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Schach [20]
2 years ago
9

"Swiss Clothing Store had a balance in the Accounts Receivable account of $920,000 at the beginning of the year and a balance of

$980,000 at the end of the year. Net credit sales during the year amounted to $6,650,000. The average collection period of the receivables in terms of days was:"
Business
1 answer:
Fudgin [204]2 years ago
6 0

Answer:

Receivable days are 52 days.

Explanation:

Receivable days can be found from the following formula:

Receivables days = Receivables / Credit Sales * 365

The credit sales here is $6,650,000 during the year and the average receivables days is $950,000 [(950,000 + 980,000)/2] during the year. By putting the values we have:

Receivables days = $950,000 / $6,650,000  * 365 = 52 days

So the average receivable collection days were 52 days during the year.

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Define and discuss the four common denominators of all organizations, and provide an example for each component. What is the dif
-BARSIC- [3]

Answer: The four common denominator of every organisation is a)common purpose, b) coordinated effort, c)division of labor, d) hierarchy of authority.

Explanation: Every organisation lembodied with these four common denominators:

1) coordination of effort - This is the formulation and enforcement of policies, rules, and regulations achieved through working together in a way that will maximize resources. individuals and groups contribute their effort through diverse skill sets to create value. For example every company consists of different diverse skill set- accountant, manager, clerk, security guard, etc all these people come together to fuse Thier skills in an effective running of any organization.

2)a common goal: This is achieved when every member of an organisation understands it's company's mission, strategy, and values, it tends to bring unity in the organisation and achieve success. For example When a new employee joins a business, he /she would try to fit into the existing culture which is due to a sense of belonging they feel that they will succeed by taking up the behaviors of people whom have had long membership in the culture and worthy of emulation.

3.) division of labor - This occurs when the common goal is pursued by individuals performing discrete parts of a task for greater efficiency for example in a production company Each worker performs a specific task . boosting productivity and efficiency.

4)hierarchy of authority- Also called the chain of command, is a control mechanism which aims to making people do the right things at the all times by enabling them make decisions quickly when necessary. Here order flows from the topmost pyramid of hierarchy to the lowest pyramid m for example

Nicholas receives a report from his Quality control team that a new drug has successfully passed all regulatory tests and is ready for production and sales to the public. Nicholas then sends directions to his head of finance to prepare a budget for financing the manufacturing and marketingof the new drug. He directs his marketing president to develop a marketing plan production manager to develop a production schedule based on the projected budget received from the finance manager.

Each managers will delegate part of their task to their respective department heads who will in turn, delegate some tasks to the members of respective team. Once the task has been completed, the information will flow back up through the hierarchy to Nicholas where it will be assessed and further decisions and directives will be made.

B)

---Open system: An Open system is an adaptive system with porous boundaries which allows exchange of ideas and information whether random or defined with useful feedback . It interacts with its outside environment and thus exchanges information to change thier system with changing conditions in terms of improvement and development. Examples include Hospitals, educational Sectors, Buisness organisation s etc.

--Closed systems, unlike open systems, are not adaptive, or porous. Only very thorough little information is exchanged.

A closed system does not need interactions with its environment and most times isolates from the environment to function effectively. Such systems are very a rare. Examples include the Millitary- army, Monasteries.

4 0
2 years ago
E3.3 (LO 3) (Unknown Rate) HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $4,000 down payment and signed a
ivolga24 [154]

Answer: $35,000

Explanation:

The payments of $1,033.34 at the end of every month is a constant amount which makes it an annuity.

Present value of annuity:

= Annuity * (1 - (1 + rate) ^-no. of periods) / rate

Rate needs to be made a monthly rate:

= 4%/12

= 4/12%

= 1,033.34 * ( 1 - ( 1 + 4/12%) ⁻³⁶/ 4/12%

= $35,000

Purchase price = Down payment + Present value of annuity

= 4,000 + 35,000

= $39,000

7 0
2 years ago
Emma lives on a tight budget. She saves money and also makes intelligent choices when spending it. Which of these statements dec
Genrish500 [490]
Choice B is correct.
Hope this helps!
4 0
2 years ago
Read 2 more answers
Sebastian Belle has performed $2,000 of CPA services for a client but has not billed the client as of the end of the accounting
Volgvan

Answer: The answer is: Debit Account Receivable $2,000; Credit Unearned Revenue $2,000.

Explanation: The accounting entries above were premised on the <em>accrual accounting concept</em>, which states that income and expenses are recognized as they occur regardless of when actual cash settlement takes place. The amount was credited to unearned revenue simply because the client has not been billed and there is not further information on the duration of the service. Therefore, the amount would be <u>unwound from the unearned revenue to income, based on the duration of service and percentage of completion</u>. However, <u>when the client pays, the account receivable account would be credited.</u>

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3 0
2 years ago
How does Chloe Spencer's website make money? (Site 1)​
NemiM [27]

Answer:

Google pays her every time someone clicks on a Google ad on her

site.

Explanation:

5 0
2 years ago
Read 2 more answers
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