FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Notes receivable due in 90 days appear on what?
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- Pharoah Company had accounts receivable of $135,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,164,375, cash collections of $1,071,225, and accounts written off of $25,650. (a) Your Answer Correct Answer Your answer is correct. Compute the ending balance of accounts receivable. Ending balance of accounts receivable TA $ 202500arrow_forwardCompute interest and find the maturity date for the following notes. (Round answers to O decimal places, e.g. 825. Use 360 days for calculation) Date of Note Principal Interest Rate (%) Terms (a) June 10 $83,400 7% 60 days (b) July 14 $53,800 8% 90 days (c) April 27 $12,480 9% 75 days (a) $ (b) $ (c) $ Interest Maturity Datearrow_forwardCompute the day's sales in receivables ratios for 2020 and 2019 ( hold all decimals in interim calculations, round your final answers to the nearest day)arrow_forward
- plz help thank youarrow_forwardAccounts payable turnover days (Use 365 days. Round your answer to nearest whole number.)arrow_forwardSuppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.75%. The itemized billing for the month of April is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date April 1 April 3 April 11 April 15 April 28 April 30 May 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 95 755 395 890 845 (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $arrow_forward
- Based on the information given below, what is the "Days Revenue in Accounts Receivable" for the quarter ending September 30? For this problem, assume that the quarter has 90 days. (Round your answer to 2 decimal places. For example, 12.3456 should be entered as 12.35.) Month Revenues A/R at End of Quarter July *186,049 26,843 August 208,033 85,406 September 209,968 63,674 TOTALS ? ?arrow_forwardTerm of a Note Calculate total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days May 9 July 17 67 x August 18 October 1 40 х July 7 September 5 55 X December 14 February 5 51 X March 29 Мay 16 50 X January 8 March 18 69arrow_forwardCalculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00arrow_forward
- Determine the due date and the amount of interest due at maturity on the following notes: Date of Note January 5 * February 15 * May 19 August 20 e. October 19 a. $87,000 27,000 66,000 34,000 52,000 * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note b. C. d. (a) (b) (c) (d) (e) Face Amount Due Date $ Interest Interest Rate 1000 6% 4 8 5 7 Term of Note 120 days 30 days 45 days 90 days 90 daysarrow_forwardDetermine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $49,185 13 % 30 days b. April 1 18,045 11 90 days C. June 22 12,325 8 45 days d. August 30 18,975 12 120 days e. October 16 11,660 9 50 days Interest Due at Due Date Maturity a. b. نف C. d. e.arrow_forwardWhat is Disney's Average Collection Period for the year ending 9/30/2019 using Yahoo finance data? Use this information for accounts receivable: 2018 accounts receivable 8,275,000 2019 accounts receivable 12,882,000 28.6 years 29.1 years 34.1 days 54.7 daysarrow_forward
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