This year, a business bought $10,000,000 worth of products from its suppliers. Its accounts payable balance shown on the balance sheet is $1,000,000. During the following year, the company expects to buy $12,000,000 worth of products from its suppliers and estimate its accounts payable to increase by $300,000. This year's average payment period is ______.
Q: QUESTION 10 The below table shows the contractor's monthly revenue for constructing a small house…
A: Revenues are the receipts which the individual receives for the work done.
Q: 0. Jimin Corp. is preparing the interim financial statements for the quarter ended March 31, 2022.…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: With the following information, answer the following questions using the specified format (For…
A: Average payment period: Average payment period indicates the number of days taken by a company to…
Q: QUESTION 18 ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of…
A: Formula = Cost of goods sold = purchases - ending…
Q: Q2) if the price level index at 31, December, 2012 is 140, the beginning of the year was 130 and the…
A: Balance sheet is a summary record of financial balances which shows the financial position of the…
Q: Question 14 Becky is a corporate account manager at a company that sells athletic equipment to other…
A: In the given question, Becky’s total earnings for the month was $ 3,782. These earnings included her…
Q: (write the answer fro April 30)
A: Given: showed cash on direct shop = $2,200, Inventory = $1,800 Amount on shared capital = $4,000…
Q: January February March Wages and salaries $250,000 $290,000 $290,000 Rent 27,000 27,000 27,000 Other…
A: Cash Budget The purpose of preparing the cash budget to know the details of total cash flows and…
Q: 1. Al Mohsin LLC expects to have RO 8,000 cash balance at the beginning of April. 2. Period of…
A: Cash Budget A cash budget provides the idea of cash inflows and outflows of a company for a…
Q: Year. 20.8. January 20.8. t on advertising ACTIVITY 7.18 INSTRUCTION 31 December kre the information…
A: Income Statement: It discloses the financial performance of an enterprise and shows profit or…
Q: Question #1 Using Financial Ratios to Inprove Working Capital Accounts Bobs accountant found ways…
A: Solution Given Revenue 1750000 Cost of sales 1200000 Trade receivables 192000…
Q: Case 2. (25 marks) The following operating plans of Hypothetical Company for the upcoming year 2021…
A: Operating activities are the function of a business directly related to providing its goods or…
Q: An entity acquired specialized computer software for use in its manufacturing process on 1 February…
A: The question is related to Accounting for Intangible Assets. The Intangible Assets is initially…
Q: Indera Bhd sold a freezer to Tasty Bhd under hire purchase scheme on 1 November 2018. The selling…
A: Since you have posted a question with multiple requirements, we will solve the first three…
Q: Q.No.1 M/s. XYZ Private Limited has a cash balance of PKR 20,000 at the ending of the February and…
A: The details regarding cash budget is given Required. Prepare Cash Budget for March, April and May.
Q: Problem 2-18 (IAA) During the current year, Jolly Company offered a P20 cash rebate coupon to…
A:
Q: Scenario 1: On December 1, the balance of supplies totals $400. On December 15, the company…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Question 2 BRADFORD Ltd is starting up a new business on 1 January 20X0 and has provided you with…
A: A cash budget is a statement showing detailed information of cash receipts in the form of cash…
Q: Question 2 BRADFORD Ltd is starting up a new business on 1 January 20X0 and has provided you with…
A: Budgeting is the management tool used by the organization by estimating amounts of elements by…
Q: Question 3) Ali Yılmaz is planning to open a restaurant in a small touristic village as of the…
A: Budget means the expected value of future. Budget is not affected by the actual value as it is…
Q: QUESTION 7 Emma Company sells services for $781 cash and $1,066 on account this month. Emma Company…
A: As per accrual basis of accounting income and expenses should be accounted as and when accrued.…
Q: Accounting Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month…
A: A cash budget details the predicted sources as well as uses of cash over a given time period. This…
Q: (ix) The management of G & J Merchandising & More has negotiated with a tenant to rent office space…
A: Budgeted Balance sheet refers to the standard kind of balance sheet that is normally made by any…
Q: Question Content Area Schedule of Cash Payments for a Service Company SafeMark Financial Inc. was…
A: March April May March Expenses: Paid in March $ 86,925 Paid in…
