Answered: For its most recent year a company had…

Name: For its most recent year a company had Sales (all on credit) of P830,0
Uploaded: 2024-03-04T10:43:15.000Z
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Description: For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of P525,000. At the beginning of the year, its Accounts Receivable were P80,000 and its Inventory was P100,000. At the end of the year, its Accounts Recei

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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For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of P525,000. At the beginning of the year, its Accounts Receivable were P80,000 and its Inventory was P100,000. At the end of the year, its Accounts Receivable were P86,000 and its Inventory was P110,000. Answer the ff: without any explanations, just answer

a. The inventory turnover ratio for the year was?

b. The accounts receivable turnover for the year was?

c. On average how many days of sales were in Accounts Receivable during the year?

d. On average how many days of sales were in Inventory during the year?

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