that makes sense, starting with one fact, and figuring out the rest from there. The fact is that...
-
Which of these molecular formulas are also empirical formulas? aspirin (C9H8O4) ethyl ether (C4H10O) benzene (C6H6) ethyl acetate (C4H8O2) glucose (C6H12O6) citric acid (C6H8O7)
-
A nonlinear spring stores potential energy according to X U(x) = ax + x, where a andare constants and is the distance that the spring is either stretched or compressed. The force that would be...
-
If the initial concentration and final concentration of each of the following components are given in the picture, how much volume in microliter (ul) is needed to go initial stock concentration to...
-
Gerald will use the filing status of single when filing his 2020 return. During the year, he sold 200 shares of ABC. He had owned the shares since 2018 and his gain on the sale was $1,867. His...
-
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
-
Temporary Differences, Deferred Tax Liabilities. Meyer- Swift Construction Equipment Manufacturers engaged in an installment sale with one of its major customers. The firm negotiated the terms of the...
-
What conditions or terms does a note payable contain?
-
Two independent situations are described below. Each situation has future deductible amounts and or future taxable amounts produced by temporary differences: The enacted tax rate is 40% for both...
-
Entrepreneur magazine ranks franchises. Among the factors that the magazine uses in its rankings are growth rate, number of locations, start-up costs, and financial stability. A recent ranking listed...
-
The following 20 observations are for two quantitative variables, x and y. a. Create a scatter chart for these 20 observations. b. Fit a linear trendline to the 20 observations. What can you say...
-
The file colleges contains the following data for the sample of 102 private colleges: year founded, tuition and fees (not including room and board), and the percentage of undergraduates who obtained...
Study smarter with the SolutionInn App