Norwood Company reported a receivables turnover ratio of 8.4. Cost of goods sold was $370,000 and net sales revenue was $537,600. The average net receivables must have been: Multiple Choice O O O $96,000. $64,000. $48,000. $128,000.

Q: Tripod Company makes all sales on account. During the current year, Tripod has an average accounts…

A: Accounts receivable turnover is calculated by dividing the Net credit sales by the Average accounts…

Q: Sales on net credit amount to $584,000. The accounts receivable at the beginning and end are $46,000…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Need answer the questions

A: the gross profit margin tells us what a business made after deducting the direct costs incurred in…

Q: Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts…

A: Days sales in outstanding is the number of days required to collect receivables from credit…

Q: Double West Suppliers (DWS) reported sales for the year of $290,000, all on credit. The average…

A: Sales = $290,000 Average gross profit = 30% of sales   Beginning Ending Accounts receivable…

Q: A company has a receivables turnover ratio of 12. The average gross accounts receivable during the…

A: Accounts Receivable Turnover Ratio is the ratio calculated by dividing the net sales to the average…

Q: Information from three companles financial statements is shown below (amounts in millions).…

A: Ratio analysis helps stakeholders like investors, shareholders and customers to determine the actual…

Q: Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Norwood Company reported a receivables turnover ratio of 8.0. Cost of goods sold was $700,000 and…

A: Accounts receivable turnover :— It is calculated by dividing net credit sales revenue by average net…

Q: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: Calvani, Inc., has a cash cycle of 43.5 days, an operating cycle of 63 days, and an inventory period…

A: Variables in the question:Cash cycle=43.5 daysOperating cycle=63 daysInventory period=27 days Cost…

Q: Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310,…

A: Gross profit can be determined by following formula: Gross profit = Net sales - Cost of Goods sold

Q: Smart and Smiley Incorporated has an average collection period of 74 days. What is the accounts…

A: Accounts receivable turnover ratio refers to the ratio which describes the period which is consumed…

Q: Financial information is presented below: Operating expenses 38,000 Sales returns and allowances…

A: What is really left over after taxation and other tax withholding have been taken out of your…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: Consider the following facts: a. Beginning and ending Accounts Receivable are $25,000 and $27,000,…

A: The cash collection from customers includes the cash collected from the customers during the period.…

Q: What is the receivales turnover and what is the average collection period (days sales outstanding) ?

A: Information Provided: Credit sales = $10,640,000 Receivables = $1,520,000

Q: The Allowance for uncollectible accounts currently has a debit balance of $200.  The company's…

A: Allowance for Uncollectible Account Allowance for uncollectible account is the provision created…

Q: A company has net income of $184,000, a profit margin of 8.5 percent, and an accounts receivable…

A: Profit margin=Net income/SalesHence sales=(184000/0.085)=$2164705.88

Q: company has annual sales of $120,000, average accounts payable of $35,000, and average accounts…

A: Days of sales outstanding is calculated by dividing number of days in a year by accounts receivable…

Q: Red Sun Company has a current accounts receivable balance of $350,000. Credit sales for the year…

A: The average collection period, also known as the day's sales outstanding (DSO), is a measure of how…

Q: The following information is available for Rivers, Inc.:…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…

Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of…

A: In accounting gross profit refers to the profit that a business earns from selling its products…

Q: A company had net sales of $570,000, total sales of $720,000, and average accounts receivable, net…

A: Accounts receivable ratio is calculated to know how efficiently the company collects its debts…

Q: Blue Air Inc., has net sales of $735,000 and  accounts receivables of $164,000. What are the firm's…

A: Accounts Receivables Turnover Ratio measures the efficiency of the company in collecting receivables…

Q: Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable…

A: Accounts receivable: It implies to the amount that has been owed by the customers to the business.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is