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According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Receivable Turnover Ratio for 2020 is?(2 Decimal Places)

According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Receivable Turnover Ratio for 2020 is?(2 Decimal Places)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Receivable Turnover Ratio for 2020 is?(2 Decimal Places)

ABM22] Business Finance (Term 1, 1st Semester, SY 202 FUNCAR AUTO SALES Statement of Financial Position For the years ended June 30, 2019 and 2020 Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles Accumulated Depreciation-Vehicles Total Non-Current Assets TOTAL ASSETS Current Liabilities Account Payable Interest Payable Unearned income Total Current Liabilities Current Liabilities ASSETS LIABILITIES AND EQUITY Account Payable Interest Payable Unearned Income Total Current Liabilities Non-Current Liabilities Total Liabilities LIABILITIES AND EQUITY Notes Payable (Long-Term) Purchases Add: Freight-In Total Purchases Finn, Capital, June 30 TOTAL LIABILITIES AND EQUITY Net Purchases Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Less: Purchase Returns and Allowances Purchase Discounts P P Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Ma P P P Non-Current Liabilities [ABM22] Business Finance (Term 1, 1st Semester, SY 20 ANDERE D P D P • FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 P 2019 P P 167,850.00 P 87,780.00 69,900.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 P 750,000.00 265,000.00 668,000.00 104.000.00 2,299,000.00 2.728,270.00 399,050.00 P 1.270.00 362,550,00 762,870.00 P 399,050.00 P 1,270.00 362,550.00 762,870.00 P 1,100,000.00 1,852,870 00 P 865,400.00 2,728,270.00 P 78,490.00 65,000.00 858,560.00 125,000 00 983,560.00 46,850.00 72.200.00 864,510.00 220,500.00 1,085,010.00 P 2020 9 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 2.596,250.00 438,100.00 2,550.00 440,650.00 438,100.00 2,550.00 440,650.00 950,000.00 1,390,650.00 1,205,600.00 2,596,250.00 1,650,500.00 143,490.00 1,507.010.00
Transcribed Image Text:ABM22] Business Finance (Term 1, 1st Semester, SY 202 FUNCAR AUTO SALES Statement of Financial Position For the years ended June 30, 2019 and 2020 Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles Accumulated Depreciation-Vehicles Total Non-Current Assets TOTAL ASSETS Current Liabilities Account Payable Interest Payable Unearned income Total Current Liabilities Current Liabilities ASSETS LIABILITIES AND EQUITY Account Payable Interest Payable Unearned Income Total Current Liabilities Non-Current Liabilities Total Liabilities LIABILITIES AND EQUITY Notes Payable (Long-Term) Purchases Add: Freight-In Total Purchases Finn, Capital, June 30 TOTAL LIABILITIES AND EQUITY Net Purchases Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Less: Purchase Returns and Allowances Purchase Discounts P P Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Ma P P P Non-Current Liabilities [ABM22] Business Finance (Term 1, 1st Semester, SY 20 ANDERE D P D P • FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 P 2019 P P 167,850.00 P 87,780.00 69,900.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 P 750,000.00 265,000.00 668,000.00 104.000.00 2,299,000.00 2.728,270.00 399,050.00 P 1.270.00 362,550,00 762,870.00 P 399,050.00 P 1,270.00 362,550.00 762,870.00 P 1,100,000.00 1,852,870 00 P 865,400.00 2,728,270.00 P 78,490.00 65,000.00 858,560.00 125,000 00 983,560.00 46,850.00 72.200.00 864,510.00 220,500.00 1,085,010.00 P 2020 9 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 2.596,250.00 438,100.00 2,550.00 440,650.00 438,100.00 2,550.00 440,650.00 950,000.00 1,390,650.00 1,205,600.00 2,596,250.00 1,650,500.00 143,490.00 1,507.010.00
[ABM22] Business Finance (Term 1, 1st Semester, SY 2023-2024) Net Sales 1,307,010.00 Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Income D P # P D 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P P P 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 498,065,00 According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Receivable Turnover Ratio for 2020 is (2 Decimal Places)
Transcribed Image Text:[ABM22] Business Finance (Term 1, 1st Semester, SY 2023-2024) Net Sales 1,307,010.00 Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Income D P # P D 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P P P 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 498,065,00 According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Receivable Turnover Ratio for 2020 is (2 Decimal Places)
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