Answers
Initiatives in electronic commerce are typically more effective than other forms of information technology implementations. It is true.
Companies and individuals who buy and sell goods and services online are said to engage in electronic commerce, or ecommerce. E-commerce is a multifaceted industry that may be carried out on computers, tablets, smartphones, and other smart devices. Ecommerce transactions allow for the purchase of almost any good or service imaginable, including publications, music, airline tickets, and financial products like stock trading and online banking. It is therefore seen as a particularly disruptive technology.
Online purchasing and selling of physical goods and services is known as e-commerce, as was previously mentioned. To conduct a transaction, more than one person is involved, and money or data must be exchanged. It is a component of the larger sector known as "electronic business" (ebusiness).
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Related Questions
Understand and explain the process of idea generation and validation
Answers
Answer:
Idea generation is the creative process or procedure that a company uses in order to figure out solutions to any number of difficult challenges. It involves coming up with many ideas in a group discussion, selecting the best idea or ideas, working to create a plan to implement the idea, and then actually taking that idea and putting it into practice. The idea can be tangible, something you can touch or see, or intangible, something symbolic or cultural.
Idea validation is the process of testing and validating your idea prior to launching your business name, tagline, product, service or website. This is like the research and development process big companies use to test product ideas before they’re released to the general public.
Idea validation can involve anything from information-gathering interviews to special landing pages on the web. The entire purpose is to expose the idea to your target audience before you build and release the final product.
Theodosia was laid off from her last job. What should she put on her next application as her reason for leaving that job?
O No prior employment experience
O Currently employed
O Fired
O Downsizing
Answers
Answer:
O Downsizing
Explanation:
A lay off happens when the employer has closed down, has changed locations, or when there is not sufficient work for all the employees. A layoff is not caused by an employee's fault.
Downsizing refers to scaling down of operation. When a company downsizes, some of the employees will be laid off. Theodosia should mention she was laid off in her next application. The potential employer will realize that she wasn't at fault at her previous workplace.
Sadie is a reporter who has researched an in-depth article about the prevalence of mercury found in local fish. During her investigation she finds that although a few fish have been caught with high levels of mercury, for the most part, they are rare. Considering that Sadie’s organization needs to sell ad space, which title will she MOST likely pick for this article?
A.
No Cause for Alarm with Local Fish
B.
Few Fish Affected by Mercury, Study Finds
C.
Mercury Levels Not an Issue Here
D.
Toxic Ingredients in Local Seafood
Answers
The title that Sadie is most likely to pick for the article, considering that her organization needs to sell ad space, is B. Few Fish Affected by Mercury, Study Finds.
Why is the title appropriate ?The title of Sadie's investigation accurately portrays the rarity of local fish with high mercury levels. It puts forward an optimistic perspective by emphasizing the low incidence of mercury within these aquatic species, possibly sparking interest from advertisers and readers.
However, choosing option A which says No Need to Worry About Local Fish, may undermine concerns related to mercury poisoning risks in fish, hindering engagement from people and marketers alike.
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In what circumstances would a property insurance claim be rejected?
Answers
The circumstances that could make a property insurance claim to be rejected are policy exclusions, failure to disclose information, non-payment of premiums, lack of coverage, policy conditions not met, misrepresentation or fraud, and wear and tear or maintenance issues.
What are these circumstances?Property insurance claims can be rejected for various reasons. While the specific circumstances may vary depending on the policy and insurance provider, here are some common situations in which a property insurance claim may be denied:
1. Policy exclusions: Insurance policies typically have specific exclusions listed in the terms and conditions. If the cause of damage or loss falls within these exclusions, the claim may be rejected. Common exclusions include acts of war, intentional acts, neglect or lack of maintenance, and certain natural disasters not covered by the policy.
2. Failure to disclose information: When applying for property insurance, it's crucial to provide accurate and complete information. If the insured fails to disclose relevant details about the property or provides false information, the claim could be denied. For example, if a homeowner fails to disclose a previous claim or provides inaccurate details about the property's security features, the claim may be rejected.
3. Non-payment of premiums: Insurance policies require regular premium payments to remain in force. If the insured fails to pay premiums within the grace period, the coverage may lapse, and any subsequent claims may be denied.
