General Accounting Canfor Corporation reported the following selected information (in millions) for the three yearsended December 31, 2015, 2014, and 2013:2015 20142013Trade receivables (gross)$196.3 $95.0$115.3Allowance for doubtful accounts 4.53.72.7Net sales3,925.3 3,347.6 3,194.9Calculate Canfor's receivables turnover and average collection period for 2015 and 2014.

Step 1: Define Turnover ratiosTurnover ratios are a part of financial analysis it shows us how…

Answered: Canfor Corporation reported the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...

See similar textbooks

Similar questions

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)?
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 5 5 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf’s receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, e.g. 52.5.) 2018 2017 Receivables turnover enter number of times rounded to 1 decimal place times enter number of times rounded to 1 decimal place times Average collection period enter days rounded to 1 decimal place days enter days rounded to 1 decimal place days
E8-7A Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: 2015 2016 Net sales $71, 050 $81, 662 Beginning accounts receivable (net) 3, 896 4, 100 Ending accounts receivable (net) 4, 100 3, 596 Calculate the accounts receivable turnover ratio for both years Calculate the average collection period for both years. Is the company’s account receivable management improving or…
Shiplt Corporation reported the following rounded amounts (in millions): 2016 2015 $ 5,455 (315) $ 5,160 (320) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of $ 5,140 $ 4,840 Allowance Net Sales (assume all on credit) $41,000 $39,500 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect times days 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 9.7? O Improvement Decline
General accounting question
Accounts Receivable Turnover for Serial Corp. The 2015 annual report of Serial Corp. (the maker of Yumm-o's and Whee-tos) reported the following amounts (in millions of dollars): Revenues, for the year ended May 31, 2015 $15,770 Accounts receivable, net, May 31, 2015 953 Accounts receivable, net, May 31, 2014 1,082 Required: 1. Compute Serial Corp.’s accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places.fill in the blank 1 times2. What is the average collection period in days for an account receivable. (assuming 360 in a year) Round the final answer to the nearest number.fill in the blank 2 days
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $476,800 $420,000 $377,000 Sales on account 4,125,280 3,347,400 a. For 2012 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 1. Accounts receivable turnover 2. Number of days' sales in receivables 20Y3 b. The collection of accounts receivable has and the in the collection period. 20Y2 days days This can be seen in both the in accounts receivable turnover
Information about KKM Corporation’s Accounts Receivable on year end are the ff: 2015 2014 Accounts receivable, net USD4, 300, 000 USD 3, 500, 000 Allowance for doubtful accounts 1,580,000 770,000 Sales totaled USD45,000,000 for the year, with cash sales accounting for 40% of total sales. Uncollectible account write-offs amounted to USD500,000, while recoveries of previously written-off accounts totaled USD250,000. In 2015, how much was bad debt expense recognized? In 2015, how much money did KKM Corporation collected from their customers? Note* Accounts receivable should be in gross amount not the net amount before determining the answers.
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $212,000 $226,000 $241,200 Sales on account 1,292,100 1,261,440 a. For 2012 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 1. Accounts receivable turnover 5.9 V 2. Number of days' sales in days receivables 20Y2 5.4 V days
I need answer of this question solution general accounting
Cop

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS