Answered: accounts receivable balance

Business

Finance

accounts receivable balance

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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Related questions

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A: ANSWER 1)DSO=40 ANNUAL SALES=7300000 NUMBER OF DAYS IN A YEAR=365 DSO = (ACCOUNT RECEIVABLE/ANNUAL…

Q: ABCD Corporation has credit sales of $10,290,000 and receivables of $1,560,000. Assume there are 365…

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Q: Cainhurst Inc. had sales last year totaling $530,000, and its year-end Accounts Receivable were…

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Q: At year-end, Sample has cash of $8,000, current accounts receivable of $40,000, merchandise…

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A: Calculation of average receivables: Answer: Average account receivables are $70 million.

Q: Tulips Company has a DSO of 40 days, and its annual sales are P7,300,000. What is its accounts…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

A: Cook security systems has line of credit = $37500 Annual charge rate = 4% On October 1, Opening…

Q: accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. How…

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Q: If Cactus, Inc. has annual sales of $83,000, average accounts payable of $30,000, and average…

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A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

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A: Uncollectible Accounts Expense = Credit sales during the year x 2% of all credit sales

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A: The answer is as fallows

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A: The conceptual formula used:

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Q: Blue Air Inc., has net sales of $735,000 and accounts receivables of $164,000. What are the firm's…

A: Accounts Receivables Turnover Ratio measures the efficiency of the company in collecting receivables…

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A: DSO means days sales outstanding. It means number of days it takes credit sales to be converted into…

Q: Sixty percent of Jesse's annual sales of P900,000 is on credit. If its year-end receivables turnover…

A: Annual Sales = 900,000 Credit Sales = 60% * Annual Sales = 60% * 900,000 = 540,000 Receivable…

Q: The Malibu Corporation has annual credit sales of $36 million. The average collection period is 38…

A: Ratio is a tool which is used to evaluate the growth and performance of the firm by establish the…

Q: A company has annual sales of $5,210,000 and its average daily accounts receivable is $377,000. What…

A: given that, annual sales = $5210000 average daily accounts receivables = $377000 365 days per year…

Q: Baxley Brother has a DSO of 23 days, and its annual sales are $3,650,000. What is its accounts…

Q: What is the company's average accounts receivable?

A: DSO indicates the average days takes to collect the payment from the accounts receivable.

Q: Medwig Corporation has a DSO of 17 days. The company averages $8,500 in sales each day (all…

A: Days sale outstanding(DSO)/Average collection period(ACP) tells a firm on an average time taken by…

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A: Average Collection Period helps to know the trend of collection of dues. The formula of Average…

Q: B&B Mining has a DSO of 40 days, and its annual sales are 7,300, 000. What is its accounts…

A: Daily sales outstanding (DSO) = 40 Days Annual sales = 7,300,000 Number of days in a year = 365 Days

Q: ABCD Corporation has credit sales of $10,960,000 and receivables of $1,260,000. Assume there are 365…

Q: A company reports the following: Sales $1,200,000 Average accounts receivable (net) 50,000…

A: Formulas: Accounts receivables turnover = Sales/Average accounts receivables…

Q: Ammer Products has an average accounts payable balance of P850,000 and its annual net credit…

A: Accounts payable in the business means accounts of those suppliers from whom business has made…

Q: cool security systems has $37,500 line of credit , which charges an annual percentage rate of prime…

A: The closing balance can be calculated as follows :

Q: Rayhan Company has an average collection period of 55 days. The annual sales is 8,500,000. What is…

A: The average collection period indicates the period between the sale and collection/ receipt of money…

Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Baxley Brothers has a DSO of 46 days, and its annual sales are $5,840,000. What is its accounts receivable balance? Assume that it uses a 365-day year. Round your answer to the nearest cent.

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