Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in DaysLast year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following balances: January 1December 31Accounts receivable$725,000$775,000Inventory450,000425,000Required:Note: Round answers to one decimal place. Assume 365 days per year.1. Calculate the average accounts receivable.$fill in the blank 12. Calculate the accounts receivable turnover ratio.fill in the blank 2 times3. Calculate the accounts receivable turnover in days.fill in the blank 3 day

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Description: Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in DaysLast year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following ba

Given in the question: Net Sales = $8,987,000 Accounts receivables on January 1 = $725,000 Accounts…

Answered: Calculating the Average Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days

Last year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following balances:

	January 1	December 31
Accounts receivable	$725,000	$775,000
Inventory	450,000	425,000

Required:

Note: Round answers to one decimal place. Assume 365 days per year.

1. Calculate the average accounts receivable.
$fill in the blank 1

2. Calculate the accounts receivable turnover ratio.
fill in the blank 2 times

3. Calculate the accounts receivable turnover in days.
fill in the blank 3 day

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