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Pujols Lumber Yard has a current accounts receivable balance of $387,615. Credit sales for the year just ended were $2,945,600. a. What is the receivables turnover? The days' sales in receivables? b. How long did it take on average for credit customers to pay off their accounts during the past year?

Pujols Lumber Yard has a current accounts receivable balance of $387,615. Credit sales for the year just ended were $2,945,600. a. What is the receivables turnover? The days' sales in receivables? b. How long did it take on average for credit customers to pay off their accounts during the past year?

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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Pujols Lumber Yard has a current accounts receivable balance of $387,615. Credit sales for the year just ended were $2,945,600. a. What is the receivables turnover? The days' sales in receivables? b. How long did it take on average for credit customers to pay off their accounts during the past year?
Transcribed Image Text:Pujols Lumber Yard has a current accounts receivable balance of $387,615. Credit sales for the year just ended were $2,945,600. a. What is the receivables turnover? The days' sales in receivables? b. How long did it take on average for credit customers to pay off their accounts during the past year?
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