Forecast the accounts receivable for Bing Inc using the following annual information. Receivable days assumption = 55 days Payable days assumption = 69 days Forecasted revenue = $263,500 Forecasted cost of goods sold = $114,780
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- Receivable days assumption = 55 days
- Payable days assumption = 69 days
- Forecasted revenue = $263,500
- Forecasted cost of goods sold = $114,780
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- Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days’ sales in receivables ratio for 2018 (round all answers to two decimal places)?Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days Last year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following balances: January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average accounts receivable.$fill in the blank 1 2. Calculate the accounts receivable turnover ratio.fill in the blank 2 times 3. Calculate the accounts receivable turnover in days.fill in the blank 3 dayA company reports the following: Sales $956,300 Average accounts receivable (net) 73,000 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover.fill in the blank 1 b. Determine the number of days' sales in receivables.fill in the blank 2
- A recent annual report for FedEx contained the following data: Numerator Denominator Numerator Denominator (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Current Year $ 9,416,000 293,000 $9,123,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Receivables turnover Average Days Sales in Receivables 365 Previous Year $ 88,452,000 397,000 $ 88,055,000 365 1.43 0 times 255.24 daysComparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company's common stock at the end of the year was $30. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses $ 1,090 9,200 12,500 740 $ 1,320 7,500 11,800 540 Total current assets 23,530 21,160 Property and equipment: Land 9,200 44,083 9,200 39,201 Buildings and equipment, net Total property and equipment 53,283 48,401 Total assets $76,813 $69,561 Liabilities and Stockholders' Equity Current…A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable balance of $106,014. Assuming 69 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 21.05 days 40.40 days 30.50 days
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- Mifflin Company reported the following for the current year: Net sales $ 60,000 Cost of goods sold 38,000 Beginning balance in accounts receivable 14,000 Ending balance in accounts receivable 6,000 Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: / Denominator: = Accounts Receivable Turnover / = Accounts receivable turnover / = times Compute the days’ sales uncollected. Days' Sales Uncollected Numerator: / Denominator: × Days = Days' Sales Uncollected / × = Days' sales uncollected / × = daysWildhorse Co. had net credit sales during the year of $1223200 and cost of goods sold of $712000. The balance in accounts receivable at the beginning of the year was $121200 and at the end of the year was $156800. What was the accounts receivable turnover? 10.8 7.5 5.6 8.8The 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 $106,000 $113,000 $120,600 Sales on account 602,250 584,000 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 fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days