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THE FOLLOWING DATA ARE TAKEN FROM THE FINANCIAL STATEMENTS OF KRAWCHECK INC.  TERMS OF ALL SALES ARE 2/10, N/55.                                                                    2014        2013          2012 ACCOUNTS RECEIVABLE, EOY                   500,000    475,000     440,000 NET SALES ON ACCOUNT                      3,412,500   2,836,500 FOR 2013 AND 2014, DETERMINE (1) THE ACCOUNTS RECEIVABLE TURNOVER AND (2) THE NUMBER OF DAYS' SALES IN RECEIVABLES.  ROUND TO THE NEAREST DOLLAR AND ONE DECIMAL PLACE.

THE FOLLOWING DATA ARE TAKEN FROM THE FINANCIAL STATEMENTS OF KRAWCHECK INC.  TERMS OF ALL SALES ARE 2/10, N/55.                                                                    2014        2013          2012 ACCOUNTS RECEIVABLE, EOY                   500,000    475,000     440,000 NET SALES ON ACCOUNT                      3,412,500   2,836,500 FOR 2013 AND 2014, DETERMINE (1) THE ACCOUNTS RECEIVABLE TURNOVER AND (2) THE NUMBER OF DAYS' SALES IN RECEIVABLES.  ROUND TO THE NEAREST DOLLAR AND ONE DECIMAL PLACE.

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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THE FOLLOWING DATA ARE TAKEN FROM THE FINANCIAL STATEMENTS OF KRAWCHECK INC.  TERMS OF ALL SALES ARE 2/10, N/55.

                                                                   2014        2013          2012

ACCOUNTS RECEIVABLE, EOY                   500,000    475,000     440,000

NET SALES ON ACCOUNT                      3,412,500   2,836,500

FOR 2013 AND 2014, DETERMINE (1) THE ACCOUNTS RECEIVABLE TURNOVER AND (2) THE NUMBER OF DAYS' SALES IN RECEIVABLES.  ROUND TO THE NEAREST DOLLAR AND ONE DECIMAL PLACE.

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