Q: B. Problem 1. Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for…
A: The question is related to Budgetory control and is of Cash budget. The details are given. Required…
Q: A company's current revenue is $10,000,000 and accounts receivable are now $1,000,000. The sales…
A: Average collection period: Average collection period indicates the number of days taken by a…
Q: Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18…
A: a. As per the principal of revenue recognition, revenue should be recognized/recorded when it is…
Q: Question 36 A company has daily purchases of $10,000 from its supplier. The supplier offers trade…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: April 30, a three-year insurance policy was purchased for $18,000 with coverage to begin…
A: The question is related to the insurance expense in respect of insurance policy for 3 years starting…
Q: Q.No.1 M/s. XYZ Private Limited has a cash balance of PKR 20,000 at the ending of the…
A: Cash Budget in the business shows expected cash collections and expected cash payments along with…
Q: Question 3 Dai Hing Bookshop Ltd. has a beginning cash balance of $44,000 on November 1. The firm…
A: Opening Cash balance as on November 1 :- $ 44000 COGS is equal to 60% of sales Monthly cash expense…
Q: Media for settlement: Excel (source or supporting data) Question : E. If the profit of 1 pcs…
A: Here given the comparison data for three dealer which are pertaining to the total sales actual and…
Q: QUESTION 15 in the month of February Concord Airlines expects a total cash receipt of 103 and a…
A: The loan refers to the amount of borrowing that helps in meeting the expenses and other financial…
Q: QUESTION 18 ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Question 21 A business started on October 1, 2022. The following transactions occurred during the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: ual income för a period Book Sales, Inc., supplies textbooks to college and university books are…
A: Under Accrual basis of accounting revenue and expense booked in the period for which they relates,…
Q: QUESTION 3 A retailer, Lewis John constructed a new store at cost of RM50 million over 6 months from…
A: Borrowing Cost are the costs that are directly attributable to the acquisition, construction or…
Question 17 options:
With the following information, answer the following questions using the specified format (For example 40 days).
This year, a business bought $10,000,000 worth of products from its suppliers. Its accounts payable balance shown on the balance sheet is $1,000,000. During the following year, the company expects to buy $12,000,000 worth of products from its suppliers and estimate its accounts payable to increase by $300,000.
This year's average payment period is ______.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Question 16 options: With the following information, answer the following questions using the specified format (For example 40 days). This year, a business bought $10,000,000 worth of products from its suppliers. Its trade payables shown on the statement of financial position (balance sheet) is $1,000,000. During the following year, the company expects to buy $12,000,000 worth of products from its suppliers and estimate its trade payables to increase by $300,000. Next year's average payment period is expected to be ______.Question 2: Petlassa is a company with a large distribution network and selling automobile tires. The company's finance manager will meet with the General Manager to discuss the financial information for the next 3 months. Last month's TL sales amount and sales forecasts for the next 3 months are given below:Last Month May 250,000 Estimations/ForecastsJune 100,000July 150,000August 250,000September 100,000 The company collects 40% of its sales in cash and 60% as 1 month term (later). Purchases make up 60% of sales. Petlassa makes the relevant purchase one monthbefore its sales; However, it makes the payment 1 month after the purchase date. Labor expenses are 5% of sales and paid in the relevant month. General administration expenses amount to 15% of the sales and are paid in therelevant month. 10,000 TL income tax will be paid in August. The 50,000 TL dividend payment will be made in June. The cash balance on June 1 is required to be 80,000 TL.All transactions take place at the…Question 1 The firm's average collection period ACP is 39 days. Purchases are 75% of sales and are made a month before the sales month. About 40% of a month's purchases is paid in the same month whereas the remainder is paid in the next month. Assume there are 30 days in a month Feb, 2022 Mar, 2022 Apr, 2022 Sales (RM) 52,000 55,000 54,000 (a)What is the total amount of sales collection in April 2022? (b) What is the total amount of purchase disbursement in March 2022? Question 2 A firm's expected sales in the coming year is RM3.6 million, and the firm's average receivables for the year is RM400,000. The firm is considering factoring the receivables. A factor offers a discount rate of 1.75%% for the firm's receivables. [Assume there are 360 days in a year] (a) How much can the firm obtain from factoring its receivables, and for how long? (b) What is the cost per year to the firm if it factors its receivables continually? (c) if a bank offers a loan for the…
