Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credit sales of $750,000 generate a gross profit of $250,000. Calculate the receivables turnover ratio for the year. (Round your final answer to 1 decimal place.)
Receivables Tumover Ratio
Universal Sports Supply = times

Answer:

Objs. 4 For business communications it is essential to express ideas and facts eloquently. The shorter the sentences and paragraph are, the brief the letter, memo or notice. This will save the reader's and writer's time.

Answer:

$4,083

Explanation:

Preparation of the Adjusted Cash Balance per Books on May 31

Adjusted Cash Balance per Books on May 31

Cash Balance per Books on May 31 $3,457

Add Notes Receivable and Interest Collected by Bank $853

Less Bank Charge for Check Printing ($47)

Less NSF Check ($180)

Adjusted Cash Balance per Books on May 31 $4,083

Therefore the Adjusted Cash Balance per Books on May 31 will be $4,083

Question Completion:

Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:

                                   Average Cost per Unit  

Direct materials                            $7.00                    $7.00

Direct labor                                    $4.00                    $4.00

Variable manufacturing overhead   $1.50                     $1.50

Fixed manufacturing overhead   $5.00                     $5.00

Fixed selling expense                   $3.50

Fixed administrative expense   $2.50

Sales commissions                   $1.00

Variable administrative expense   $0.50

Total                                                 $25.00                  $17.50

Required:

1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?

Answer:

For financial accounting purposes, the total amount of product costs incurred to make 20,000 units is:

$350,000.

Explanation:

a) Data and Calculations:

Relevant product cost elements:

                                   Average Cost per Unit  

Direct materials                            $7.00

Direct labor                                    $4.00

Variable manufacturing overhead   $1.50

Fixed manufacturing overhead   $5.00  

Total product cost per unit              $17.50

Total product costs for 20,000 units = $17.50 * 20,000 = $350,000

b) Product costs are the costs that are incurred to make a product. These costs usually include costs of direct labor, direct materials, consumable production supplies, and factory overhead.