Given an accounts receivable turnover of 10 and annual credit sales of S900,000,

Question

Given an accounts receivable turnover of 10 and annual credit sales of S900,000, the average collection period is 40.56 days 90 days 18.25 days 36.50 days Siskiyou, Inc. has total current assets of $1,200,000; total current liabilities of $500,000; and long - term assets of $800,000. How much is the firm?s Total Liabilities & Equity? $2,000,000 $1,300,000 $2,500,000 $1,800,000 Which of the following accounts does not belong in the equity section of a balance sheet? long - term debt preferred stock retained earnings paid-in-Surplus

Explanation / Answer

1) A - Long term debt

2) A -  $ 2000000

Total Liabilty & Equity = Total Asset

Total Liabilty & Equity = 1200000 + 800000

Total Liabilty & Equity = $ 2000000

3) d - 36.50 days

Avg collection period = 365/ recievable turnover

Avg collection period = 365/10

Avg collection period = 36.50

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