Mr. sparks, the owner of school supplies, inc., is interested in keeping control over accounts receivable. he understands that accounts receivable turnover will give a good indication of how well receivables are being managed. school supplies, inc. does seventy percent of its business during june, july and august. the terms of sale are 2/10, n/60. net sales for the year ended december 31, 2019, and receivables balances are:
net sales = $1,500,000;
receivables at january 1, 2019 = $80,000;
receivables at december 31, 2019 = $70,000.
1. what is the average accounts receivable turnover calculated from the data above?
answers:
a. 20.0 times
b. 25.0 times
c. 22.7 times
d. 18.75 times

Vulcan company is a monthly depositor whose tax liability for march 2019 is $2,510. 1. what is the due date for the deposit of these taxes? march 17 2. assume that no deposit was made until april 29. compute the following penalties. assume a 365-day year in your computations. round your answers to the nearest cent. a. penalty for failure to make timely deposits. $ b. penalty for failure to fully pay employment taxes $ c. interest on late payment (assume a 5% interest rate). $ d. total penalty imposed $

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

Match the items with the actions necessary to reconcile the bank statement.(there's not just one answer)1. interest credited in bank account2. fee charged by bank for returned check3. checks issued but not deposited4. deposits yet to be crediteda. add to bank statementb. deduct from bank statementc. add to personal statementd. deduct from personal statement