The period of a note is the time from the note’s (contract) date to its maturity date.

Freeman Co. had net sales of $4.2 million and ending accounts receivable of $0.8 million. Its days’ sales uncollected equals:

The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts:           Accounts receivable $ 435,000 Debit Allowance for Doubtful Accounts   1,250 Debit Net Sales   2,100,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer settle an account. What entry should be made on the November 1 to record the acceptance of the note?

Human fraud is driven by the triple-threat of fraud: Opportunity, collusion, and rationalization.

A company’s net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio equals:

Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry?

The operating cycle for a merchandiser that sells only for cash moves from:

Managers place a high priority on internal control systems because the systems assist managers in all of the following except:

A company’s net sales are $775,420, its costs of goods sold are $413,890, and its net income is $117,220. Its gross margin ratio equals: