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Natcher Corporation's Accounts Receivable at the End of Year 2

question 37

Multiple Choice

Natcher Corporation's accounts receivable at the end of Year 2 was $126,000 and its accounts receivable at the end of Year 1 was $130,000.The company's inventory at the end of Year 2 was $127,000 and its inventory at the end of Year 1 was $120,000.Sales,all on account,amounted to $1,380,000 in Year 2.Cost of goods sold amounted to $800,000 in Year 2.The company's operating cycle for Year 2 is closest to:

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Definitions:

Calendar Year

A one-year period that begins on January 1 and ends on December 31, used as a financial and administrative period for many purposes.

Accrued Expense

Expenses that have been incurred but not yet paid or recorded in the financial statements.

Adjusting Entry

An entry made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Unearned Rent

Income received before the period to which it applies, requiring deferred revenue recognition until the service (rental period) is provided.