4. Lack of coverage: Insurance policies have specific coverage limits and deductibles. If the claimed loss exceeds the policy's coverage limit or falls below the deductible amount, the claim may be rejected or only partially paid.
5. Policy conditions not met: Insurance policies often have conditions that must be met to validate a claim. For example, the insured may be required to notify the insurance company promptly after the loss occurs, provide documentation and evidence of the damage, and cooperate fully during the claim investigation process. Failure to meet these conditions could result in claim denial.
6. Misrepresentation or fraud: If the insurance company determines that the insured intentionally misrepresented information or engaged in fraudulent activities to obtain coverage or make a claim, the claim will likely be rejected. This includes submitting falsified documents, inflating the value of the claimed items, or staging the loss.
7. Wear and tear or maintenance issues: Property insurance typically covers sudden and accidental damage rather than damage resulting from wear and tear, lack of maintenance, or pre-existing conditions. If the insurer determines that the damage is a result of normal wear and tear or inadequate maintenance, the claim may be denied.
It's important to carefully review the terms and conditions of your insurance policy and promptly report any losses to your insurance company to maximize the chances of a successful claim.
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Question 3
Signs of a serious gambling problem include all EXCEPT:
OA. Having a budget for gam bling.
OB. Using a credit card to gamble.
OC. Bragging about gambling wins.
OD. All are signs of a serious gambling problem.
Answers
Answer:
OD All are signs of a serious gambling problem.
Jeff's Meat Market recorded the following events involving a recent purchase of
merchandise:
Received goods for $40,000, terms 2/10, n/30.
Returned $800 of the shipment for credit.
Paid $300 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory
Answers
As a result of these events, the company's inventory increased by $38,612 by all these factors.
How does inventory work?Inventory is the term used to describe all the products, materials, goods, and merchandise that a company has on hand and plans to sell to customers for a profit. The only item that will be regarded as inventory is the newspaper if the vendor delivers newspapers to customers using a vehicle. The car will be handled like an asset.
What fundamentals surround inventory?The items that your company has are the most fundamental definition of inventory. These may be material (i.e., goods and raw materials) or intangible (e.g., software). Most of the time, when we talk about inventory, we simply mean all the items that the company has kept on hand—to sell.
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The village laundry company purchased Br. 6,500 worth of laundry supplies on June 2 and
recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only
birr 30,000 on hand. The adjusting entry that should be made by the company:
A. Debit laundry supplied expense br. 3000 credit laundry supplies, Br. 3000
B. Debit Laundry supplies expense Br. 3500 credit laundry supplies, Br. 3,500
C. Debit laundry supplies Br. 3, 500, credit laundry supplies expense Br. 3, 500
D. Debit laundry expense Br. 3, 500, credit laundry supplies Br. 3, 500
E. None
Answers
The company has used supplies with a value of $6,500 - $2,000 = $4,500 in the period, and the journal entry must record this expense by increasing the expense account with a debit entry and decreasing the asset account with a credit entry.
What is journal entry?A journal entry is the act of recording any transaction, whether one that is economic or not.
An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
The total of the debits and credits must be equal in order for the journal entry to be considered balanced.
Depreciation or bond amortization are examples of recurring items that can be recorded in journal entries.
Accounts payable typically has its own subledger that indirectly affects the general ledger, and journal entries are typically entered using a different module in accounting software.
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Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
Answers
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
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Help I will give brainliest at least a couple done
Answers
Answer:
#2 is concierge
#3 is event planner
#4 is cafeteria worker
#5 is garden ranger
#6 is exhibit developer
#7 is kitchen steward
#8 is destination manager
#9 is pastry chef
#10 is desk clerk
#11 is bell captain
#12 is slot supervisor
#13 is club membership developer
#14 is dishwasher
#15 is motion picture something?
#16 is van driver
#17 is amusement ride attendant
#18 is waiter
#19 is sports book writer
#20 is product demonstrator
#21 is festival promotional something?
