The financial statements of the Bolton Manufacturing Company reported net sales of $530,000 and account receivable of $68,000 and $32,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolton?

The financial statements of the Bolton Manufacturing Company reported net sales of $530,000 and account receivable of $68,000 and $32,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolton?

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 56P: The following selected information is taken from the financial statements of Arnn Company for its...

See similar textbooks

Related questions

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of MarkupMarkup is the amount added to the cost of a product to arrive at its…

Q: How much are total overhead costs at this level of activity on these general accounting question?

A: Step 1: Define Total Overhead CostsTotal overhead costs are the sum of variable and fixed overhead…

Q: General accounting

A: To calculate the Return on Equity (ROE), we use the following formula: ROE=Profit Margin×Asset…

Q: VR Corporation makes a product whose direct labor standard are 1.3 hours per unit and $14 per hour.…

A: Explanation of Labor Rate Variance:Labor rate variance is the difference between the actual labor…

Q: What is variance?

A: Explanation of Direct Labor Price Variance:Direct Labor Price Variance refers to the difference…

Q: General Accounting solve this problem

A: Explanation: The formula to calculate direct material price variance is as follows:Direct materials…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Return on Common Equity (ROCE)Return on Common Equity (ROCE) measures the…

Q: Hello teacher please help me this question

A: Step 1: Define Equivalent UnitsThe units or products in the manufacturing process, when multiplied…

Q: Baltimore Company experienced an increase in total assets of $15,500 during the current year. During…

A: Explanation: In the given case, we are provided with the following data:Increase in total assets =…

Q: Please provide answer this accounting question

A: Step 1: Define Lower-of-Cost-or-Market RuleThe lower-of-cost-or-market (LCM) rule is an accounting…

Q: Need help with this accounting questions

A: Step 1: Definition of MarginMargin refers to the profit or net operating income generated from an…

Q: The Billings on Construction in Progress account is a(n): a. contract revenue account. b. inventory…

A: The correct answer is:c. contra-inventory account. Explanation:The Billings on Construction in…

Q: An electronics store sold a home theater system to an employee for $400, even though the retail…

A: Explanation of Cost Price: This is the price calculated by reducing the retail price by the gross…

Q: The variance." department may be responsible to incur a "sales volume A) Marketing B) Production C)…

A: The question pertains to sales volume variance. Sales volume variance refers to the difference…

Q: Choose correct option in this account query.

A: Step 1: Key InformationBeginning Inventory:Units: 750Materials Cost: $7,800 (60% complete)Conversion…

Q: Your plant produces 134 snowmobiles per month. Direct costs are $2,540 per snowmobile. The monthly…

A: Step 1: Formula Average cost per snowmobile = Direct costs per snowmobile + (Overhead cost/Number of…

Q: Hi expert please give me answer general accounting question

A: Solutionnet income = revenues - expensesnet income = $72,000 - $65,000net income = $7,000since…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Sustainable Growth Rate (SGR)The sustainable growth rate (SGR) is the maximum…

Q: Provide correct answer financial Accounting

A: Step 1: Define Process costingProcess costing is a method of collecting direct costs and…

Q: Provide correct answer general accounting

A: Step 1: Define Sales of A Target ProfitIn accounting, the level of sales (in dollars or in units) of…

Q: Get correct answer accounting questions

A: Step 1: Definitions of Gross Profit Margin Percentage (GPM%): Measures the percentage of revenue…

Q: Gantner Company had the following department information about physical units and percentage of…

A: To calculate the total equivalent units for materials, we follow the weighted-average method. Since…

Q: Hello tutor please provide correct answer general Accounting question

A: Note: The question has stated the purchase price per share as 531, but the sale price given per…

Q: Babel Ltd uses predetermined overhead rates based on labor hours. The monthly budgeted overhead is…

A: Explanation of Predetermined Overhead Rate: Predetermined Overhead Rate is a calculated rate used to…

Q: Calculate their free cash flow for 2016 and 2017

A: A) 2016 free cash flowNet cash flow from operating activity = $353,000Net cash flow used for…

Q: I need this question answer general accounting question

A: Step 1: Define Capital ExpenditureCapital expenditure refers to the sum of capitalized expenses that…

