Question 6 of 7<>- /1View PoliciesCurrent Attempt in ProgressThe financial statements of winery Andrew Peller Limited reported net sales of $342,606 thousand for its year ended March 31,2017. Accounts receivable were $26,973 thousand at March 31, 2017, and $28,223 thousand at March 31, 2016.Calculate the company's accounts receivable turnover ratio and the average collection period for accounts receivable in days.(Round answers to 2 decimal places, e.g. 15.25. Use 365 days for calculation.)Accounts receivable turnover ratiotimesAverage collection period for accounts receivable in daysdays Question 7 of 7<>-/1View PoliciesCurrent Attempt in ProgressSandhill Co. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $401. The fund is reimbursed whenthe cash in the fund is at $55. Petty cash receipts shows that funds were disbursed for $175 of supplies and $167 of freight chargeson inventory purchases. Sandhill uses a perpetual inventory system.Sandhill follows the practice of recording the purchase of supplies to the asset account. Prepare journal entries for theestablishment of the fund and the reimbursement. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCredit(To record establishment of the fund)(To record the reimbursement)II

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Current Attempt in Progress The financial statements of winery Andrew Peller Limited reported net sales of $342,606 thousand for its year ended March 31, 2017. Accounts receivable were $26,973 thousand at March 31, 2017, and $28,223 thousand at March 31, 2016. Calculate the company's accounts receivable turnover ratio and the average collection period for accounts receivable in days. (Round answers to 2 decimal places, e.g. 15.25. Use 365 days for calculation.) Accounts receivable turnover ratio times Average collection period for accounts receivable in days days

Current Attempt in Progress The financial statements of winery Andrew Peller Limited reported net sales of $342,606 thousand for its year ended March 31, 2017. Accounts receivable were $26,973 thousand at March 31, 2017, and $28,223 thousand at March 31, 2016. Calculate the company's accounts receivable turnover ratio and the average collection period for accounts receivable in days. (Round answers to 2 decimal places, e.g. 15.25. Use 365 days for calculation.) Accounts receivable turnover ratio times Average collection period for accounts receivable in days 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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