Hi teacher please help me this question Selected information for 20X5 is as follows:Net sales (all on account) = $7,200,000Average receivables = $960,000Net income $720,000Assuming a 360-day year, what was the average collection period (in days) forthe receivables during 20X6?a. 7.5b. 36c. 48d. 84e. none of the above

Step 1: Define Average collection periodThe average collection period is calculated as 360 days…

Answered: Selected information for 20X5 is as…

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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You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
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A recent annual report for FedEx contained the following data: Numerator Denominator Numerator Denominator (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Current Year $ 9,416,000 293,000 $9,123,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Receivables turnover Average Days Sales in Receivables 365 Previous Year $ 88,452,000 397,000 $ 88,055,000 365 1.43 0 times 255.24 days
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19. The accounts receivable turnover is 8.14, and average net accounts receivable during the period is $400,000. What is the amount of net credit sales for the period? Brief Exercises Identify different types of receivables. BE8.1 (LO 1), C The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balan a. Sold merchandise on account for $64,000 to a customer. b. Received a promissory note of $57,000 for services performed. c. Advanced $10,000 to an employee. Record basic accounts receivable transactions. PEO AR Rooord the following transactions on the books of Jarvis Co. (Omit cost of goods sold entries.)
A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year Current Year $3,617,000 183,000 $ 4,517,000 150,000 Accounts receivable Less: Allowance for doubtful accounts $ 4,367,000 $3,434,000 Net accounts receivable $ 35,797,000 Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do not round intermediate calculations. Enter yo answers in thousands not in dollars.) Receivables Turnover Ratio Numerator 0 times Denominator Average Days Sales in Receivables Numerator 0 days Denominator II
A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year Current Year $ 4,517,000 150,000 $4,367,000 $3,617,000 183,000 Accounts receivable Less: Allowance for doubtful accounts $3,434,000 Net accounts receivable $ 35,797,000 Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do not round intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover Ratio Numerator 0 times Denominator Average Days Sales in Receivables Numerator O days Denominator
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The financial statements of the Windsor, Inc. report net sales of $372000 and accounts receivable of $49200 and $22800 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.) 75.8 45.4 35.3 25.1
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Selected information for 20X5 is as follows: Net sales (all on account) = $7,200,000 Average receivables = $960,000 Net income $720,000 Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? a. 7.5 b. 36 c. 48 d. 84 e. none of the above