Accounts Receivable Turnover = Credit sales/Average accounts receivables
= 408,000/[(52800+19200)/2]
= 11.33 times
Average days to collect = 365/11.33
= 32.2 days
Option D
Multiple Choice Question 177 The financial statements of the Vaughn Manufacturing report s of 40000 and...
Multiple Choice Question 98 The following information is available for Vaughn Manufacturing: $150000 Sales Cost of goods sold $600000 400000 Total fixed expenses Total variable expenses 350000 A CVP income statement would report gross profit of $200000. gross profit of $250000. contribution margin of $250000. O contribution margin of $450000.
PLUS e pen Assignment e: 07104 PM SOURCES Multiple Choice Question 77 Vaughn Manufacturing incurs the following costs to produce 10800 units of a subcomponent: Direct materials Direct labor Variable overhead 13608 Flxed overhead An outside supplier has offered to sell Vaughn the subcomponent for $2.85 a unit. If Vaughn could avoid $3000 of fixed overhead by accepting the offer, net income would increase (decrease) by $9072 12204 16200 $1104 $(6132). s(4512). $7104 lts bv. Stud Click if you would...
Multiple Choice Question 109 Vaughn Manufacturing is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $24 and Vaughn would sell it for $51. The cost to assemble the product is estimated at $14 per unit and the company believes the market would support a price of $61 on the assembled unit. What decision should Vaughn make? Process further, the company will be better off by $20 per unit. Sell before...
Multiple Choice Question 94 Vaughn Manufacturing recorded the following cash transactions for the year: Paid $142500 for salaries. Paid $58400 to purchase office equipment. Paid $15300 for utilities. Paid $5000 in dividends. Collected $290000 from customers. What was Vaughn's net cash provided by operating activities? O $127200 $73800 $147500 $132200
CALCULATOR FULL SCREEN PRINTER VERSION NEXT BACK Multiple Choice Question 130 Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July, A check from one of Vaughn Manufacturing's customers in the amount of $1800 was also returned marked "NSF" The amount of outstanding checks on Vaughrn Manufacturing's July bank reconciliation should be O$44100. $77100 O$110100 $108300...
Multiple Choice Question 140 The following monthly data are available for Vaughn Manufacturing, which produces only one product: Selling price per unit, $44; Unit variable expenses, $14; Total fixed expenses, $42000; Actual sales for the month of June, 6000 units. How much is the margin of safety for the company for June? $202400 O $1400 O $84000 O $42000
Multiple Choice Question 148 Vaughn Manufacturing is contemplating the replacement of an old machine with a new one. The following information has been gathered: Old Machine Nen Mechine $710000 $376000 Price -0- Accumuleted Depreciation 112800 Remaining useful life 10 years -0- 10 years Useful life -0- $225600 Annual operating costs $300800 If the old machine is replaced, it can be sold for $36000. The company uses straight-line depreciation with a zero salvage value for all of its assets. The net...
Multiple Choice Question 132 Vaughn Manufacturing gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $28600 1200 6900 160 16300 1390 The adjusted cash balance per books on August 31 is $33950. $20150 $32750 $18730.
The following are financial statements of Vaughn Manufacturing. Vaughn Manufacturing Income Statement For the Year Ended December 31, 2017 Net sales $2,230,600 Cost of goods sold 1,028,200 Selling and administrative expenses 924,400 Interest expense 90,300 Income tax expense 70,610 Net income $ 117,090 Vaughn Manufacturing Balance Sheet December 31, 2017 Assets Current assets Cash $ 72,200 Debt investments 85,610 Accounts receivable (net) 189,000 Inventory 162,400 Total current assets 509,210 Plant assets (net) 591,100 Total assets $ 1,100,310 Liabilities and Stockholders’...
Vaughn Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,819,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,469,000. In both years, the company incurred a 10% interest expense on $2,394,000 of debt, an obligation that requires interest-only payments for 5 years. The company...