The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Line Item Description 20Y3 20Y2 20Y1 Accounts receivable, end of year $705,000 $ 635,000 $605,000 Sales on account 5,660,500 4,563,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume a 365 - day year. Do not round intermediate calculations. Round your answers to one decimal place. Line Item Description 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 2 fill in the blank 3 2. Days' sales in receivables fill in the blank 4 days fill in the blank 5 days
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Line Item Description 20Y3 20Y2 20Y1 Accounts receivable, end of year $705,000 $ 635,000 $605,000 Sales on account 5,660,500 4,563,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume a 365 - day year. Do not round intermediate calculations. Round your answers to one decimal place. Line Item Description 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 2 fill in the blank 3 2. Days' sales in receivables fill in the blank 4 days fill in the blank 5 days
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...
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