are presented below.End of YearBeginning of YearCash and cash equivalents$1,135$112Accounts receivable (net)3,2003,000Inventory1,4001,400Other current assets817470Total current assets$6,552$4,982Total current liabilities$3,120$2,482For the year, net credit sales were $12,710 million, cost of goods sold was $8,260 million, and net cash provided by operating activitieswas $1,253 million.Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for thecurrent year. (Round Current ratio to 2 decimal places, e.g. 1.62 and all other answers to 1 decimal place, e.g. 1.6.)Current ratioAccounts receivable turnoverAverage collection periodInventory turnoverDays in inventory:1timesdaystimesdays

Ratio Calculations:1. Current Ratio:Current Ratio = Current Assets / Current LiabilitiesCurrent…

Answered: are presented below. End of Year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE) (In Pesos) Annual Credit Sales 1,800,000 Cash 32,720 Gross Profit Margin 25% Marketable Sec. 25,000 Inventory Turnover 6 Accounts Receivable ? No. of days in a year 365 Inventories ? Average Collection Period 45 days Total Current Assets ? Current Ratio 1.6 Net Fixed Assets ? Total Asset Turnover Ratio 1.2 Total Assets ? Debt ratio 60% Accounts Payable 120,000 Notes Payable ? Accruals 20,000 Gross Profit ? Total Current Liabilities ? Long Term Debt ? *ALL SALES ARE CREDIT SALES Stockholders' Equity 600,000 Total Liab. And Equity ?
If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively?a. 4.5; 80 d. 6.0; 60b. 6.5; 55.38 e. 8.67; 41.38c. 1.44; 250
You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's account receivable turnover. Compute 3M's average collection period for accounts receivable in days.
Calculate the profit margin (net income or net profit/total sales)for Rock Castle construction for this fiscal year. What’s the percentage
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
By the end of the current period, ESMERALDA INC.'s accounts receivable balance increased by P220,000. Total credit sales made during the period amounted to P360,000,while write-offs and recoveries were P22,000 and P6,000, respectively. How much isthe total collections, including recoveries, during the period? A. 124,000B. 1,800
In 2020, HK company has net credit sales of 925,000S for the year. It had a beginning accountreceivable (net) balance of 38,000$ and an ending account receivable (net) balance of 36,000$. The HK company account receivable turnoveris a. 24.3 Ob. 25.7 Dic. 25 d. 22
Compute the annual dollar changes and percent changes for each of the following accounts. Current Yr Prior Yr Short-term investments . $374,634 $234,000 Accounts receivable 97,364 101,000 Notes payable 0 88,000
The following data are taken from the financial statements of Coronado Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover eTextbook and Media Save for Later (a2) 2022 2021 $525,000 $500,000 4,100,000 3,184,500 Average collection period 2022 times 2022 days 2021 2021 times Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Assistance Used Attempts: unlimited days Submit Answer
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 2.5.) 1. Accounts Receivable Turnover ____ times. Compute 3M’s average collection period for accounts receivable in days. (Round answer to 0 decimal places, e.g. 50. Use 365 days for calculation.) 2. Average Collection Period ____ days.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS