For the past year, Hawkeye, Inc., had a cost of goods sold of $68,382. At the end of the year, the accounts payable balance was $11,889. How long on average did it take the company to pay off its suppliers during the year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Days' sales in payables days

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A: Estimated uncollectible amount = 1% of sales  = $3,250,000 x 1% = $32,500

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A: We need to use the following equations for calculation of accounts payable and accounts receivable…

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Q: accounts receivable balance

A: SOLUTION:- Receivables Period      = 46             Credit sales = $5,840,000…

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A: Calculate the accounts payable days as follows:

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A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…

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Q: What is the gross margin percentage

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A: Please find the answer to the above question below:

Q: 5. During its first year of operations, Sampson's Cosmetics International had sales of $3,250,000,…

A: Bad debts can be referred to as that portion of credit sales which cannot be recovered by the…

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

A:

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Q: Prepare the above general journal entries:

A:

Q: alculate Average Payables Periods For the first year, Hawkeye, Inc., has a cost goods sold of…

A: Cost of goods sold = $95318 Accounts payable balance = $22816

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A:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is