Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net...
80.2K
Verified Solution
Link Copied!
Question
Finance
Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net Income $31,500
| SENECA MAINTENANCE COMPANY Balance Sheet | |||
| Assets |
| Liabilities |
|
| Cash | $15,000 | Accounts Payable | $21,000 |
| Accts. Receivable | 22,000 | Notes Payable | 20,000 |
| Inventory | 30,000 | Accrued Expenses | 5,000 |
| Current Assets | 67,000 | Current Liabilities | 46,000 |
| Net Capital Assets | 73,000 | Long-term Debt | 30,000 |
|
|
| Shareholders Equity | 64,000 |
| Total Assets | $140,000 | Total Liabilities | $140,000 |
CALCULATE AVERAGE COLLECTION PERIOD
| 58 days | ||
| 64 days | ||
| 45 days | ||
| 80 days |
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.