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Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2012 $6,956 Receivables Turnover Ratio Days to Collect 1,218 27 1,191 Mathis Mathis 2011 $6,531 2012 824 30 794 2010 $6,918 Hashey 950 31 919 2012 $5,202 1,042 36 Required: 1. Calculate the receivables turnover ratios and days to collect for Mathis and Hashey for 2012 and 2011. TIP: In your calculations, use average Accounts Receivable, Net of Allowance. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) Mathis 1,006 Hashey 2011 $5,168 2011 1,122 38 1,084 Hashey 2010 $5,022 694 37 657

Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2012 $6,956 Receivables Turnover Ratio Days to Collect 1,218 27 1,191 Mathis Mathis 2011 $6,531 2012 824 30 794 2010 $6,918 Hashey 950 31 919 2012 $5,202 1,042 36 Required: 1. Calculate the receivables turnover ratios and days to collect for Mathis and Hashey for 2012 and 2011. TIP: In your calculations, use average Accounts Receivable, Net of Allowance. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) Mathis 1,006 Hashey 2011 $5,168 2011 1,122 38 1,084 Hashey 2010 $5,022 694 37 657

FINANCIAL ACCOUNTING
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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Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2012 $6,956 Receivables Turnover Ratio Days to Collect 1,218 27 Mathis 1,191 Mathis 2011 2010 $6,531 $6,918 2012 824 30 794 950 31 919 Hashey 2012 $5,202 1,042 36 Required: 1. Calculate the receivables turnover ratios and days to collect for Mathis and Hashey for 2012 and 2011. TIP: In your calculations, use average Accounts Receivable, Net of Allowance. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) Mathis 1,006 Hashey 2011 $5,168 2011 1,122 38 1,084 Hashey 2010 $5,022 694 37 657
Transcribed Image Text:Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2012 $6,956 Receivables Turnover Ratio Days to Collect 1,218 27 Mathis 1,191 Mathis 2011 2010 $6,531 $6,918 2012 824 30 794 950 31 919 Hashey 2012 $5,202 1,042 36 Required: 1. Calculate the receivables turnover ratios and days to collect for Mathis and Hashey for 2012 and 2011. TIP: In your calculations, use average Accounts Receivable, Net of Allowance. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) Mathis 1,006 Hashey 2011 $5,168 2011 1,122 38 1,084 Hashey 2010 $5,022 694 37 657
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