Sunland Clothing Store had a balance in the Accounts Receivable account of $500000 at the beginning of the year and a balance of $510000 at the end of the year. Net credit sales during the year amounted to $5050000. The average collection period of the receivables in terms of days was O 36.9 days. O 36.1 days. O 365 days. O 36.5 days.

Sunland Clothing Store had a balance in the Accounts Receivable account of $500000 at the beginning of the year and a balance of $510000 at the end of the year. Net credit sales during the year amounted to $5050000. The average collection period of the receivables in terms of days was O 36.9 days. O 36.1 days. O 365 days. O 36.5 days.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...

See similar textbooks

Similar questions

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.
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 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.
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
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.
Sheridan Clothing Store had a balance in the Accounts Receivable account of $460000 at the beginning of the year and a balance of $450000 at the end of the year. Net credit sales during the year amounted to $11375000. The average collection period of the receivables in terms of days was 14.60 days. 365.00 days. 14.44 days. O 14.76 days.
Batik Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning of the year and a balance of P410,000 at the end of the year. The net credit sales during the year amounted to P4,000,000. Using 360-day year, what is the average collection period of the receivables? a. 30 days b. 65 days c. 73 days d. 36 days
Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning of the year and a balance of $410,000 at the end of the year. Net credit sales during the year amounted to $3,000,000. The average collection period of the receivables in terms of days was - 30 days. - 365 days. - 274 days. - 48.7 days.
Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning of the year and a balan of $410,000 at the end of the year. Net credit sales during the year amounted to $2.000,000. The average collection period of receivables in terms of days was a.)73 days. b.)30 days. c.)365 days. d.)146 days.
ABC Co. has an average collection period of 60 days. Total credit sales for the year were $3,000,000. What is the balance in accounts receivable at year-end?