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The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $175,000 $190,000 $204,200 Sales on account 1,295,750 1,281,150 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 1. Accounts receivable turnover 2. Number of days' sales in receivables b. The collection of accounts receivable has in the collection period. days 20Y2 days " This can be seen in both the in accounts receivable turnover and the

The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $175,000 $190,000 $204,200 Sales on account 1,295,750 1,281,150 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 1. Accounts receivable turnover 2. Number of days' sales in receivables b. The collection of accounts receivable has in the collection period. days 20Y2 days " This can be seen in both the in accounts receivable turnover and the

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 Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $175,000 $190,000 $204,200 Sales on account 1,295,750 1,281,150 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 1. Accounts receivable turnover 2. Number of days' sales in receivables b. The collection of accounts receivable has in the collection period. days 20Y2 days " This can be seen in both the in accounts receivable turnover and the
Transcribed Image Text:The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $175,000 $190,000 $204,200 Sales on account 1,295,750 1,281,150 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 1. Accounts receivable turnover 2. Number of days' sales in receivables b. The collection of accounts receivable has in the collection period. days 20Y2 days " This can be seen in both the in accounts receivable turnover and the
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