Pine Hardware Store had the following data: Credit Sales $4,225,000 Cost of Goods Sold $3,000,000 Accounts Receivables Beg. Balance $600,000 Accounts Receivables Ending Balance $700,000 The receivables turnover ratio was: a. 8.6 times b. 6.5 times c. 4.6 times d. 5 times

Pine Hardware Store had the following data: Credit Sales $4,225,000 Cost of Goods Sold $3,000,000 Accounts Receivables Beg. Balance $600,000 Accounts Receivables Ending Balance $700,000 The receivables turnover ratio was: a. 8.6 times b. 6.5 times c. 4.6 times d. 5 times

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: What is the degree of opereting leverage?

A: To calculate the Degree of Operating Leverage (DOL), we first need to determine the contribution…

Q: None

A: Step 1:The retail inventory method is used by retail businesses for inventory accounting and…

Q: The following data were taken from the accounts of Burnside Bedknobs, a retail business. Determine…

A: To determine the Gross Profit, we use the following formula: Gross Profit = Net Sales - Cost of…

Q: Don't want incorrect answer

A: Explanation of Historical Cost Principle: The historical cost principle is a fundamental accounting…

Q: Solve this general accounting problem

A: Explanation of Total Asset Turnover:Total Asset Turnover measures how efficiently a company uses its…

Q: The estimated allocation base is 39,800 machine hours and the estimated total manufacturing overhead…

A: Explanation of Manufacturing Overhead:Manufacturing overhead refers to all the indirect costs…

Q: I need this question answer general Accounting

A: Step 1: Identify the given valuesStep 2: Use the Rate of Return FormulaStep 3: Substitute the given…

Q: The net sales for Casual Fashions, Inc. last year amounted to $1,126,800 and the average inventory…

A: To solve this problem, we will calculate the inventory turnover at retail and compare it with the…

Q: None

A: Step 1: Definition of TurnoverTurnover, in this context, refers to the asset turnover ratio, which…

Q: General accounting question please solve

A: To calculate the total return for owning Green Mountain Coffee's stock during the year, we use the…

Q: Sub. GENERAL ACCOUNT

A: Here's how we calculate each item step by step: Given:Sales Revenue = $510,000Sales Returns and…

Q: Given correct answer general Accounting

A: Step 1: Identify the fixed overhead allocation rate per direct labor hourStep 2: Identify the direct…

Q: Hi teacher please help me this question solution

A: Step 1: Definition of Bank ReconciliationBank reconciliation is a process to match the company's…

Q: Hi expert please give me answer general accounting question

A: To calculate the rate of return, the formula is: Rate of Return = ((Ending Price - Beginning Price +…

Q: Best Electronics offers trade discounts of 30%, 20%, and 10% in sequence. If the list price of an…

A: (Hope this helps)

Q: None

A: To calculate the total return for owning Green Mountain Coffee's stock during the year, we use the…

Q: Answer? ? Financial accounting question

A: Step 1: Define Corporate Income TaxThe corporate income tax is imposed on corporate entities' annual…

Q: Ending inventory?

A: Explanation: In the given case, we are required to calculate the amount of ending inventory from the…

Q: Answer? ? Financial accounting

A: Step 1: Define Overhead AllocationOverhead Allocation is the process of distributing indirect costs…

Q: Hello tutor please help me this question general accounting

A: Step 1:Buyer saves money equal to the Discount allowed on the purchase if it pays the trade credit…

Q: What is the firm's net income

A: To calculate the firm's net income, we need to break the problem into steps using the given…

Q: Get correct answer the general accounting

A: Step 1: Define Supplies ExpenseSupplies expense refers to the cost of supplies used during the…

Q: The time value of money concept is most relevant to: 1) Petty cash management 2) Long-term financial…

A: The time value of money (TVM) is the concept that money available today is worth more than the same…

Q: General accounting

A: Step 1: Define Straight-Line MethodThe straight-line method is one of the methods of calculation of…

Q: Get correct answer general accounting question

A: The necessary data to be used in this calculation are:Earnings Per Share (EPS) = $5.00Market Price…

Q: None

A: To determine the selling price per unit, we use the profit formula:Profit=(Selling Price per…

Q: Solve this financial accounting problem

A: Explanation of Equity Multiplier:The Equity Multiplier measures how much of a company's assets are…

Q: Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security…

A: Concept of Gross Wages: Gross wages represent the total amount of money earned by an employee before…

Q: None

A: To solve the problem, we use the loan payoff formula: N=log(1/(1−Pr/M)) / log(1+r) where:P=2000…

Q: What is the coefficient of variation for this company on these financial accounting question?

