A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: Numerator Denominator 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Numerator Denominator Current Year $ 1,594,459 8,750 $ 1,585,709 $ 11,191, 297 Receivables Turnover Ratio Net sales Average net trade accounts receivable Average Days Sales in Receivables 365 Receivables turnover Previous Year $ 1,380,559 13,681 $1,366,878 $ 11,191,297 $ 1,366,878 8.19 times 0 days

A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: Numerator Denominator 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Numerator Denominator Current Year $ 1,594,459 8,750 $ 1,585,709 $ 11,191, 297 Receivables Turnover Ratio Net sales Average net trade accounts receivable Average Days Sales in Receivables 365 Receivables turnover Previous Year $ 1,380,559 13,681 $1,366,878 $ 11,191,297 $ 1,366,878 8.19 times 0 days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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