The QYU, Inc. has sales of P5 million per year (all credit) and an average collection period of 35 days. What is Its average amount of accounts receivable outstanding? P479,452 P142,857 6. C. P150,000 D. P500,000 A. B.
Q: 17. Most lease agreements between landlords and tenants are classified as an estate for years. True…
A: Leasehold estate is an ownership of a temporary right to hold land or property in which a lesser or…
Q: of a weight distribution of shares satisfying the criterion. there is a dictator there are exactly 3…
A:
Q: How much should BC report as taxable gross income?
A: Gross income is the income which a company has earned by selling the products or services during the…
Q: Whartside Mahutacturing estimates that its office employees will earn $56,000 next year and its…
A: Estimated premiums is a kind of worker's compensation insurance which depends on the various…
Q: Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: In a sale-leaseback transaction, the lease liability is equals to: A. PV of lease payments accruing…
A: Sale and leaseback transaction refers to the transaction where the asset is first sold by the seller…
Q: Calculate the following variances (i)Direct material total variances (ii)Direct labor total…
A: Variance analysis is used by the company to answer the various questions regarding about the actual…
Q: How much is the current service cost in 2022 profit or loss? Group of answer choices
A:
Q: Whales Inc. just invested in revolutionary electrical shock technology that is guaranteed to…
A: In this question, we need to calculate the present value of Revenue net of cost for 4 years
Q: The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…
A: The income tax is payable on the earned income. The tax rates in Country P are different for the…
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid expense is the amount of expense that is paid before the due date or paid in advance.
Q: 1.2.Choose TRUE or FALSE? Give short explaination? a. In marginal costing method, factory rent is…
A: In Marginal costing method, factory rent is absorbed into cost of production: FALSE Justification:…
Q: $600 per year for 10 years at 12%. $ $300 per year for 5 years at 6%. $ $600 per year for…
A: Solution Concept Ordinary annuity is the annuity which is received at the end of the period Annuity…
Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…
A: An employee develops a range of skill sets and obtains necessary knowledge during his employment.
Q: Which method of depreciation is suitable when expenditure on repairs and maintenance, increases as…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Determine the adjusted BANK balance using the following data provided by Ilustre Company: Balance…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: he lessor will recognized the same gross profit whether the residual value is guaranteed by the…
A: given statement 1 is about direct finance lease . it is correct. statement 2 about indirect costs…
Q: Accounting BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600…
A: The net income is calculated as difference between sales and total expenses.
Q: On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize…
A: The grant is the amount that is received from the government to fulfill a certain activity. It is a…
Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…
A: Expenditure incurred by the organisation may be capital expenditure or revenue expenditure. It…
Q: On January 1, 2021, Gringo Company had capitalized cost of P5,000,000 for a new computer software…
A: Amortization of Intangible Assets: The practice of deducting the cost of an intangible asset over…
Q: Executive stock options: A.are options to buy shares at a specified exercise price within a…
A: Introduction:- Companies grant stock options to employees at a specified price. Main advantage of…
Q: Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10, n/30, FOB destination.…
A: Freight cost: Freight cost is the fee paid to a carrier company for transporting goods from their…
Q: To illustrate the effects of financial leverage for PizzaPalace’s management, consider two…
A: Companies use the leverage funds or in other words, the debt finance funds in order to fulfill the…
Q: Explain with examples, the 4 types of expropriatio for minority shareholders, namely:
A: Minority shareholders refer to those shareholders who own less than 50% of the total shares of a…
Q: S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt.…
A: Individuals and corporations pay income tax, which is a sort of direct tax levied by the central…
Q: Sean was negotiating his salary and benefit package with South Beach Hospital. First, South Beach…
A: In this question, the First offer is when sean has been offered a salary of $75,000 per year, but…
Q: Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000 B. 9,000,000 C.…
A: Accrual basis of accounting is that basis under which all revenues earned during the period and all…
Q: e just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope The…
A: Activity variances are based on Budgeted amounts at the planned level and budgeted amounts at the…
Q: For the calendar year 2021, ABC Corporation a retailer, has gross sales of PI.4 billion, cost of…
A: The amount of income tax due is the difference between the net income received and the amount paid…
Q: A company has the following data at the end of the current year: 200,000 207,000 $15,000 Number of…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: 30%. What amount should be reported as income or (loss) from discontinued operation?
