Tio's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods

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

Question:

Tio's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods sold of $64,003.

How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit?

Related Book For answer-question

Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

See More Books

Posted Date: Apr 08, 2023 03:06 AM

See More Questions

Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit. Normal Balance Account Increase Decrease Purchases Purchases Discounts Purchases Returns...
26. With its current leverage, Impi Corporation will have net income next year of 4.5 million. If Impis corporate tax rate is 35% and pay 8% interest on its debt, how much additional debt can Impi...
A firm has sales of $710,000. The cost of goods sold is equal to 57 percent of sales. The firm has an average inventory of $23,940. How many days on average does it take the firm to sell its...
The following atomic absorption results were obtained for determinations of Zn in multivitamin tablets. All absorbance values are corrected for the appropriate reagent blank (c Zn = 0.0 ng/mL). The...
Employees are subject to taxes withheld from their paychecks. (a) List the federal taxes withheld from most employee paychecks. (b) Give the title of the accounts credited by amounts withheld.
A 1200-kg flywheel with a radius of gyration of 400 mm has its speed reduced from 5000 to 3000 rev/min during a 2-min interval. Calculate the average power supplied by the flywheel. Express your...
Identify the internal and external documentation available to an auditor to test cutoff.
The following transactions relate to the City of Arlingtons Municipal Airport Fund for the fiscal year ended June 30, 2013. Prepare (a) The journal entries necessary to record these transactions in...
The Smith company reports the following items on its balance sheet: Cash $400; Net tangible assets $,1,250; Accounts payable $375; Patents and Copyrights (net of amortization) $1,000; Deferred Taxes...
The 30,000-lb concrete pipe section is being transported on a flatbed truck. Five inextensible cables are passed across the top of the pipe and tightened securely to the flatbed with an initial...
The Conference Board Economic Forecast for the US Economy August 02, 2023 | Report The Conference Board forecasts that the growth seen in many parts of the economy will gradually buckle under...
Consider yourself as an IT project manager in your organization and write a paper on an IT project that had problems due to organizational issues. Your paper should include your opinion on how to...
Describe Integrated Marketing Communications (IMC) and elements that make up advertising and communication portions of the overall marketing."How Chinese Retailers are Reinventing the Customer...
Lululemon's innovative products are priced higher than competitors like Nike and Under Armour, and their Yoga accessories have a limited target audience. Issues with inventory and logistics affect...
Passwords are a part of daily use on a computer. Make a sample password that follows the guidelines for creating a strong password. Identify and explain the techniques used to create the password and...
What is the current tourism system of Western Australia look like? What are some of it's weaknesses and strengths? Have government initiated programs shown growth and outlined future expectations of...
2. Journalize the following transactions for a corporation. Issued $10000 worth of common stock Issued a $2.00 dividend payment per common share, 7000 outstanding common shares A shareholder sells...
l ask this second time correnct answer is 38,01 can we look pls Consider a non-conducting rod of length 8.8 m having a uniform charge density 4.5 nC/m. Find the electric potential at P, a...
Jefferson Company had the following sales and purchases during 2011, its first year of business: January 5 Purchased 40 units at $100 each February 15 Sold 15 units at $150 each April 10 Sold 10...
Suppose a company purchases a piece of equipment for $30,000 at the beginning of the year. The equipment is estimated to have a useful life of three years and no residual value. Using the...
Arctic Fans & Blowers invested $ 245,000 of extra cash in securities. Of the total amount invested, $ 115,000 was invested in bonds that Arctic plans to hold until maturity (the bonds were issued at...
Airbags are designed to protect passengers from frontal or near-frontal crashes. Their designs and performance have improved dramatically since their introduction in the 1980s. Exhibit 5.19 shows a...
Glen County manages a waste-to-energy facility that burns 2,000 tons of trash per day and generates over $$20$ million in electricity annually while costing state and local taxpayers $$24$...
Develop a value stream map for the process you flowcharted in question 27 to identify the valueadded and non-value-added activities. How can you estimate costs and/or revenue for the process steps?...

Tio's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods

Question:

Expert Answer:

Answer Item Inventory Accounts receivable Net sales Cost of goods sold Average 181000 45... View the full answer

Financial Accounting: A Business Process Approach

Students also viewed these accounting questions