#22 is animal trainer
#23 is ticket taker
#24 is tour operator
#25 is dietician
#26 is welcome center supervisor
#27 is baggage porter
#28 is cut off
#29 is restaurant owner
#30 is barista
Explanation:
HOPE THIS HELPS! :)
Dern Company recently sold a large order of tables to Knoll Furniture Store. Terms of the sale require Knoll to sign a noninterest-bearing note of $21,000 with payment due in three years. A rate of 9% reflects the appropriate interest rate for a loan of this type of loan. At what amount should Dern and Knoll value the note receivable/payable and corresponding sales revenue/inventory
Answers
Answer:
the journal entry made by Dern to record the sales should be:
Date, merchandise sold to Knoll Furniture Store
Dr Notes receivable 21,000
Cr Sales revenue 16,215.85
Cr Discount on notes receivable 4,784.15
the journal entry made by Knoll to record the purchase should be:
Date, merchandise purchased from Dern Company
Dr Merchandise inventory 16,215.85
Dr Discount on notes payable 4,784.15
Cr Notes payable 21,000
Explanation:
Non-interest-bearing notes must be recorded at present value, therefore, we must first determine the present value of the note = $21,000 / (1 + 9%)³ = $16,215.85
the present value of the notes receivable is equivalent to sales revenue, while the difference between the face value of the note and its present value is equal to the discount on notes receivable.
Information management organizes data over time that will allow us to become more proficient in understanding data related to a company or business.
Below are the processes used to help organize information. Put these processes in order from the first step to the last.
= archiving information
= destruction of that information
= curation or organization of information
= dissemination or distrubuation of inforation
= collection of information
= storage of information
Answers
Answer:
=archiving information
Explanation:
Which is an example of a financial institution? (1 point)
A. government regulatory agency of money
B. the IRS
C. a group of investors
D. a retail or commercial bank
Answers
Answer:
D) a retail or commercial bank
Explanation:
An example of a financial institution is a retail or commercial bank. Thus the correct option is D.
What is a financial institution?An institution that is in the industry of managing monetary and financial transactions, such as savings, loans, and investments, in order to assist with finances that require repayment at a later time and carry a specific rate of interest is known as a financial institution.
A bank is a type of financial institution that enables customers to deposit and withdraw cash as well as borrow money at a set interest rate for use in investments which is repaid by them on a later date with a certain rate of interest.
Reduced transaction fees, reduced likelihood, and increased liquidity are the goals of the economic system in order to create a platform for the establishment of new businesses that strengthen the national economy.
Therefore, option D is appropriate.
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answer the following questions, please
Answers
The cost reconciliation indicates a discrepancy, as the total costs assigned exceed the beginning work in process costs. This could be due to additional costs.
How did we arrive at this assertion?To prepare a production cost report for the Welding Department for the month of February, we need to calculate the following:
1. Equivalent units of production for materials, labor, and overhead.
2. Cost per equivalent unit for materials, labor, and overhead.
3. Total costs assigned to units transferred out and ending work in process.
4. Cost reconciliation.
Let's calculate each of these steps:
Step 1: Equivalent Units of Production
Equivalent units of production are calculated based on the percentage of completion for units in process.
For materials:
Beginning work in process: 15,000 units x 10% complete = 1,500 equivalent units
Units transferred in: 64,000 units
Ending work in process: 25,000 units x 20% complete = 5,000 equivalent units
Total equivalent units for materials: 1,500 + 64,000 + 5,000 = 70,500 equivalent units
For labor and overhead:
Since the given data does not provide the percentage of completion for labor and overhead, we assume it is the same as for materials. Therefore, the equivalent units for labor and overhead will also be 70,500 units.
Step 2: Cost per Equivalent Unit
To calculate the cost per equivalent unit, we divide the total costs by the total equivalent units.
Cost per equivalent unit for materials: $135,000 / 70,500 units = $1.91 per unit
Cost per equivalent unit for labor: $57,000 / 70,500 units = $0.81 per unit
Cost per equivalent unit for overhead: $35,100 / 70,500 units = $0.50 per unit
Step 3: Total Costs Assigned
To calculate the total costs assigned to units transferred out and ending work in process, we multiply the cost per equivalent unit by the equivalent units for each category.
For units transferred out:
Materials: 64,000 units x $1.91 per unit = $122,240
Labor: 64,000 units x $0.81 per unit = $51,840
Overhead: 64,000 units x $0.50 per unit = $32,000
For ending work in process:
Materials: 25,000 units x $1.91 per unit = $47,750
Labor: 25,000 units x $0.81 per unit = $20,250
Overhead: 25,000 units x $0.50 per unit = $12,500
Step 4: Cost Reconciliation
To reconcile the costs, we compare the total costs assigned to units transferred out and ending work in process with the beginning work in process costs.
