The comparative statements of Lily Company are presented here.Net salesLily CompanyIncome StatementsFor the Years Ended December 31Cost of goods soldGross profitSelling and administrative expensesIncome from operationsOther expenses and lossesInterest expenseIncome before income taxesIncome tax expenseNet incomeAssetsCurrent assetsCashDebt investments (short-term)Accounts receivable (net)InventoryTotal current assetsPlant assets (net)Total assetsLily CompanyBalance SheetsDecember 31Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payableStockholders' equityCommon stock ($5 par)Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equity282,200265,700547,900$971,800$1,815,1001,011,3002022803,800517,400286,4002022267,60080,016$ 187,584$60,10068,10018,800304,000161,700465,700$852,700116,200123,100367,500604.300$971,800$160,3002021$64,60050,200102,900114,500332,200520,500$852,700$144,1002021$1,745,300995,000750,300479,000271,30013,500257,80077,100$ 180,700All sales were on credit. Net cash provided by operating activities for 2022 was $232,000. Capital expenditures were $138,000, andcash dividends paid were $83,584. (d)(e)(f)(g)(h)(i)(j)(k)(1)Current ratioAccounts receivable turnoverAverage collection periodInventory turnoverDays in inventoryTimes interest earnedAsset turnoverDebt to assets ratioFree cash flow$:1timesdaystimesdaystimestimes%

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Business

Accounting

(d) (e) Current ratio Accounts receivable turnover (f) Average collection period :1 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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Compute for each year the accounts receivable turnover. (Raunda
calculate these (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days
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Percent of sales method At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,350,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ X Allowance for Doubtful Accounts $ X Bad Debt Expense $ X c. Determine the net realizable value of accounts receivable. < $ X
Based on the financial statements provided, compute the following financial ratios. Show your workings and round your figures to 2 decimal places. Ratio 2020 2019 Current Ratio Quick Ratio Debt Ratio (%)
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19. The accounts receivable turnover is 8.14, and average net accounts receivable during the period is $400,000. What is the amount of net credit sales for the period? Brief Exercises Identify different types of receivables. BE8.1 (LO 1), C The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balan a. Sold merchandise on account for $64,000 to a customer. b. Received a promissory note of $57,000 for services performed. c. Advanced $10,000 to an employee. Record basic accounts receivable transactions. PEO AR Rooord the following transactions on the books of Jarvis Co. (Omit cost of goods sold entries.)
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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
What does the accounts receivable turnover ratio measure? Multiple Choice Average balance of accounts receivables How quickly accounts receivable turn into cash How quickly inventory turns into accounts receivable How quickly the accounts receivable balance increases
please answer questions 13, 14, and 15
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