Question

Wally Wholesale has revenue of $487,000, end-of-year receivables of $112,000, account payables of $70,000, and inventory...

Wally Wholesale has revenue of $487,000, end-of-year receivables of $112,000, account payables of $70,000, and inventory of $91,000. Assume purchases equal cost of sales of $372,000. Estimate Wally Wholesale’s age of inventory, age of receivables, and age of payables.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

notes

amounts given the receivables and inventory , payable are treated as average amounts

answers are rounded to near days

so please use the comment box for the further clarification if required

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A firm has an opening balance of receivables amounting to $10,000. During the year the firm...
A firm has an opening balance of receivables amounting to $10,000. During the year the firm has sales totalling $100,000. It writes off $3,000 in bad debts. At year-end it is owed $8,000 by customers. How much cash was received from receivables in the year? $102,000 $105,000 $95,000 $99,000. A company has a balance on its payables account of $6,000 at the start of the year. During the year it pays $59,000 and receives a discount amounting to $2,000. At...
Windsor has year-end account balances of Sales Revenue $839,807, Interest Revenue $13,020, Cost of Goods Sold...
Windsor has year-end account balances of Sales Revenue $839,807, Interest Revenue $13,020, Cost of Goods Sold $534,832, Administrative Expenses $193,450, Income Tax Expense $32,693, and Dividends $19,345. Prepare the year-end closing entries.
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $37,000 Purchases Returns and Allowances $4000 Ending Inventory 42,600 Purchases 72800 Freight-In 3,400 Sales Discounts 5800 General and Administrative Expenses 15,400 Sales Returns and Allowances 5900 Interest Revenue 1,840 Sales 197400 Interest Expense 1,630 Selling Expenses 19800 Purchase Discounts 3,600 Required: Compute the following: Cost of goods sold Net income, given that income from operations is $87,500.
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $37,000 Purchases Returns and Allowances $4000 Ending Inventory 42,600 Purchases 72800 Freight-In 3,400 Sales Discounts 5800 General and Administrative Expenses 15,400 Sales Returns and Allowances 5900 Interest Revenue 1,840 Sales 197400 Interest Expense 1,630 Selling Expenses 19800 Purchase Discounts 3,600 Required: Compute the following: Cost of goods sold Net income, given that income from operations is $87,500.
Evans Company had the following account balances at the end of the year: Additional Resources Beginning...
Evans Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $41,600 Purchases Returns and Allowances $5200 Ending Inventory 37,800 Purchases 78700 Freight-In 3,700 Sales Discounts 8400 General and Administrative Expenses 25,000 Sales Returns and Allowances 8300 Interest Revenue 2,230 Sales 182300 Interest Expense 1,250 Selling Expenses 20300 Purchase Discounts 5,300 Required: Compute the following: Cost of goods purchased Net income, given that income from operations is $44,600.
Upper MM Wholesale Company began the year with merchandise inventory of $ 9 comma 000$9,000. During...
Upper MM Wholesale Company began the year with merchandise inventory of $ 9 comma 000$9,000. During the​ year, Upper MM purchased $ 95 comma 000$95,000 of goods and returned $ 6 comma 600$6,600 due to damage. Upper MM also paid freight charges of $ 1 comma 500$1,500 on inventory purchases. At​ year-end, Upper MM​'s ending merchandise inventory balance stood at $ 17 comma 400$17,400. Assume that Upper MM uses the periodic inventory system. Compute Upper MM​'s cost of goods sold...
Cordova, Inc., reported the following receivables in its December 31, 2020, year-end balance sheet: Current assets:...
Cordova, Inc., reported the following receivables in its December 31, 2020, year-end balance sheet: Current assets: Accounts receivable, net of $45,000 in allowance for uncollectible accounts $ 377,000 Interest receivable    15,000 Notes receivable 350,000 Additional information: The notes receivable account consists of two notes, a $120,000 note and a $230,000 note. The $120,000 note is dated October 31, 2020, with principal and interest payable on October 31, 2021. The $230,000 note is dated March 31, 2020, with principal and...
Question 4: During 2016, XYZ Ltd. had the inventory period of 25 days, the accounts receivable...
Question 4: During 2016, XYZ Ltd. had the inventory period of 25 days, the accounts receivable period of 30 days and the accounts payable period of 20 days. Assume that XYZ Ltd. has the credit sales of $365 million in 2016 and the cost of goods sold of $255.5million. It had beginning of the year inventories, receivables and payables of $15 million, $28 million and $12 million respectively: i) Calculate the operating cycle and the cash conversion cycle of XYZ...
QUESTION 1 1. ABC Corporation currently has an inventory turnover of 5.05, a payables turnover of...
QUESTION 1 1. ABC Corporation currently has an inventory turnover of 5.05, a payables turnover of 24.95, and a receivables turnover of 11.09. How many days are in the cash cycle? Enter your answer rounded off to two decimal points. For example, if your answer is 12.345 then enter as 12.35 in the answer box. QUESTION 1. As of this morning, your firm had a ledger balance of $4,894 with no outstanding deposits or checks. Today, your firm deposited 5...
Splish Brothers Inc. had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory...
Splish Brothers Inc. had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080. 1.Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT