Question 17 --12 View Policies Current Attempt in Progress The financial statements of the Splish Brothers Inc. report net sales of $178350 and accounts receivable of $59000 and $28000 at the beginning of the year and the end of the year, respectively. What is the accounts receivable turnover for Splish? 7.1 times 2.1 times 4.1 times 3.3 times Question 6 View Policies Current Attempt in Progress Metlock, Inc. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market B $103000 $108000 72000 68000 144000 146000 After Metlock Inc applies the LCNRV rule, the value of the inventory reported on the balance sheet would be $322000 $315000 $326000 5319000 Bramble Corp. receives a $10300, 6-month, 10% promissory note from Sheffield Corp. in settlement of an open accounts receivable. Wh entry will Bramble Corp. make upon receiving the note? Notes Receivable 10815 10815 Accounts Receivable-Sheffield Corp. 10815 Notes Receivable Accounts Receivable-Sheffield Corp. 10300 Interest Revenue 515 Notes Receivable 10300 Interest Receivable 515 Accounts Receivable Sheffield Corp. 10300 Interest Revenue 515 Notes Receivable 10300 0 1 :24 PM View Policies Current Attempt in Progress The financial statements of the Ayayai Corp.reports net sales of $708000 and accounts receivable of $73200 and $34800 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation) 27.8 days 40.0 days 55.6 days 15.6 days