Piper, Inc. had net sales of $2,700,000 during 2016. On January 1, 2016, Piper’s accounts receivable...
Piper, Inc. had net sales of $2,700,000 during 2016. On January 1, 2016, Piper’s accounts receivable were $640,000. On December 31, 2016, Piper’s accounts receivable were $800,000.
What was Piper’s average collection period for 2016? Please provide calculations so I can learn, thank you!
Select one: A. 108.1 days B. 15.5 days C. 48.7 days D. 97.3 days
Homework Answers
Average collection period is determined as follows: 365 days in a year divided by accounts receivable ratio.
Accounts receivable ratio= Net sales/(average accounts receivable during the period)
Therefore, in the above question, first determine the accounts receivable ratio=$2,700,000/(($640,000+$800,000)/2)
=3.75 times
therefore, average collection period=365/3.75=97 days
Add Answer to:
Piper, Inc. had net sales of $2,700,000 during 2016. On January
1, 2016, Piper’s accounts receivable...
During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000....
During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000. Its net sales of $4,500,000 are composed of 20% cash sales and 80% credit sales. Based on this information, what is Columbia's average collection period? Group of answer choices 58.4 days 292.0 days 73.0 days 5.0 days None of the answer choices is correct.
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions...
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected account...
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $3,760,000, cash collections of $3,680,000, and accounts written off of $30,000 Compute the ending balance of accounts receivable. Ending balance of accounts receivable $ e Textbook and Media Compute the accounts receivable turnover for 2020. (Rodind answer to 0 decimal places, eg. 25.) Accounts receivable turnover e Textbook and Media Compute the average collection period...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
PROBLEM 5: 5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The...
PROBLEM 5: 5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $1,500,000, cash collections of $1,400,000, and accounts written off of $50,000. Instructions (a) Compute the ending balance of accounts receivable. (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days.
Recent financial statements of Sage Hill Ship Builders, Inc. report net sales of $676,200,000. Accounts receivable...
Recent financial statements of Sage Hill Ship Builders, Inc.
report net sales of $676,200,000. Accounts receivable are
$62,500,000 at the beginning of the year and $87,900,000 at the end
of the year. (Round answers to 2 decimal places, e.g.
50.27. Use 365 days for calculation.)
Compute Sage Hill’s accounts receivable turnover.
Accounts receivable
turnover
times
Compute Sage Hill’s average collection period for accounts
receivable in days.
Average collection period for
accounts receivable
days
Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of...
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...
Recent financial statements of General Mills, Inc. report net sales of $12,812,486,000. Accounts receivable are $914,562,000...
Recent financial statements of General Mills, Inc. report net sales of $12,812,486,000. Accounts receivable are $914,562,000 at the beginning of the year and $957,899,000 at the end of the year. Compute General Mills' accounts receivable turnover. (Round answer to 2 decimal places, e.g. 15.25.) Accounts receivable turnover times e Textbook and Media Compute General Mills' average collection period for accounts receivable in days. (Round answer to 2 decimal places, e.g. 15.25.) Average collection period days e Textbook and Media
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions tha...
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were not credit sales of $1.500.000 cash collections of $1,400,000, and accounts written off of $50,000 Instructions (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days. ANALO N A CARO
Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was...
Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was $22,000 and the ending accounts receivable balance was $32,000. The corporation's average collection period was closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 42.0 days 51.6 days 61.2 days 7.1 days
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $3,760,000, cash collections of $3,680,000, and accounts written off of $30,000 Compute the ending balance of accounts receivable. Ending balance of accounts receivable $ e Textbook and Media Compute the accounts receivable turnover for 2020. (Rodind answer to 0 decimal places, eg. 25.) Accounts receivable turnover e Textbook and Media Compute the average collection period...
PROBLEM 5: 5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $1,500,000, cash collections of $1,400,000, and accounts written off of $50,000. Instructions (a) Compute the ending balance of accounts receivable. (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days.
Recent financial statements of Sage Hill Ship Builders, Inc.
report net sales of $676,200,000. Accounts receivable are
$62,500,000 at the beginning of the year and $87,900,000 at the end
of the year. (Round answers to 2 decimal places, e.g.
50.27. Use 365 days for calculation.)
Compute Sage Hill’s accounts receivable turnover.
Accounts receivable
turnover
times
Compute Sage Hill’s average collection period for accounts
receivable in days.
Average collection period for
accounts receivable
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...
Recent financial statements of General Mills, Inc. report net sales of $12,812,486,000. Accounts receivable are $914,562,000 at the beginning of the year and $957,899,000 at the end of the year. Compute General Mills' accounts receivable turnover. (Round answer to 2 decimal places, e.g. 15.25.) Accounts receivable turnover times e Textbook and Media Compute General Mills' average collection period for accounts receivable in days. (Round answer to 2 decimal places, e.g. 15.25.) Average collection period days e Textbook and Media
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were not credit sales of $1.500.000 cash collections of $1,400,000, and accounts written off of $50,000 Instructions (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days. ANALO N A CARO
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago