The up towner has sales of $913,400 costs of goods sold of $579,300 inventory of $123,900 and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?

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

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A: Days sales in inventory indicate the number of days, inventory turns into sales. This method is used…

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A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: For its most recent year a company had Sales (all on credit) of $750,000 and Cost of Goods Sold of…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000;…

A: GROSS SALE $700,000.00 NET SALES $696,000.00 GROSS PROFIT $448,000.00

Q: Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for…

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A: To calculate operating and cash cycle we need to identify  1.Average collection period  2.Day sales…

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Q: Crane Inc. has sales of $4,900,000, a gross profit margin of 24.0 percent, and inventory of…

A: Inventory Turnover Ratio: It is a ratio that helps in analyzing a number of times inventory is sold…

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A: solution concept cash basis of accounting id different from accrual basis of accounting under cash…

Q: Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and…

A: The term inventory refers to both raw materials used in manufacturing and completed goods that are…

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A: Gross Profit is excess of Net Revenue over cost of manufacturing including all direct costs whereas…

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A: SOLUTION- FORMULA'S AVERAGE INVENTORY = (BEGINNING INVENTORY + ENDING INVENTORY) / 2 INVENTORY…

Q: Conor Company provided the following data for the current year:             Sales…

A: solution under cash method we record the transaction as and when the payments are made let us first…

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A: Average Inventory = (Beginning inventory + Ending inventory)/2

Q: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily…

A: The inventory conversion period means, in how many days the inventory is converted into sales by the…

Q: Scribble, Inc. has sales of $94,000 and cost of goods sold of $78,000. The firm had a beginning…

A: Length of the days’ sales is the ration which shows the how much time firm takes to sell its…

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Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: Average Inventory = (Beginning Inventory + Ending Inventory) / 2 Inventory Turnover = Cost of goods…

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A: Inventory turnover ratio sales divided by average inventory.

Q: Besoluck company has sales of P480,000 and P450,000 for September and October respectively. Of the…

A:

Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: On January 1, The Parts Store had a $370.000 inventory at cost. During the first quarter of the…

A: Closing inventory represents the inventory that remains at the end of the accounting year.

Q: For its most recent year a company had Sales (all on credit) of $850,000 and Cost of Goods Soid of…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: ABC Industries has accounts receivable of $700, inventory of $1,200, sales of $4,200, and cost of…

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

Q: The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The…

A: There are various payments made in process of running business. When the merchandise is purchased,…

Q: Newark Company has provided the following information: · Cash sales, $450,000 · Credit sales,…

A: Cost of goods sold= Net sales- Gross profit Net sales = Cash sales + Credit sales - Sales Discount -…

Q: Samaritan Supplies, Inc. has P5 million in inventory and P2 million in accounts receivable. Its…

A: The inventory conversion period is the time period a firm takes to sell out its inventory. The firms…

Q: A company has Sales of $8,000,000; Accounts Receivable of $250,000; Cost of Goods Sold of…

A: Gross profit is an excess amount of revenue over the cost of goods sold. It also indicates the…

Q: Falafel Hut has sales of $512,630. The cost of goods sold is equal to 60 percent of sales. The…

A: The accounts receivable are the current assets of the company. The increase in the credit sales or…

Q: A firm has Sales of $2,820, Cost of Goods Sold of $2,160, Inventory of $504, and Accounts Receivable…

A: Sales=$2,820 Cost of Goods Sold=$2,160 Inventory=$504 Accounts Receivable of $430 Inventory Turnover…

Q: For its most recent year a company had Sales(all on credit) of $830,000 and Cost of Goods Sold of…

A: Days of account receivables helps to understand how many days are required by the firm to clear its…

Q: Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810,…

A: Solution: Prepare entries to record the closing of the given items to Income summary as shown below…

Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

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Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…

A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

Q: Pul Company has the following details: Sales (60% is on credit)                 1,500,000 Cost of…

A: The question is based on the concept of calculation of ratio analysis for given company.

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Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…

A:

Q: Dabble, Inc. has sales of $984,000 and cost of goods sold of $644,000. The firm had a beginning…

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Q: The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Credit sales=2700000+9000000-2100000 =9600000

Q: What was Good Buy​'s cost of​ inventory?

A: Cost of Inventory = Purchase price + Freight in + Purchase Return + Discount.

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Cost of sales means for how much cost of goods have been sold by the business in the outside market…

Q: Presented below is information for Zales Company for the month of January 20XX. Cost of goods sold…

A: We have the following information: Cost of goods sold $280,000 Rent expense $35,000 Freight-out:…