SB Company reported sales of $540,000 on account last year. The company's accounts receivable balance increased from

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

Question:

SB Company reported sales of $540,000 on account last year. The company's accounts receivable balance increased from $30,000 at the beginning of the year to $54,000 at the end of the year. What was the company's average collection time? Calculate

Related Book For answer-question

Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

See More Books

Posted Date: Mar 17, 2023 05:52 AM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
A Statement of Cash Flows explains how changes in balance sheet accounts and income statement accounts cause the change in cash from the beginning of the period to the end of the period. Recall that...
Head movement evaluations are important because disabled individuals may be able to operate communications aids using head motion. The paper Constancy of Head Turning Recorded in Healthy Young Humans...
White Way Inc. produces and sells theater set designs and costumes. The company began operations on January 1, 2012. The following transactions relate to securities acquired by White Way Inc., which...
Implement a Bird Sighting Machine class that can be used to count the number of bird sightings for a bird watch group. Include methods to clear the machine state, to record a sighting of BirdA, to...
Construct a data set that has the given statistics. n = 5 x =12 s = 0
Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home dcor, including window treatments, carpet and...
You are a Project Manager for a boutique design and build contractor in Singapore. The company specialises in designing and building landed residential houses, and renovating condominium apartments,...
Refer to the Lincolnville School District bus data. First, add a variable to change the type of engine (diesel or gasoline) to a qualitative variable. If the engine type is diesel, then set the...
In multiprocessor systems, tasks can be assigned statically (fixed) or dynamically (adaptive) to processors. Task stealing is one way of assigning tasks dynamically, whereby an idle processor is...
Smoking is used to regulate both nicotine levels and emotional states in smokers. True or false?
How is health psychology a union between medicine and psychology?
How can the accounting policies adopted for financial reporting affect the assessment of income tax?
What are the major parts of the brain, and for what behaviors is each part responsible?
Does the finding that people in late adulthood require intellectual stimulation have implications for the societies in which older people live? In what way might stereotypes about older individuals...
A pile foundation is composed of 4 vertical and 3 batter piles in a row. Each vertical pile can carry 20 t of compressive load, and each batter pile can carry 5 t of compressive load. If a horizontal...
What tools are available to help shoppers compare prices, features, and values and check other shoppers opinions?
BB Petroleum, a giant oil company, holds reserves of oil and gas assets. At the end of 2016, assume the cost of BB Petroleum's oil reserves totaled $208 billion, representing 16 billion barrels of...
Riverton Corporation, the investment banking company, often has extra cash to invest. Suppose Riverton buys 1,000 shares of Switzer, Inc., stock at $48 per share. Assume Riverton expects to hold the...
Compute econmic value added added (EVA) for Beecher Software. The company's cost of capital is 12%. Net income before taxes was $730 thousand, interest expense $403 thousand, beginning long-term debt...
Give a comprehensive definition of auditing.
State the major changes which have occurred in auditing techniques during the last 160 years. Explain briefly how changes in technology have impacted on the changes in auditing techniques.
Under the provisions of the Companies Act 1985 an auditor's report must be attached to a company's financial statements. Is this true for all companies? Explain.

SB Company reported sales of $540,000 on account last year. The company's accounts receivable balance increased from

Question:

Expert Answer:

Calculation of Average Collection Period Accounts Receivabl... View the full answer

Financial Accounting

Students also viewed these finance questions