Determine the accounts payable days, Accounting Standards

Assignment Help:

SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%.  20% of SQB's sales are on credit.    

 

Year 1

Year 2

Accounts receivable

$  150,000

$  170,000

Inventory

900,000

1,000,000

Accounts payable

1,100,000

1,200,000

Requirements:

1. Accounts receivable days outstanding at the end of Year 2 is (use year-end receivable balance and 360 days in a year):

2. Accounts payable days outstanding at the end of Year 2 is (use average accounts payable for the year and 360 days in a year):

3. Days' sales in inventory at the end of Year 2 is (use year-end inventory amount and 360 days in a year)


Related Discussions:- Determine the accounts payable days

Machine installments.., i buy machine 70% cash 30% installments.i have char...

i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is

Securities and exchange commission, Formed under the Securities and Exchang...

Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate

Help with case problem, Hello, I am interested in help on an ACCO 310 case...

Hello, I am interested in help on an ACCO 310 case which is due on Tuesday the 13th at 12 PM. Please contact me at your earliest convenience and hopefully we can work something ou

Accounting education change commission, Q. Accounting Education Change Comm...

Q. Accounting Education Change Commission? Accountants in practice as well as business executives have generally been dissatisfied with accounting graduates' capability to thin

Governmental accounting standards board, In 1984 the Governmental Accountin...

In 1984 the Governmental Accounting Standards Board (GASB) was recognized with a fulltime chairperson and four part-time members. The GASB issues statements on financial and accoun

Ias, last changes in accounting standard in aias?

last changes in accounting standard in aias?

Difference between trading and profit and loss account, 1. Trading account ...

1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account

Payable.., how many tipe of accounts

how many tipe of accounts

Give an example of a purely reactive system, Question : (a) One of the...

Question : (a) One of the characteristics of an agent is "proactiveness". Briefly explain the effect of this characteristic. (b) Give an example of a purely reactive syste

Accounting principle, A company values its loose tools for inclusion in its...

A company values its loose tools for inclusion in its balance sheet. The tools are not extremely valuable and the company uses estimating while valuing them. Which type of accou

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd