Accounts Receivable AnalysisThe following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45.20Υ320Υ220Y1Accounts receivable, end of year$106,000$113,000$120,600Sales on account689,850665,760a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations tothe nearest dollar and final answers to one decimal place. Assume a 365-day year.20Y320Y21. Accounts receivable turnover2. Number of days' sales in receivablesdaysdaysb. The collection of accounts receivable hasThis can be seen in both thein accounts receivable turnover andthein the collection period.

Trade Receivable Turnover ratio - It is used to measure how effective a company is in extending…

The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Υ3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 689,850 665,760 . For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receiva he nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days o. The collection of accounts receivable has in the collection period. . This can be seen in both the he

The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Υ3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 689,850 665,760 . For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receiva he nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days o. The collection of accounts receivable has in the collection period. . This can be seen in both the he

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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A company reports the following: Sales $572,320Average accounts receivable (net) 20,440
A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover. b. Determine the number of days' sales in receivables.
Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $481,916 Cost of goods sold during year 220,075 Accounts receivable, beginning of year 44,464 Accounts receivable, end of year 52,698 Inventory, beginning of year 82,460 Inventory, end of year 110,155 a. 4.4 b. 9.9 c. 2.2 d. 10.8
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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
Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) Previous Year Current Year $67,096 3,896 3,696 $81,662 3,696 3,598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is the company's accounts receivable management improving or deteriorating? a. Accounts receivable turnover b. Average collection period Previous Year 17.7 x Current Year 22.4 x 21▾ 16 c. The company's receivable management Improved Check
Using the following data for the current year, determine the accounts receivable turnover. Net sales on account during the year $ 457,065 Cost of merchandise sold during the year 461,280 Accounts receivable, beginning of year 75,290 Accounts receivable, end of year 26,280 Inventory, beginning of year 185,000 Inventory, end of year 169,570 a.7 b.8 c.10 d.9
Accounts Receivable Analysis 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 $157,200 $164,000 $171,800 Sales on account 883,300 789,130 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 2. Number of days' sales in receivables days days This can be seen in both the in accounts receivable b. The collection of accounts receivable has turnover and the in the collection period.
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Twist Corp. has a current accounts receivable balance of $438,726. Credit sales for the year just ended were $3,830,500. What is the receivables turnover?
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Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days Last year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following balances: January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average accounts receivable.$fill in the blank 1 2. Calculate the accounts receivable turnover ratio.fill in the blank 2 times 3. Calculate the accounts receivable turnover in days.fill in the blank 3 day