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Compute Swiftys accounts receivable turnover for the year, assuming the receivables are sold. (Rou

Compute Swiftys accounts receivable turnover for the year, assuming the receivables are sold. (Rou

FINANCIAL ACCOUNTING
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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X Your answer is incorrect. Compute Swifty's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, eg. 4.57.) Accounts receivable turnover 40400 times Days to collect accounts receivable 109 days
Transcribed Image Text:X Your answer is incorrect. Compute Swifty's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, eg. 4.57.) Accounts receivable turnover 40400 times Days to collect accounts receivable 109 days
Presented below is information for Swifty Company. Beginning-of-the-year Accounts Receivable balance was $21,400. 2. Net sales (all on account) for the year were $103,800. Swifty does not offer cash discounts. Collections on accounts receivable during the year were $84,800. Swifty is planning to factor some accounts receivable at the end of the year. Accounts totaling $12,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,101. 1. 3.
Transcribed Image Text:Presented below is information for Swifty Company. Beginning-of-the-year Accounts Receivable balance was $21,400. 2. Net sales (all on account) for the year were $103,800. Swifty does not offer cash discounts. Collections on accounts receivable during the year were $84,800. Swifty is planning to factor some accounts receivable at the end of the year. Accounts totaling $12,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,101. 1. 3.
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