I am computing accounts receivable turnover and am using:Net Sales over current assets for each of the questions.I got - a.) 11.3% - correct but not the rest. I am using the same formula for all of them.What am I doing wrong?Peggy I have attached the image. AA 9-2 Comparative Analysis LO A1, P2Comparative figures for Apple and Google follow.tsAppleGoogleTwo YearsTwo YearsPrior$ 17,874One YearOne Year$ millionsCurrent YearPriorCurrent YearPriorPrior$ 23,186265,595$ 20,838$ 25,326Accounts receivable, netNet sales$ 22,926260,174$ 18,336110,855еВook229, 234161,857136,819Required:1. Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google.2. Which company more quickly collects its accounts receivable in the current year?eferencesComplete this question by entering your answers in the tabs below.Required 1Required 2Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. (Round your answersto 1 decimal place.)Accounts Receivable TurnoverCurrent YearPrior Yearа. Аpleb. Google11.3 times11.5 times6.4 times6.6 times< Required 1Required 2 >

Accounts receivable is the amount of goods sold that is expected to be received from the customer in…

Comparative figures for Apple and Google follow. Аpple Google Two Years Prior Two Years One Year One Year Prior $ millions Accounts receivable, net Current Year Prior Current Year Prior $ 22,926 260,174 $ 23,186 265,595 $ 17,874 229,234 $ 25,326 161,857 $ 20,838 136,819 $ 18,336 110,855 Net sales Required: 1. Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. 2. Which company more quickly collects its accounts receivable in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. (Round your answers to 1 decimal place.) Accounts Receivable Turnover Current Year Prior Year а. Аpple b. Google 11.5 times 6.6 times 11.3 times 6.4 times

Comparative figures for Apple and Google follow. Аpple Google Two Years Prior Two Years One Year One Year Prior $ millions Accounts receivable, net Current Year Prior Current Year Prior $ 22,926 260,174 $ 23,186 265,595 $ 17,874 229,234 $ 25,326 161,857 $ 20,838 136,819 $ 18,336 110,855 Net sales Required: 1. Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. 2. Which company more quickly collects its accounts receivable in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. (Round your answers to 1 decimal place.) Accounts Receivable Turnover Current Year Prior Year а. Аpple b. Google 11.5 times 6.6 times 11.3 times 6.4 times

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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a. The Stealem Co. uses the percentage of receivable method to estimate bad debts and maintains an allowance account to reduce accounts receivable to their net realizable value. An aging of accounts receivable produced the following analysis:Probable % of non-collectionNot yet due………………………………………………… $ 175,000 1%1-30 days past due………………………………………… 90,000 4%31-60 days past due……………………………………….. 40,000 10%61-90 days past due……………………………………….. 10,000 30%Over 90 days past due…………………………………….. 15,000 50%Total $330,000 Prior to adjustment the Allowance for Bad Debts account had a $6,300 credit balance. Instructions:1. Compute the estimated amount of receivables that will not be collected based on aging. 2. Prepare the adjusting journal entry need to record bad debt expense and bring theallowance account to the correct balance. 3. If Stealem used the percentage of sales method to estimate bad debts and it is assumedthe 2% of the sales would be uncollectible. Prepare the journal entry if sales…
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A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) the days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day a. Accounts receivable turnover b. Days' Sales in Receivables Time Remaining: 1:48:20 $284,700 54,750 days Il Proctorio is sharing your screen. Stop sharing Hide
Which of the following statements is true regarding aging accounts receivable? Multiple Choice The aging method of estimating uncollectible accounts is based on the assumption that the longer an account receivable remains outstanding, the less likely it is to be collected. All of the statements are true. The aging of accounts receivable involves applying lower uncollectible percentage estimates to older receivables. An aging schedule is used to improve the estimate used in the percent of revenue method of determining the uncollectible accounts expense.
I'm needing help on these questions for my Homework. Can anyone please help me?
I need help with 5,7, and 12 please 5. Number of days in sales in receivables 7. number of days in sales in inventory 12. return on total asset i have tried working on them myself and nothing appears to be correct. Please help me on these last 3 questions for these questions i need the answer in dollar amounts as its asking for the current asset-current liabilities=calculated value i understand that number 5 is 365/16 but i need the dollar amount and number 7 is 365/6 i just need the dollar amount. Then 12 i need the dollar amount for number 5 i know its 6250000 i would assume its divided by 10000000 and get 22.8 days but my professor said it was wrong. number 7 i tried 1070000/5350000 and got 73 days which is still wrong number 12 i tried 1300000/9267500=14% and professor said wrong too
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company's common stock at the end of the year was $30. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses $ 1,090 9,200 12,500 740 $ 1,320 7,500 11,800 540 Total current assets 23,530 21,160 Property and equipment: Land 9,200 44,083 9,200 39,201 Buildings and equipment, net Total property and equipment 53,283 48,401 Total assets $76,813 $69,561 Liabilities and Stockholders' Equity Current…
If I were to have accounts receivable in the millions and were $ 74 million at the beginning of year one. How do I compute the accounts receivable turnover for year2 and 1 and what does it mean by rounding to two decimal places? What part do I round off?
us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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The accounts receivable account has a debit balance of $214,000 and the allowance for uncollectible accounts has a credit balance of $8,000. What is the "net accounts receivable (net realizable value)" that will be shown on the balance sheet? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f7 f8 f6 [X f9 f10 f11 4. 6 7 8 9. Y U 5 图 %24