Beginning work in process costs: $32,175
Total costs assigned to units transferred out: $122,240 + $51,840 + $32,000 = $206,080
Total costs assigned to ending work in process: $47,750 + $20,250 + $12,500 = $80,500
Total costs: $206,080 + $80,500 = $286,580
Since the total costs assigned exceed the beginning work in process costs, there may be some additional costs that need to be investigated or accounted for.
The production cost report for the Welding Department for the month of February is as follows:
------------------------------------------------------------------------
| | Equivalent Units | Cost per Equivalent Unit | Total Costs |
------------------------------------------------------------------------
| Materials | 70,500 | $1.91 | $135,000 |
| Labor | 70,500 | $0.81 | $57,000 |
| Overhead | 70,500 | $0.50 | $35, 100 |
------------------------------------------------------------------------
| Total (Transferred-out) | 64,000 | | $227,240 |
| Ending work in process | 25,000 | | $80,500 |
------------------------------------------------------------------------
| Total Costs $307,740 |
------------------------------------------------------------------------
Note that the cost reconciliation indicates a discrepancy, as the total costs assigned exceed the beginning work in process costs. This could be due to additional costs.
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Now that you have analyzed both sides of fiscal and monetary policy, it’s time to create a debate for a television news show. Choose the information you compiled in either task 1 or task 2, and compose a script that meets these requirements:
Write 10 lines of dialogue each for two characters (20 dialogue lines in total). The dialogue must be economics related and relevant.
One character must take your viewpoint, and the other character must take the opposing viewpoint.
Script each character’s rationale for why the specific action they believe in should be taken.
Include each character’s main opposition to the opposing viewpoint.
Ensure that each character questions the other about points of perceived bias, with each character responding to the other’s question.
Answers
The appropriate response to the open question is this. Even though the question doesn't have the language or references for the fiscal and monetary policy arguments.
What is Monetory Policy ?We can nevertheless generate a debate for a television news programme.
Monetary policy refers to the macroeconomic strategy of the central bank.
The government of a country use this demand-side economic strategy to achieve macroeconomic objectives including inflation, consumption, growth, and liquidity. It entails controlling the interest rate and money supply.
In order to meet the demands of various economic sectors and hasten the pace of economic progress, the Reserve Bank of India's monetary policy in India strives to control the amount of money.
For instance, a nation's economy requires liquidity to expand.
Dialogues:
Legislator: I'm adamant that the nation needs to borrow money right now to deal with its problems.
That is the absolute last thing the nation needs, so of course not, secretary. Legislator: Mr. Secretary's limited perspective is regrettable.
Secretary: Senator, you could not be more wrong. With regard to the federal government's fiscal policy, it is known as responsibility.
Legislator: It is inconceivable that the Department you oversee would refuse to take the necessary steps to assist our citizens.
Secretary: We conduct ourselves responsibly. The debt owed by the nation is enormous. We are unable to avoid taking on additional debt.
Legislator: But these are challenging times!
Secretary: This implies that you and your group alter your interpretation of the word simple.
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Washtenaw Corporation uses a job-order costing system. The following data are for last year: Estimated Direct Labor Hours 14,000 Estimated Machine Hours 12,000 Estimated Manufacturing Overhead Cost $42,600 Actual Direct Labor Hours 11,000 Actual Machine Hours 13,000 Actual Manufacturing Overhead Cost $39,000 Washtenaw applies overhead using a predetermined rate based on direct labor-hours. What predetermined overhead rate was used last year
Answers
Answer:
$3.25 per direct labor-hour
Explanation:
Calculation for predetermined overhead rate was used last year
Predetermined overhead rate = $39,000 ÷ 12,000 direct labor-hours
Predetermined overhead rate= $3.25 per direct labor-hour
Therefore the predetermined overhead rate was used last year was $3.25 per direct labor-hour
