The Bear Rug has sales of $647,000. The cost of goods sold is equal to 66 percent of sales. Accounts receivable has a beginning balance of $53,400 and an ending balance of $49,600. How long on average does it take to collect the receivables?
Receivables turnover = Sales / Average accounts receivable
Receivables turnover = $647,000 / [($53,400 + 49,600)/2]
Receivables turnover = 12.56
Receivables period = 365 / Receivables turnover
Receivables period = 365/12.56
Receivables period = 29.05 days
The Bear Rug has sales of $647,000. The cost of goods sold is equal to 66 percent...
Bilt Rite, Inc. has sales of $610,000. The cost of goods sold is equal to 70% of sales. The beginning accounts receivable balance is $21,000 and the ending accounts receivable balance is $25,000. How long on average does it take the firm to collect its receivables? 26.52 days 21.07 days 14.09 days 25.98 days 13.76 days
Glentel has sales of $2,780,000. The cost of goods sold is equal to 68 percent of sales. The company has an average inventory of $350,000. How many days on average does it take the company to sell its inventory? 51.32 days 98.12 days 87.40 days 65.46 days 79.12 days
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Gibson's has sales for the year of $544 400, cost of goods sold equal to 84 percent of sales, and an average inventory of $81600. The profit margin is 6 percent and the tax rate is 36 percent. How many days, on average, does it take the company to sell an inventory item? Assume 365 days per year Multiple Choice O 5970 days 65.13 days O ooool 5471 days 29.08 days 69.78 days
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Textile Macao has sales of $923,000, cost of goods sold of $750,000, and accounts receivable of $100,000. How long on average does it take the firm's customers to pay for their purchases? A. 9.23 days B. 11.28 days C. 25.01 days D. 39.54 days E. 45.33 days
Textile Macao has sales of $923,000, cost of goods sold of $750,000, and accounts receivable of $100,000. How long on average does it take the firm's customers to pay for their purchases? A. 9.23 days B. 11.28 days C. 25.01 days D. 39.54 days E. 45.33 days
Home Systems has sales of $312,800, cost of goods sold of $218,400, inventory of $46,300, and accounts receivable of $62,700. How many days, on average, does it take the firm to collect payment on the sale? Is the firm more or less efficient than its competition that has 90 days’ sales outstanding? 73.16 days, more efficient 104.79 days, less efficient 73.16 days, less efficient 104.79 days, more efficient 4.99 days, more efficient