Question: The following balance sheet information was provided by Bentom Company: Assets Cash 2019 2018 $3,500 $3,000 Accounts receivable $22,500 $20,500 Inventory $39,000 $45,000 Assuming 2019 net credit sales totaled $135,000, what were the company's average days to collect receivables?

Question: The following balance sheet information was provided by Bentom Company: Assets Cash 2019 2018 $3,500 $3,000 Accounts receivable $22,500 $20,500 Inventory $39,000 $45,000 Assuming 2019 net credit sales totaled $135,000, what were the company's average days to collect receivables?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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The following is select financial statement information from Vortex Computing: Year Net Credit Sales Ending Accounts Receivable 2018 $1,557,200 $398,000 2019 $1,755,310 $444,400 2020 $1,865,170 $500,780 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2019 and 2020 (round answers to two decimal places): 2019 Accounts Receivable Turnover = ["", "", "", ""] times. 2019 Days' Sales in Receivables = ["", "", "", ""] days. 2020 Accounts Receivable Turnover = ["", "", "", ""] times. 2020 Days' Sales in Receivables = ["", "", "", ""] days. What do the outcomes tell a potential investor about Vortex Computing, if 2020 industry average for accounts receivable turnover ratio is 4.00 times and days’ sales in receivables ratio is 91.25 days? It takes Vortex Computing ["", "", ""] its competitors in the industry to collect on accounts receivable. If a lender were deciding between companies,…
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