**ECONOMICS** A tax paid on the value of a person's home is ______.
A. sales tax
B. income tax
C. credit tax
D. property tax
Answers
One role of an organization's headquarters is to provide needed resources to its business units and to coordinate activities across the units to attain economies of scale. Another role is to encourage a learning organization. How did My Gym Enterprises fulfill this role
Answers
Answer:
There are two
Explanation:
A hyperlink:
A. can tell you if the battery on your laptop is running low.
B. can run the grammar check function.
C. can take the user to an external Internet site.
D. can spell check your slide presentation.
Answers
Answer: C
Explanation:
In the summer of 2008, at Heathrow airport in London, Bestofthebest (BB), a private company, offered a lottery to win a Ferrari or 90,000 British pounds, equivalent at the time to about $180,000. Both the Ferrari and the money, in 100 pound notes, were on display. If the U.K. interest rate was 5% per year, and the dollar interest rate was 2% per year (EARs), how much did it cost the company in dollars each month to keep the cash on display? That is, what was the opportunity cost of keeping it on display rather than in a bank account? (Ignore taxes.)
Answers
Answer:
The cost for the company is 375 pounds.
Explanation:
In order to calculate how much did it cost the company in dollars each month to keep the cash on display we would have to make the following calculations:
Current exchanage rate between Pound and dollar = $180,000 / 90,000 pound
= $2 per pound.
Total amount in Display = $180,000
Interest rate in USA = 2%
Monthly cost = $180,000 × 2% / 12
= $3300
Monthly opportunity cost of keeping it on display rather than in a bank account is $300.
Monthly Cost in term of pound = 90,000 × 5% / 12
= 375 Pound.
Monthly cost in term of pound is 375 pound.
Please select the word from the list that best fits the definition
Level of a woman's income relative to that of a man.
Answers
There are different ways to define a term. Th word from the list that best fits the definition is Wage gap
What is wage gap?This is a term that refers to the level of women's income that is relative to that of men.
The wage gap exist due to the Differences in pay that is due to occupational segregation where there is more men in higher paid industries and women in smaller paid industries.
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Answer:
Wage gape
Explanation:
2023-2024 EDGE
To be a high-performance team, a team:
A) needs to practice good communication
B) needs to give appropriate feedback to each other
C) should contain members with a variety of skills
D)must have a great leader
E) is accurately described by all of these
Answers
To be a high-performance team, a team should practice good communication along with proper feedback and be a great leader. Thus the correct option is E.
What is Team?When a group of people is structured and officially come together to achive a common objective by playing individual roles it is considered as a team.
A team is said to be high-performance when there is good communication established between them which helps them to exchange ideas, share views, and to resolve conflicts.
Good communication helps them to engage effectively and receive feedback from team members which helps them in bringing improvement and achieving growth.
A team should have a good leader who helps to provide appropriate direction and guidance whenever it is needed and encourage team members to gain skills.
Therefore, option E is appropriate.
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Application of Forensic Accounting Concepts
Complete Case 21 & 28. Refer to the Case in the textbook for detailed instructions.
Submission Instructions:
Complete and submit the assignment by 11:59 PM ET Sunday.
You should submit your completed work in a Word document or Excel spreadsheet if needed.
Your work should be formatted and cited in current APA style with appropriate references.
Late submissions will have a grade of 0.
Your assignment will be graded according to the case rubric.
Answers
Forensic accounting is a distinct subdivision of accounting that brings together investigative practices with established accounting principles to provide an accurate assessment of financial data.
What is Forensic accounting?The primary objective of forensic accounting is to discover any financial fraud or discrepancies. Professionals in this domain are trained to take advantage of their analytical capabilities to identify financial deception and embezzlement, probe financial disputes, and submit expert tales during court trials.
Forensic accounting can be applied in multiple contexts, counting civil and criminal litigations, corporate examinations, and regulatory probes.
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Which of the following situations are likely to cause poor interpersonal relations? Check all that apply.
Answers
Brad believes that when Jason makes a mistake, he often tells their boss that Brad is responsible for what went wrong When managers submit invoices to Natalie in accounting without including all the necessary information, are likely to cause poor interpersonal relations. Hence, option A and B are correct.
What is the concept of the excerpt?In this situation, Brad is likely to quit speaking with Jason since he thinks he frequently blames their boss for everything that goes wrong. Poor communication between Brad and Jason will have a negative influence on teamwork, dependability, and accountability.
