EN I RIES and CALCULATIONS cont. 106 309 ual Sales: $10,000,000 for 3.06-3.09 1/
ID: 2593527 • Letter: E
Question
EN I RIES and CALCULATIONS cont. 106 309 ual Sales: $10,000,000 for 3.06-3.09 1/1/20 A/ R balance: $1,250,000 12/31/200XA/R balance: $1,750,000 3.06 Compute the A/R Turnover 3.07 Compute the days sales outstanding at 12/31/20xx $42,000 is received in exchange for the corporations issuance of 1000shs of common stock with a par value of $0.10. 3.08 What is the amount booked into Additional Paid In Capital? A simple interest note is due in 36 installments of $200 a month+interest What is the current portion of this note? 3.09 Sugar-No-More Corp. purchases 10,000 shares of common stock (par value $.01) on the open market for $100 each. Record the entry to book the receipt of these Treasury Shares 3.10 DR CRExplanation / Answer
3.06
Annual sales: $10,000,000
Average accounts receivable balance : ($1,250,000+$1,750,000)/2
Accounts receivable turnover : Annual sales/ Average receivables = $10,000,000/$1,500,000 = 6.67
3.07
days sales outstanding : 365/Accounts receivable balance : 365/6.67 = 54.72 days
3.08
$42000 is received in exchange for the corporations issuance of 1000shs of common stock with par value of $0.10. what is amount booked into Additional Paid in capital?
Total amount received : $42000
Par value of common stock : 1000 shares * $0.10 = 100
Additional paid in capital : ($42,000-100) = $41,900
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.