Answer:
d. Accounts Payable; Unearned Revenue; Collins, Capital
Explanation:
As we know that the following accounts have a debit balance and credit balance. If they increase, then the respective accounts have same the debit balances and the credit balances
Debit balances
1. All types of assets
2. Expense and losses
Credit balances
1. Stockholder equity
2. All types of liabilities
3. Revenues and gains
Accounts receivable turnover = 10
Annual credit sales = $900,000
Average collection period = ?
Average collection period = 365 / Accounts receivable turnover rate
As Account receivable turnover rate is 10, so we divide 365 by 10
= 365/10 = 36.50 days
it means, 36.50 days is the average collection period.
Answer:
a. $1,510,000
Explanation:
The computation of the total manufacturing costs is shown below:
= Direct material cost + Direct labor cost + manufacturing overhead cost
where,
Direct material cost = Opening inventory + purchase made - ending inventory
= $200,000 + $500,000 - $240,000
= $460,000
And the other items values remain the same
So, the value would be equal to
= $460,000 + $500,000 + $550,000
= $1,510,000
We assume that the data is given 2018 and 2017
We can calculate for the total stockholders’ equity by using
the formula:
Total stockholders’ equity = Number of Shares * Price per
Share – Deficit Balance
Substituting our given values:
Total stockholders’ equity = 19,000 shares * ($12 / share) - $75,000
Total stockholders’ equity = $153,000
