Apex Electronics began the year with an accounts receivable balance of $150,000 and ended the year with an accounts receivable balance of $180,000. The company had credit sales of $750,000. What is the receivables turnover ratio for the year?

Apex Electronics began the year with an accounts receivable balance of $150,000 and ended the year with an accounts receivable balance of $180,000. The company had credit sales of $750,000. What is the receivables turnover ratio for the 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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: How much cash received from customers during the year?

A: Explanation of Net Sales: Net sales represents the total amount of revenue generated from the…

Q: hy teacher please solve this questions

A: 1. Profit Margin CalculationsStore's Profit Margin:Profit Margin = (Net Income / Sales) * 100Profit…

Q: General Accounting Question please solve

A: To determine the direct materials cost per equivalent unit and the conversion cost per equivalent…

Q: How much is the bad debt expenses?

A: Explanation of Accounts Receivable: Accounts Receivable represents the money owed to a company by…

Q: Find the turnover and average total assets?

A: Approach:Let's try to figure out how to solve this problem. So, Knight Enterprises has a net income…

Q: The amount of cash paid to supplier for inventory is?

A: Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) represents the direct costs of…

Q: ??? General accounting

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method that spreads…

Q: Financial Accounting

A: To calculate the accrued interest on September 30, let's break down the steps:Bond Details:Par value…

Q: Provide correct answer this general accounting question

A: Step 1: Define Standard Overhead Rate per UnitThe standard overhead rate per unit is the…

Q: Which of the following statements is correct? A. The left side of a T-account is the credit side. B.…

A: Understanding the T-AccountA T-account is a simple representation of an account in the accounting…

Q: Need help with this financial accounting question

A: Step 1: Define Accrual AccountingAccrual accounting is a method where revenues and expenses are…

Q: General Accounting question

A: Step 1: Define Revenue and Variable ExpensesRevenue refers to the total income generated from ticket…

Q: Cash conversion cycle is how many days

A: CCC = Inventory Turnover Days + Accounts Receivable Turnover Days - Accounts Payable Turnover Days…

Q: What was the variable overhead rate variance for the month?

A: Step 1:Variable Overhead Rate Variance is the difference between standard variable overheads and the…

Q: Please provide correct solution this financial accounting question

A: Step 1: Define Preferred DividendThe dividend paid to the preferred stockholders is called a…

Q: abc general accounting

A: Step 1: Definition of Non-Interest Bearing NoteA non-interest-bearing note is a financial instrument…

Q: Net cash flow

A: To determine the net cash flow provided by (or used in) operating activities, we use the cash flow…

Q: Give true answer this financial accounting question

A: Step 1: Under absorption costing, the fixed manufacturing overhead is considered as product cost.…

Q: 2015 when it started its operations??

A: To find the original cost of fixed assets owned by the restaurant in 2015, we use the relationship:…

Q: At the end of Everest Manufacturing Ltd's first year of operations... Please answer the general…

A: Absorption costing includes both variable and fixed manufacturing costs in the cost of inventory,…

Q: Subject general accounting

A: To calculate the cost of goods sold (COGS), we can use the following formula: COGS = Goods Available…

Q: Rembrandt Sports Inc. Providees the following inventory information: please answer this financial…

A: To determine the two limits to market value (ceiling and floor) for snowboards under the…

Q: Compute the firm's price earnings ratio on these financial accounting question?

A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a financial metric…

Q: How much would be recorded as a gain on disposal?

A: Explanation of Gain on Disposal of an Asset:Gain on disposal of an asset occurs when a company sells…

Q: Calculate Accounting income after tax?

A: To calculate Summit Enterprises' taxable income for the year, we need to account for the temporary…

Q: Help this question

A: Variable order filling cost component per order = (Cost of the highest activity level - Cost of the…

Q: Hy expert give me solution general accounting

A: To calculate the net realizable value (NRV) of the accounts receivable before and after the…

Q: What is the net profit?

