1. Given the following data: Credit sales = 3,650,000; Cost of Goods Sold (Cogs) = 2,000,000; and Average Accounts Receivable = 500,000. Calculate the receivables period (Use 365 days a year) Please show your work! (answer should be in days)
2. Randy's tireland makes a product that sells for $65 per unit and has $45 per unit in variable costs. Annual fixed costs are $24,000. If Rambles sells 10 units less than breakeven, how much loss would the company recognize on its income statement? (As the question asks "how much loss" you don't have to put the negative sign. For example, suppose the loss is 100, then write the answer as 100 rather than -100.)