A: The coefficient of variation (CV) is calculated using the formula: CV=μσ Where:σ is the standard…

Q: What is the net income for this general accounting question?

A: Step 1: Define Corrected Net IncomeCorrected net income is the adjusted net income after…

Q: Jacoby Company received an offer from an exporter for 22,300 units of a product at $19 per unit. The…

A: Step 1: Understand the ContextJacoby Company has received an offer to sell 22,300 units of a product…

Q: Calculate the debt ratio based on the following information: cash = $14,870; accounts receivable =…

A: The Debt Ratio measures the proportion of a company's assets that are financed by liabilities and is…

Q: financial accounting question

A: Step 1: Define Bond AmortizationBond Amortization refers to the process of gradually reducing the…

Q: Provide correct answer general Accounting question

A: Step 1: Define Profitability Index (PI)The Profitability Index (PI) is a financial metric that…

Q: Given correct answer financial accounting question

A: To determine the recognized gain, we use the formula for calculating a recognized gain when a…

Q: Find out the margin ratio

A: Explanation of Contribution Margin Ratio:The contribution margin ratio is a financial metric that…

Q: Simba Company's standard materials cost per unit of output is $13.63 (2.35 pounds * $5.80). During…

A: Explanation of Standard Cost: Standard Cost represents predetermined estimates of the cost elements…

Q: Answer? ? Financial accounting question

A: Step 1: Define Retained EarningsRetained Earnings represent the portion of a company's net income…

Q: What is the answer

A: Step 1: Increase in contribution margin Increase in contribution margin = Increase in sales x (Sales…

Q: During March, the production department of a process operations system completed and transferred…

A: To compute the number of physical units transferred to finished goods, we add the units completed…

Q: Hii expert please provide correct answer financial accounting question

A: The terms "2/5, net 30" indicate that the buyer can receive a 2% discount if the bill is paid within…

Q: Direct labor costs related to production are:

A: Option a: This option is incorrect because direct labor is a direct cost, not part of indirect…

Q: Please provide answer this general accounting question

A: First, let's calculate the loan amount:Purchase price = $750,000Down payment = 40% × $750,000 =…

Q: Quick answer of this accounting questions

A: Step 1: Calculate allocated manufacturing overhead1. Direct Labor Cost: $32,8002. Manufacturing…

Q: Calculate the net income of the company

A: Explanation of Net Income: Net income represents the company's total profit or earnings after…

Q: general Account. solution need

A: Direct labor costs related to production are treated as product costs and are included in the cost…

Q: Accounting question answer

A: Step 1: Define Gross ProfitGross profit is the calculation of profitability made by a company before…

Q: General Accounting

A: Explanation for a: Depreciation under straight-line method can be calculated using the following…

Q: General accounting

A: To calculate the Holding Period Return (HPR), use the formula.…

Question

The receivables turnover ratio?

Pine Hardware Store had the following data:
Credit Sales
$4,225,000
Cost of Goods Sold
$3,000,000
Accounts Receivables Beg. Balance
$600,000
Accounts Receivables Ending Balance $700,000
The receivables turnover ratio was:
a. 8.6 times
b. 6.5 times
c. 4.6 times
d. 5 times

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Total sales at a store are $1,000,000 and 80% of those sales are on credit. Thebeginning and ending accounts receivable balances are $100,000 and $140,000,respectively. What is the accounts receivable turnover?a. 3.33b. 6.67c. 8.33d. 10.67
Logan Sales provides the following information: Net credit sales: $770,000 Beginning net accounts receivable: $45,000.00 Ending net accounts receivable: $22,000 Calculate the accounts receivable turnover ratio. (Round your answer to the nearest whole number.) A. 23 times B. 35 times C. 33 times D. 17 times
Zips Corp reports the following: Net Credit Sales 100,000 A/R Jan 1 10,000 ADA Jan 1 1,000 A/R Dec 31 15,000 ADA Dec 31 2,000 The Accounts Receivables Turnover Ratio is O 10 9.09 O 100 08
Please given answer general Accounting
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 / × = days
Powers Company reported net sales of $1,310,000, average Accounts Receivable, net of $67,500, and net income of $55,700. The accounts receivable turnover ratio is: Multiple Choice 0.52 times. 18.4 times. 36.8 times. ...
Need help
A company reports the following: Line Item Description Amount Sales $235,060 Average accounts receivable (net) 51,100 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a. Accounts receivable turnover b. Days' Sales in Receivables
Correct answer? ? General Accounting