Natalie can become irritated with the managers in this circumstance because they keep failing to contact them and offer assistance in locating them. Managers must learn to reduce these mistakes rather than make more of them.
Thus, option A and B are correct.
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The options are attached -
To realize his passion,Alex recently opened Original Tunes,Inc. ,a small state of the art recording studio in Nashville,TN.He probably could have set-up shop in several major cities,but Nashville offered him the two most important factors that he learned in business school would enhance the creation of wealth: labor and political freedom.
a. True
b. False
Answers
Answer:
a. True
Explanation:
Indeed, we could rightly say the statement is true by remembering the four key factors of production (business):
capital (wealth)laborresourcesentrepreneur.Labor is part of the list of important factors and political freedom allows the entrepreneur to sucessfully manage business activities.
Estate has an ROI of 16% based on revenues of $400,000. the residual income is $14,000 and the investment turnover is 2. what is the hurdle rate? With Explanation
Answers
If Estate has an ROI of 16% based on revenues of $400,000. the residual income is $14,000 and the investment turnover is 2. The hurdle rate is 9%.
How to find hurdle rate?First step is to find the investment turnover using this formula
Investment turnover=Sales/invested capital
Investment turnover = ($14,000 / $400,000) × 2
Investment turnover = 0.035 × 2
Investment turnover =0.07
Second step is to find the hurdle rate using this formula
Hurdle rate = ROI - Investment turnover
Hurdle rate = 0.16 - 0.07
Hurdle rate = 0.09× 100
Hurdle rate = 9%
Therefore the hurdle rate is 9%.
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Which is NOT a way to increase your net worth?
Answers
One way that you cannot use to increase your net worth is by increasing your liabilities.
How can you increase your net worth?Our net worth refers to the amount of assets that we have which in excess of the liabilities that we may have.
The formula for net worth is:
= Assets - Liabilities
This means that if we want to increase our net worth, we should try first and foremost to increase our assets. Assets include the amount of money we have, the property we own, and generally other things we can own including investments.
We should avoid liabilities to increase our net worth, and if we must incur them, we should be sure to pay off the ones that have higher interest and so can grow faster, first. Increasing liabilities, is therefore not a way to increase net worth.
Options for this question include:
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What are the different elements of working capital and explain actions that Management of a business entity might take to reduce the length of the cycle
Answers
The different elements of working capital are current current asset and current liabilities. The management of a business entity might take ratio analysis to reduce the cycle.
Working capital management assists in sustaining the smooth operation of the net operating cycle, otherwise called the cash conversion cycle.
What is working capital management?Working capital management is a business strategy formulated to ensure that an organisation functions efficiently by overseeing and utilizing its current assets and liabilities to their most effective use.
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I'm selling this painting on poshmark sometime in November or December 2020 you can put how much your willing to pay in the comments minimum price starting at 30 US dollars.
Answers
DO you know what 407
Answers
Answer:
wdym wut 407
Explanation:
Burnside's has average accounts receivable of $33,700, average inventory of $54,200, sales of $364,200, and cost of goods sold of $193,400. How long does it take the firm to sell its inventory and collect payment on the sale?
Answers
It takes Burnside's approximately 102 days to sell its inventory and about 33.7 days to collect payment on the sale.
To calculate the inventory turnover and accounts receivable turnover, we can use the following formulas:
Inventory Turnover = Cost of Goods Sold / Average Inventory
Accounts Receivable Turnover = Sales / Average Accounts Receivable
Given the information provided:
Average Accounts Receivable = $33,700
Average Inventory = $54,200
Sales = $364,200
Cost of Goods Sold = $193,400
Calculating the turnover ratios:
Inventory Turnover = $193,400 / $54,200 = 3.57
Accounts Receivable Turnover = $364,200 / $33,700 = 10.81
The inventory turnover of 3.57 indicates that Burnside's sells its entire inventory approximately 3.57 times per year. This implies that, on average, it takes about 102 days (365 days divided by 3.57) for the firm to sell its inventory.
The accounts receivable turnover of 10.81 suggests that Burnside's collects payment on its sales approximately 10.81 times per year. This implies that, on average, it takes about 33.7 days (365 days divided by 10.81) for the firm to collect payment on the sale.
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