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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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