A: Calculation of Direct Material UsedDirect Material Used = Purchases Direct Material + Beginning…

Q: Financial Accounting

A: Concept of Direct MaterialsDirect materials are raw materials that are used in the production of a…

Q: Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6,…

A: Step 1: Prepare the journal entries for the transactions.Transaction 1: January 9 - Provide storage…

Q: A firm sells 2,800 units of an item each year. The carrying cost per unit is $3.26 and the fixed…

Q: Don't want Ai Answer

A: 1. a. Systematic relationships create comprehensive oversightIntegrated control frameworks stress…

Q: What is the debt to equity ratio on these financial accounting question?

A: Step 1: Define Debt-to-Equity RatioThe Debt-to-Equity Ratio measures a company's financial leverage…

Q: The ending inventory be for steling supplier ltd???

A: Explanation of Ending Inventory:Ending Inventory refers to the value of unsold goods remaining at…

Q: Want to this question answer general accounting

A: Step 1: Define Outstanding SharesOutstanding shares refer to the number of shares issued by a…

Q: GENERAL ACCOUNTING

A: Explanation of Original Cost: The original cost of the machine is the amount that Nexus Technologies…

Q: Wilson Corporation acquires Greatbatch Company for $80 million cash in a merger. The balance sheets…

A: 1. Adjust Greatbatch's Assets and Liabilities to Fair ValueWhen one company acquires another, the…

Q: Calculate the net income?

A: Net income is calculated using the formula: Net Income = Revenues - Expenses Given:Revenues =…

Q: Abc

A: Step 1: Define Cash conversion cycleThe cash conversion cycle is the number of days takes the…

Q: Please given answer

A: To use the high-low method, we first need to calculate the variable cost per machine hour and then…

Q: Compute the variable cost per unit

A: Explanation of Variable Manufacturing Cost: Variable manufacturing cost represents the production…

Q: Ans plz

A: Direct Materials CostEach unit requires 3.00 pounds of materials at $5.60 per pound:Direct Materials…

Q: Estimate cost of goods sold in dollars would be

A: Simply multiply the units sold by the cost to get the cost of goods sold.Cost of goods sold = Units…

Q: The lockbox system

A: Step1: Calculate the reduction in accounts receivable:Reduction in A/R = Average A/R * Percentage…

Q: ?? Financial accounting question

A: Step 1: Define Contribution MarginContribution Margin (CM) represents the amount remaining from…

Q: Tutor need step by step answer

A: To calculate Summit Enterprises' taxable income, we need to adjust the pre-tax accounting income by…

Q: Precision Industries Incorporated is a manufacturer of electronic components. When a purchase order…

A: a. A sales order number lower than the last number.Since the sales orders are issued sequentially, a…

Q: provide correct answer general accounting

A: Calculation of the Amount RealizedAmount Realized = Cash Received + Mortgage assumed by the buyer…

Q: What was the net income reported?

A: Explanation of Net Income:Net income refers to the profit a business earns after deducting all…

Q: Answer this question general accounting

A: To compute MH's recognized gain on the sale of the installment note in 2011, we need to follow these…

Question

100%

General Accounting Question

Apex Electronics began the year with an accounts receivable
balance of $150,000 and ended the year with an accounts
receivable balance of $180,000. The company had credit sales of
$750,000.
What is the receivables turnover ratio for the 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, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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 select financial statement information from Vortex Computing. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Vortex Computing if industry average for accounts receivable turnover ratio is 4 times and days sales in receivables ratio is 85 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.
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 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?
The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?
What was the accounts receivable turnover ratio?
Northern Lights Inc. had net credit sales of $600,000 and accounts receivable of $75,000 at the beginning of the year and $85,000 at the end of the year. What is the accounts receivable turnover ratio for the company?
What is the accounts receivable turnover ratio for lakeshore electronics ?