Homework Answers
ACP = 90 / [Sales for Quarter / Accounts Receivable for Quarter]
= 90 / [$112.50 million / $80 million]
= 90 / 1.40625 = 64 days
So, 4th option is correct.
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At the end of the 1st Quarter, Acme Medical Center had $80 million in accounts receivable on the balance sheet. Dur...
At the end of the 1st Quarter, Acme Medical Center had $80 million in accounts receivable...
At the end of the 1st Quarter, Acme Medical Center had $80 million in accounts receivable on the balance sheet. During the 1st Quarter, Acme generated $112.5 million in sales revenue. Given there are 90 days in the 1st Quarter, what was the average collection period (ACP)? - O 45.0 days O 72.1 days O 126.6 days 64.0 days
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This table (pictured), shows that Blair Supply had an end-of-year
accounts receivable balance of $300,035. The table also shows how
much of the receivables balance originated in each of the previous
six months. The company had annual sales of $2.40 million and it
normally extends 30-day credit terms to its customers.
a. Use the year-end total to evaluate the firm’s collection
system.
b. If 70% of the firm’s sales occur between July and December,
would this affect the validity of...
the requirement is the instructions At September 30, 2018, the accounts of Park Terrace Medical Center...
the
requirement is the instructions
At September 30, 2018, the accounts of Park Terrace Medical Center (PTMC) following: Accounts Receivable $ 144,000 Allowance for Bad Debts (credit balance) During the last quarter of 2018, PTMC completed the following selected transactions (Click the icon to view the transactions.) Read the as 3.600 Requirement 1. Open Taccounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record...
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Accounting study help Marie's Clothing Store had an accounts receivable balance of $490,000 at the beginning...
Accounting study help
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At the end of the 1st Quarter, Acme Medical Center had $80 million in accounts receivable on the balance sheet. During the 1st Quarter, Acme generated $112.5 million in sales revenue. Given there are 90 days in the 1st Quarter, what was the average collection period (ACP)? - O 45.0 days O 72.1 days O 126.6 days 64.0 days
Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of $299,875. The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the...
This table (pictured), shows that Blair Supply had an end-of-year
accounts receivable balance of $300,035. The table also shows how
much of the receivables balance originated in each of the previous
six months. The company had annual sales of $2.40 million and it
normally extends 30-day credit terms to its customers.
a. Use the year-end total to evaluate the firm’s collection
system.
b. If 70% of the firm’s sales occur between July and December,
would this affect the validity of...
the
requirement is the instructions
At September 30, 2018, the accounts of Park Terrace Medical Center (PTMC) following: Accounts Receivable $ 144,000 Allowance for Bad Debts (credit balance) During the last quarter of 2018, PTMC completed the following selected transactions (Click the icon to view the transactions.) Read the as 3.600 Requirement 1. Open Taccounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record...
View Policies Current Attempt in Progress Crane Shop had a balance in the Accounts Receivable account of $759000 at the beginning of the year and a balance of $1003000 at the end of the year. Net credit sales during the year amounted to $6431300. The average collection period of the receivables in terms of days was O 42.9 days O 50.0 days. 43.8 days. O 3.7 days. Attempts: 0 of 1 used Submit Answer
Accounting study help
Marie's Clothing Store had an accounts receivable balance of $490,000 at the beginning of the year and a year-end balance of $620,000. Net credit sales for the year totaled $3,400,000. The average collection period of the receivables was: (Round any intermediary calculations to two decimal places and your final answer to the nearest day.) O A. 60 days. OB. 67 days. O C. 7 days. OD. 53 days.
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107.000; collections from customers, $1,254,000; accounts written off $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
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