Q: Provide correct answer financial accounting

A: Step 1: Define Cost Of Long-Term DebtWithin a business, the cost of long-term debt is the firm's…

Q: Please given correct answer general Accounting

A: Step 1: Define Direct Labor Cost VarianceThe direct labor cost variance consists of two components,…

Q: Richard Inc. expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15…

A: Step 1: Understand the FormulaThe formula to calculate planned production is: Planned…

Q: Baltimore's total liabilities are _. # General Account #

A: Step 1: Understand the QuestionLiabilities are obligations the company owes to others, such as debts…

Q: Sherman, Inc. manufactures chainsaws that sell for $66. Each chainsaw uses $14 in direct materials…

A: Explanation of Direct Materials:Direct materials are the raw materials that are directly traceable…

Q: Financial accounting question

A: Step 1: Define Operating Cash FlowOperating cash flow helps determine the cash flow from assets and…

Q: Please give me true answer this general accounting question

A: Explanation: Gain (or loss) on sale of equipment can be calculated by deducting the carrying amount…

Q: Accounting 21

A: Concept of FIFO (First-In, First-Out) MethodThe FIFO method is an inventory valuation technique…

Q: Need help with this accounting questions

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is calculated…

Q: The weighted average unit contribution margin for swifty??

A: Step 1: Define Contribution Margin AnalysisThe contribution margin analysis is used to ascertain the…

Q: What is the actual total direct materials cost for the current period on these general accounting…

A: Step 1: Definition of Actual Direct Materials CostThe actual direct materials cost can be determined…

Q: Correct answer

A: Solution= desired ending inventory on Jan 31 + required for production in January - beginning…

Q: Get solve this general accounting question

A: Step 1: Define Retained EarningsRetained earnings are the portion of net income that is kept in the…

Q: I need this question answer general accounting question

A: To calculate the Free Cash Flow (FCF) for year one, we follow these steps: Formula for Free Cash…

Q: Answer? ? General Accounting question

A: Step 1: Define Equivalent units of productionIn accounting terms, equivalent units of production are…

Q: I need this question answer general accounting question

A: To solve this problem, let's use the relationships between standard cost, actual cost, labor…

Q: Financial Accounting Question need help

A: Step 1: Define Receivables Turnover and Days' Sales in ReceivablesReceivables Turnover: This ratio…

Q: Get correct answer accounting questions

A: To determine the total manufacturing costs, we sum up the direct materials used, direct labor, and…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: First, we need to calculate the net sale price. The list price of each unit is $750 and Thomas…

Q: Please solve this question general accounting

A: Step 1: Define Profit MarginProfit Margin is an accounting estimate, which helps firms in knowing…

Q: Need help with this accounting questions

A: Step 1: Definition of Selling PriceThe selling price is the amount at which an item is sold. It is…

Q: Singh Company plans to sell 9,200 purple lawn chairs during May, 7,300 in June, and 9,200 during…

A: Definition of Production Calculation Based on Sales and Ending Inventory:Production requirements are…

Q: Please answer do fast and step by step calculation with explanation for this financial accounting…

A: Step 1: Define Selling PriceThe selling price of the product is used to calculate the total revenue…

Q: A company's accounts receivable shows $180,000 at year-end. If their average collection period is 45…

A: Concept of Accounts Receivable (AR): Accounts receivable represents the amount of money a company is…

Question

Question: financial accounting (8 marks)

The financial statements of the Bolton
Manufacturing Company reported net sales
of $530,000 and account receivable of
$68,000 and $32,000 at the beginning of the
year and end of the year, respectively. What
is the receivables turnover ratio for Bolton?

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

Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. 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.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
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.
The financial statements of the Sunland Company reports net sales of $438450 and accounts receivable of $80000 and $31000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Sunland Company?
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
The financial statements of the Splish Brothers Inc. reports net sales of $360000 and accounts receivable of $48000 and $21600 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
heridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000. The balance in accounts receivable at the beginning of the year was $110400 and at the end of the year was $143600. What was the accounts receivable turnover?
The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 602,250 584,000 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
Please help
The financial statements of the Sheffield Corp. reports net sales of $690150 and accounts receivable of $98000 and $31000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Sheffield Corp.? O 22.3 times O 5.4 times O 7.0 times O 10.7 times
Compute the following ratios on these accounting question