A: Solution Concept Income form continuing operations and income form discontinuing operations shall be…
Q: Mr. A loved to go to horse racing. He bought a ticket amounting to P 500. Luckily, he won from the P…
A: Mr. A should received from the operator of horse racing will be winning amount.
Q: Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the…
A: Net present value is one of the investment appraisal techniques used by the management in making…
Q: Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following…
A: Answer:- Meaning of liquidation of partnership:- Liquidation of the partnership generally occurs…
Q: QUESTION 5 Cosi Ltd. manufactures a variety of engines for use in heavy equipment. The company has…
A: In decision-making, we must use only the relevant costs. Relevant costs are the cost that will…
Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…
A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…
Q: On March 31, 20X1, Home Decorating Pavilion received a bank statement showing a balance of $9,650.…
A: Bank reconciliation statement is used to rectify the difference between the cash balance as per…
Q: The depreciation for 2022 and 2021 was P550,000 and P500,000, respectively. What amount was debited…
A: Depreciation refers to the reduction in the value of asset due to its normal use and tear and wear.…
Q: Sherwin Company uses straight line depreciation for its property, plant, and equipment, which,…
A: Depreciation expense on property, plant & equipment is credited to accumulated depreciation…
Q: In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process…
A: Calculating manufacturing cost per equivalent unit: FIFO method: Only the current period cost is…
Q: On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…
A: Goodwill: When one firm is acquired by another, there is often a transfer of goodwill, which is an…
Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: 9.5 Irish Catering started in business on 1 January 2010, its financial year ending 31 December. The…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: TRUE OR FALSE? Advertising and bonuses are reported in the interim period when incurred.
A: Financial statements are those statements which are prepared at the end of accounting period in…
Q: 8- Which among the following is a tool of management accounting? a. Risk analysis b. All the…
A: Management accounting refers to the managing of the operations of the business. It is basically…
Q: egistering and iss
A: It is given that the balance sheet information of January 2, 2021 PAMIGAY CORP.
Q: 1. Compute the present value of a $2,000 deposit in year 1, and another $1,500 deposit at the end of…
A: Present value means the actual amount is adjusted with the interest rate so as to get the present…
Q: Statement 1: The right-of-use asset is required to be presented at net amount on the face of the…
A: Right to use is a lessee's right to use an asset over the life of a lease for a consideration to be…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
- Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 timesThe QYU, Inc. has sales of P5 million per year (all credit) and an average collection period of 35 days. What is its average amount of accounts receivable outstanding? P479,452 C. P150,000 P142,857 D. P500,000
- If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively?a. 4.5; 80 d. 6.0; 60b. 6.5; 55.38 e. 8.67; 41.38c. 1.44; 250If Brutal Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively? 4.5; 80 d. 6.0; 60 5; 55.38 e. 8.67; 41.38 44; 250If Hot Tubs Inc. had sales of $2,027,773 per year (all credit) and its days sales outstanding was equal to 35 days, what was its average amount of accounts receivable outstanding? (Assume a 365-day year.) * a. $ 5,556 b. $212,541 c. $194,444 d. $ 57,143 e. $ 97,222
- The Carhart Corporation sells on credit terms of net 25. Its accounts are, on average, 8 days past due. If annual credit sales are $6 million, what is the company's balance sheet amount in accounts receivable? Multiple Choice O $569,589.04 O $515,342.47 O $279,452.05A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivable1. If the accounts receivable turnover is 42 days, what is the account receivable turnover ratio? 2. ABC Company has a quick ratio of 2.5 to 1. It has current liabilities of P40,000 and noncurrent assets of P70,000. If Brilliant’s current ratio is 3.1 to 1, its inventory and prepaid expenses must be? 3. Ontario Company has P9,000 in cash, P11,000 in marketable securities, P26,000 in current receivables, P34,000 in inventories, and P40,000 in current liabilities. The Rhea's quick ratio is closest to?