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The financial statements of M & J Company report net sales of $22 billion. Accounts receivable (net) are $2.9 billion at the beginning of the year and $3.2 billion at the end of the year. Compute 3M's receivables turnover ratio. Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
Accounts receivable turnover ratio times
Average collection period for accounts receivable days
Elite Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected 4 year life and a $20,000 salvage value.
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%.
There was $800 of supplies on hand at the end of the year. Prepare the adjusting entry for the end of the year.
Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?
Review the convergence of United States Generally Accepted Accounting Principles and International Financial Reporting Standards.
By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
If the price per unit differs from the standard price per unit for direct materials, the variance is:
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
The Director of Golf for the Links Group wishes to study the number of rounds of golf played by members on week days. He gathered the following sample information for 520 rounds.
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