Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500 Required: 1. Compute the accounts receivable turnover ratio in 2021: times Required Computation: 2. What is the average collection period, in days, for accounts receivable: _days Required Computation: 3. Compute the inventory turnover for 2021. Required Computation: 4. Compute the average length of time in days to sell inventory. Required Computation:

Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500 Required: 1. Compute the accounts receivable turnover ratio in 2021: times Required Computation: 2. What is the average collection period, in days, for accounts receivable: _days Required Computation: 3. Compute the inventory turnover for 2021. Required Computation: 4. Compute the average length of time in days to sell inventory. Required Computation:

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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