A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands) Previous Year Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: Current Year $ 1,564,459 9,050 $ 1,555,409 $ 11,141,297 $ 1,380,559 14,581 $ 1,365,978 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. × Answer is complete but not entirely correct. Receivables Turnover Ratio Numerator Denominator Average net trade accounts receivable Receivables turnover $ $ 1,472,509 x 8 × 184,063.63 times Average Days Sales in Receivables Numerator Denominator Average net trade accounts receivable ☑ 365 365 7.57 days 48.22 ×

A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands) Previous Year Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: Current Year $ 1,564,459 9,050 $ 1,555,409 $ 11,141,297 $ 1,380,559 14,581 $ 1,365,978 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. × Answer is complete but not entirely correct. Receivables Turnover Ratio Numerator Denominator Average net trade accounts receivable Receivables turnover $ $ 1,472,509 x 8 × 184,063.63 times Average Days Sales in Receivables Numerator Denominator Average net trade accounts receivable ☑ 365 365 7.57 days 48.22 ×

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...

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A company reports the following: Line Item Description Amount Sales $235,060 Average accounts receivable (net) 51,100 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. Line Item Description Answer a. Accounts receivable turnover b. Days' Sales in Receivables
How do I find the turnover and number of days' sales in receivables?