For the Damast Corp. in 2014: Income Statement for (in $) : 2014 Net sales :...
For the Damast Corp. in 2014:
Income Statement for (in $) : 2014
Net sales : 372,300
Cost of goods sold : 156,000
Gross margin : 186,000
All sales are on credit.
Days of Accounts Receivable : 36.00
Accounts Receivable on Dec 31, 2013 : 46,000
How much were the Accounts Receivable on Dec 31, 2014?Calibri
|
23,324 |
||
|
24,696 |
||
|
26,068 |
||
|
27,440 |
||
|
28,812 |
Homework Answers
Days of accounts receivable = 365 days * Average Account receivable / Net sales
36 days = 365 days * Average Account receivable / 372300
Average Account receivable = 36 * 372300 / 365
= 36720
Average account receivable = (Beginning receivable + Ending receivable) / 2
36720 = (46000 + Ending receivables) /2
36720 * 2 = 46000 + Ending receivables
Ending receivables = 73440 - 46000
= 27440
Correct choice D
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For the Damast Corp. in 2014:
Income Statement for (in $) : 2014
Net sales :...
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just need help filling in the
blanks! thank you
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just need help filling in the
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