A company has provided the following data: This Year Last Year Item Accounts Receivable $95,000 $108,000 Sales on Account $920,000 Cost of Goods Sold $645,000 Compute the accounts receivable turnover ratio for this year.

A company has provided the following data: This Year Last Year Item Accounts Receivable $95,000 $108,000 Sales on Account $920,000 Cost of Goods Sold $645,000 Compute the accounts receivable turnover ratio for this year.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

See similar textbooks

Related questions

Q: General accounting

A: Step 1: Definition of Change in Utilities PayableThe change in utilities payable represents the…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Contribution per UnitContribution per unit represents the amount available to…

Q: Don't use ai solution please provide correct answer general accounting question

A: Step 1: Define Incremental Free Cash FlowThe incremental free cash flow (FCF) represents the…

Q: Ans

A: To calculate Company K's net income, follow these steps:Given Data:Total Sales (Revenue):…

Q: Answer to below Question

A: Concept of Margin of Safety (M/S): The margin of safety represents the difference between actual…

Q: What is the debt to equity ratio? Accounting question

A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric that…

Q: Job 786 was one of the many jobs started and completed duringthe year. The job required $8,400 in…

A: Step 1: Calculate Total Direct CostsDirect Materials: $8,400Direct Labor: $9,300Total Direct…

Q: What is the break even point

A: The break-even point for Harvest Farms Ltd. is determined by dividing the fixed expenses by the…

Q: What is the correct answer with accounting question

A: Step 1: Definition of Contribution Margin and Operating IncomeContribution Margin is the difference…

Q: Accounting question solve

A: To calculate Return on Equity (ROE), use the formula:ROE = (Net Income ÷ Total Equity) × 100Step 1:…

Q: In the month of September, a department had 9,500 units in beginning work in process that were 60%…

A: Explanation of Equivalent Units of Production for Materials: The equivalent units of production for…

Q: Subject general accounting

A: Step 1: Definition of Income Earned Using MarginIncome earned using margin refers to the portion of…

Q: Calculate the contribution per unit

A: Explanation of Variable Costs:Variable costs are expenses that change in direct proportion to the…

Q: ?

A: To determine the amount includible in Daniel's income in the first year, we use the Simplified…

Q: A CPA is performing an Integrated Audit for an issuer. The CPA discovers a material weakness in the…

A: A Certified Public Accountant (CPA) performs an integrated audit that includes reviewing both…

Q: TICA Corporation has sales of

A: To determine how long, on average, it takes TICA Corporation to collect on its sales, we use the…

Q: What is the net income

A: Given:Net Income in 2022 = $450,000Increase in Net Income = 19.8%Step 1: Convert Percentage to…

Q: Provide correct solution and accounting question

A: Calculation of Total Expected Defective UnitsTotal Defective Units = 6% of Units Sold…

Q: A firm's days of sales outstanding are 23.4, days ofinventory on hand are 45.9, and the number of…

A: Step 1: DefinitionsCash Conversion Cycle (CCC): The cash conversion cycle measures how long it takes…

Q: Financial Accounting

A: Step 1: Define Shareholders' EquityShareholders' Equity, also known as Stockholders' Equity,…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Cash BalanceThe cash balance refers to the total amount of cash a business…

Q: FlagStaff Ltd has a defined benefit pension plan for its employees. The company is considering…

A: Step 1: (For Requirement #1) Finding the Surplus or Deficit of the Defined Benefit Plan…

Q: Garrison's Finishing Department started the month with 15,000 units in its beginning work in process…

A: Given data:Beginning work in process (WIP): 15,000 units (not needed for calculation)Units…

Q: Acc.prob.

A: Question 1: Integrated Control Frameworks vs. Isolated ChecksIntegrated control frameworks ensure…

Q: I want to correct answer general accounting question

A: Step 1: Definition of Profit MarginThe profit margin is a financial metric that measures how much…

Q: Do fast answer of this question general accounting

A: Step 1: Define Loan AmortizationLoan amortization refers to the process of gradually repaying a loan…

Q: What is the variable overhead rate variance

A: Explanation of Variable Overhead Rate Variance:The variable overhead rate variance is the difference…

Q: critically analyze the effectiveness of the tax system in Jamaica with a brief history of the tax…

A: The Jamaican tax system has undergone several transformations since independence in 1962. Initially,…

Q: Please see an attachment for details general accounting question

A: Step 1: Define Credit SalesCredit sales refer to sales made on account, meaning the company allows…

Q: What is the interest expense for December 31 ?

