Exercise 7-23 (Algo) Accounts receivable turnover LO A1 The following information is from the annual financial statements of Raheem Company. Net sales Accounts receivable, net (year-end) Year 3 $ 469,000 49,500 Year 2 $ 400,000 47,300 Year 1 $ 454,000 44,000 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 14.5, is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Accounts Receivable Turnover Year 2: Year 3: Choose Numerator: 1 1 Choose Denominator: Accounts Receivable Turnover = Accounts receivable turnover times times < Required 1 Required 2 >

Exercise 7-23 (Algo) Accounts receivable turnover LO A1 The following information is from the annual financial statements of Raheem Company. Net sales Accounts receivable, net (year-end) Year 3 $ 469,000 49,500 Year 2 $ 400,000 47,300 Year 1 $ 454,000 44,000 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 14.5, is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Accounts Receivable Turnover Year 2: Year 3: Choose Numerator: 1 1 Choose Denominator: Accounts Receivable Turnover = Accounts receivable turnover times times < Required 1 Required 2 >

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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The following data are taken from the financial statements of Wildhorse Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a) 2025 $594,200 4,842,800 Accounts receivable turnover Compute for each year the accounts receivable turnover. At the end of 2023, accounts receivable (net) was $542,00 2024 $ 616,500 4,054,750 2025 times 2024 times
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Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $157,200 $164,000 $171,800 Sales on account 883,300 789,130 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days This can be seen in both the in accounts receivable b. The collection of accounts receivable has turnover and the in the collection period.
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Accounts Receivable Turnover and Days' Sales in Receivables Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data were reported by Rosco for two recent years: Year 2 Year 1 Sales $7,259,850 $6,860,175 Accounts receivable 719,050 704,450 Assume that the accounts receivable were $602,250 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round your answers to one decimal place. Year 2: Year 1: b. Compute the days' sales receivables at the end of Year 2 and Year 1. Use 365 days per year your calculations. Round your answers to one decimal place. Year 2: days Year 1: days C. The change in the accounts receivable turnover from year 1 to year 2 indicates a(n) indicates a(n) - in the efficiency of collecting accounts receivable and is a(n) change. The change in the days' sales in receivables change. Check My Work Previous