6 Cash and cash equivalentsAccounts receivable (net)InventoryPrepaid expensesProperty, plant, and equipment (net)Accounts payableWages payableIncome tax payableLong-term bank loan payableCommon sharesRetained earnings2024Accounts receivable turnover ratioAverage collection period$55,116177,596410,3089,186$77,700138,750277,5005,550376,000237,000 136,000410,00047,60021,600356,000207,000193,0062023The company had sales of $887,980 in 2024 and $832,500 in 2023. All sales were on account.31,40017,600Calculate Carla Vista's accounts receivable turnover ratio and average collection period for the current and preceding years. Forthe accounts receivable turnover ratio, use the balance of accounts receivable at each year end for this calculation, rather thanaverage balances. (Round accounts receivable turnover ratio to 2 decimal places, e.g. 15.25 and average collection period to 1 decimalplace, e.g. 15.1. Use 365 days for calculation.)2024257,000207,000226,500timesdays2023timesdays

ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Property, plant, and equipment (net) Accounts payable Wages payable Income tax payable Long-term bank loan payable Common shares Retained earnings 2024 Accounts receivable turnover ratio Average collection period $55,116 177,596 410,308 9,186 $77,700 138,750 277,500 5,550 376,000 237,000 136,000 410,000 47,600 21,600 356,000 207,000 193,006 The company had sales of $887,980 in 2024 and $832,500 in 2023. All sales were on account. 2023 Calculate Carla Vista's accounts receivable turnover ratio and average collection period for the current and preceding years. For the accounts receivable turnover ratio, use the balance of accounts receivable at each year end for this calculation, rather than average balances. (Round accounts receivable turnover ratio to 2 decimal places, e.g. 15.25 and average collection period to 1 decimal place, e.g. 15.1. Use 365 days for calculation.) 31,400 17,600 257,000 207,000 226,500 2024 times days 2023 times days

Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Property, plant, and equipment (net) Accounts payable Wages payable Income tax payable Long-term bank loan payable Common shares Retained earnings 2024 Accounts receivable turnover ratio Average collection period $55,116 177,596 410,308 9,186 $77,700 138,750 277,500 5,550 376,000 237,000 136,000 410,000 47,600 21,600 356,000 207,000 193,006 The company had sales of $887,980 in 2024 and $832,500 in 2023. All sales were on account. 2023 Calculate Carla Vista's accounts receivable turnover ratio and average collection period for the current and preceding years. For the accounts receivable turnover ratio, use the balance of accounts receivable at each year end for this calculation, rather than average balances. (Round accounts receivable turnover ratio to 2 decimal places, e.g. 15.25 and average collection period to 1 decimal place, e.g. 15.1. Use 365 days for calculation.) 31,400 17,600 257,000 207,000 226,500 2024 times days 2023 times days

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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