- A company is thinking of investing in one of two potential new products for sale. The projections are as follows: Year Revenue/cost £ (Product A) Revenue/cost £ (Product B)0 (150,000) outlay (150,000) outlay 1 24,000 12,0002 24,000 25,3333 44,000 52,0004 84,000 63,333 a) Calculate decimal. Please present answer to nearest half a month.Question 11 options: Answer the following, in the blank provided using the specified format. (For example: 40 days) A company's current revenue is $10,000,000 and accounts receivable are now $1,000,000. The sales manager estimates that sales should increase by 10% during the following year. The accounts receivable manager estimates that the new level of accounts receivable will remain unchanged. The companies current average collection period is ____.Question 3 options: With the following information, fill in the blank given using the specified format (For example: $100,000) The net working capital is _______ Annual Sales Revenue $3,650,000 Accounts Payable 300,000 Accounts Receivable 400,000 Cash 35,000 Mortgage 95,000 Equipment 200,000 Short-term Loan 100,000 Goodwill 75,000 Inventory 500,000
- Answer both subparts i,ii.if answered within 40mins,it would be great You were hired as a junior accountant at Byron Manufacturing Company. The following transactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for$500,000 from Machines and More Company. It paid$100,000 in cash and used a one-year, 7% note for the balance. C. On June30, the company borrowed $200,000 by signing a one-year zero-interest-bearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15,000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40…Question 2 Ricardo Entertainment recently reported the following income statement: Sales 15,000,000 Cost of goods sold 7,500,000 EBIT 7,500,000 Interest 1,500,000 EBT 6,000,000 Taxes (40%) 2,400,000 Net income 3,600,000 The company’s CFO, Fred Mertz, wants to see a 20 percent increase in net income over the next year. Mertz has made the following observations: Ricardo’s operating margin (EBIT/Sales) was 40 percent this past year. Mertz expects that next year this margin will decrease to 35 percent. Ricardo’s interest expense is expected to remain constant. Ricardo’s tax rate is expected at 35% percent. On the basis of these numbers, what is the percentage increase in sales that Ricardo needs in order to meet Mertz’s target for net income?This year, a business bought $10,000,000 worth of products from its suppliers. Its accounts payable balance shown on the balance sheet is $1,000,000. During the following year, the company expects to buy $12,000,000 worth of products from its suppliers and estimate its accounts payable to increase by $300,000. This year's average payment period is ______.
- Answer in 10 minutes please Vince Company invested P2,000,000 in Alfred Company for 25% interest. Alfred paid out 40% of net income in dividends each year. The investment account showed the following details: Initial cost P5,000,000 Debit to the investment account 1,000,000 Credit to the investment account ( 400,000) Investment balance at year-end P5,600,000 What amount of investment income was reported by Vince? a. P 650,000 b. P1,000,000 c. P1,600,000 d. P1,400,000Question 3 A Company has 20 days as average raw material inventory holding period (AAI), 15 days processing time, 10 days finished goods inventory holding time, 20 days’ average receivable collection period (ACP) and 30 days’ average payment period. The Company estimated for 2022 that raw material costs shall be $15 million, processing costs shall be $ 5 million, raw materials and finished goods holding costs shall be $3 million and marketing and collection costs shall be $1 million. Required a) Calculate the operating cycle (OC) and cash conversion cycle (CCC)? b) calculate working capital requirement of the company for 2022 assuming 365 days in a year?Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $129,300 April 119,000 May 108,300 Depreciation, insurance, and property taxes represent $27,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.