A: Provided Data:Current Assets: $243,000Current Liabilities: $211,000On August 1, 2009, Straight…

Q: Tutor please provide answer

A: Explanation of Cost Allocation:Cost allocation is the process of distributing indirect costs, such…

Q: Financial accounting

A: Step 1: Definition of Inventory and Depreciation BalanceInventory Balance: Inventory represents the…

Q: Watson Industries has a predetermined overhead rate of 65% of direct labor cost. During the month,…

A: To determine the amount debited to the Work in Process (WIP) Inventory, we need to consider direct…

Q: Answer? ? Financial accounting question

A: Step 1: Define Contribution Margin (CM)The contribution margin per unit is the amount remaining from…

Q: Solution needed urg

A: Part 1: How does business model evolution affect accounting adaptation?Correct Answer: a) Changing…

Q: Given step by step explanation general accounting question

A: Step 1: Define Credit SalesCredit sales refer to sales made on account, meaning the company allows…

Q: If total assets equal $410,000 and total owners' equity equals $138,000, then total liabilities must…

A: Explanation of Total Assets:Total assets represent everything a company owns that has economic value…

Q: Carlisle Lawn Services' year-end 2023 balance sheet lists current assets of $520,400, fixed assets…

A: Explanation of Current Assets: Current assets represent economic resources that a company expects to…

Q: Manak Corp. factors $600,000 of its accounts receivables to Dawson Factors on a recourse basis.…

A: Explanation of Factoring: Factoring is a financial transaction in which a business sells its…

Q: please provide answer properl

A: Part 1: Accounting Adaptation(a) Changing operations require modified recording approachesPart 2:…

Q: A company had net sales of $120,000 over the past year. 60% of the sales were credit sales. During…

A: To calculate the average collection period, we use the formula:Average Collection Period = Average…

Q: Step by Step Answer

A: Concept of Sales RevenueSales revenue represents the total amount earned from the sale of goods or…

Q: FlareTech Inc. had sales to customers of $520,000 during 2018. The company has consistently…

A: Explanation of Sales Revenue:Sales revenue represents the total income generated from selling goods…

Q: Assume that retained earnings increased by $62,850 from June 30 of year 1 to June 30 of year 2. A…

A: Concept of Retained EarningsRetained earnings refer to the portion of a company's profit that is…

Q: General accounting

A: Step 1: Define Lower of Cost or Market (LCM)The Lower of Cost or Market (LCM) rule is an accounting…

Q: ??

A: Concept of Activity-Based Costing (ABC): Activity-based costing is a method of assigning overhead…

Q: Summit Enterprises signs a $200,000, 6%, 9-month note payable with City Bank on July 1. What is the…

A: Step 1: Definition of Notes Payable with InterestA note payable is a financial obligation where a…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Equivalent Units of Production (EUP)Equivalent units of production (EUP)…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Allowance for Sales ReturnsThe Allowance for Sales Returns is an estimated…

Q: ??

A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) Inventory represents partially…

Question

A company has provided the following data:
This Year Last Year
Item
Accounts Receivable $95,000
$108,000
Sales on Account
$920,000
Cost of Goods Sold
$645,000
Compute the accounts receivable turnover
ratio for this year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Compute the account receivable turnover
The financial statements of Marigold Manufacturing Company report net sales of $1278000 and accounts receivable of $52000 and $90000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? 40.6 14.9 20.3 25.7
Want Answer
Explain answer
The financial statements of Sunland Manufacturing Company report net sales of $1277500 and accounts receivable of $71000 and $69000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? A. 20.30 B. 40.00 C. 19.70 D. 20.00 help
A company reports the following: Line Item Description Amount Sales $1,069,085 Average accounts receivable (net) 105,850 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.
What is the average accounts payable balance? ?