Accounts Receivable AnalysisThe following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45.20Y320Y220Y1Accounts receivable, end of year$476,800$420,000$377,000Sales on account4,125,2803,347,400a. For 2012 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculationsto the nearest dollar and final answers to one decimal place. Assume a 365-day year.1. Accounts receivable turnover2. Number of days' sales in receivables20Y3b. The collection of accounts receivable hasand thein the collection period.20Y2daysdaysThis can be seen in both thein accounts receivable turnover

Formula:Accounts receivable turnover = Net credit sales / Average accounts receivables.Division of…

data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, 20Y3 20Y2 20Y1 eivable, end of year $476,800 $420,000 $377,000 ount 4,125,280 3,347,400 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sale est dollar and final answers to one decimal place. Assume a 365-day year. receivable turnover 20Y3 of days' sales in receivables ction of accounts receivable has in the collection period. 20Y2 days days This can be seen in both the

data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, 20Y3 20Y2 20Y1 eivable, end of year $476,800 $420,000 $377,000 ount 4,125,280 3,347,400 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sale est dollar and final answers to one decimal place. Assume a 365-day year. receivable turnover 20Y3 of days' sales in receivables ction of accounts receivable has in the collection period. 20Y2 days days This can be seen in both the

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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Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Υ2 20Υ1 Accounts receivable, end of year $127,800 $135,000 $142,400 Sales on account 775,260 748,980 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 20Υ2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has improved • v. This can be seen in both the increase V in accounts receivable turnover and the decrease V in the collection period.
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