Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. average accounts receivable, accounts receivable t

Average Accounts Receivable, Accounts Receivable Turnover Ratio, Accounts Receivable Turnover in Days Montalcino Company had...

90.2K

Verified Solution

Question

Accounting

Average Accounts Receivable, Accounts Receivable Turnover Ratio, Accounts Receivable Turnover in Days

Montalcino Company had net sales of $378,000. Montalcino had the following balances:

January 1 December 31
Accounts receivable $82,200 $57,800
Inventories 117,000 107,000

Required:

Assume 365 days per year.

1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. Round to one decimal place. 3. Calculate the accounts receivable turnover in days. Round to one decimal place.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The business faculty of a public university recorded data on the number of students enrolled in...

Statistics
Q

Consider the insoluble compound copper(II) hydroxide , Cu(OH)2 . The copper(II) ion also forms a complex...

Chemistry
Q

IDS 201 Lab Exercise 5 Within a class named LX5, write methods as follows: 1. a method...

Programming
Q

the objec A U shaped wire is placed before a concave mirror having radius of...

Physics
Q

In the given figure an impulse J is given to the block of mass m...

Physics
Q

THEOREM 7 4 1 Derivatives of Transforms If F s L f t and n...

Basic Math
Q

a Determine the quadrant the point P lies in b cost Identity tant c State...

Calculus
Q

Find the exact value of the trigonometric expression when sin u sin u v 12...

Calculus
Q

Suppose the rate of growth of bacteria in a Petri dish is given by q...

Calculus
Q

Which of the following is a not an asset account? a. Accounts payable b. Supplies...

Accounting
Q

Kela corporation reports net income of 530,000 that includes depreciation expense of 79,000. also, cash...

Accounting
Q

Explain how treasury stock affects the stockholders equity section of the balance sheet and the...

Accounting