Universal Sports Supply began the year with an accounts receivable balance of $120,000 and a year- end balance of $140,000. Credit sales of $620,000 generate a gross profit of $240,000. Calculate the receivables turnover ratio for the year.
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- Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credit sales of $750,000 generate a gross profit of $250,000. Calculate the receivables turnover ratio for the year.
- Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credit sales of $750,000 generate a gross profit of $250,000. Calculate the receivables turnover ratio for the year. Universal Sports Supply Receivables Turnover Ratio Numerator/Denominator Amounts 0 timesThe financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolero? O 15.0 times O7.5 times 22.5 times O 11.25 timesProvide Solu
- Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $100,000 and $80,000, respectively. Year-end balances for these accounts were $120,000 and $60,000, respectively. Salesfor the year of $600,000 generated a gross profit of $200,000. Calculate the receivables and inventory turnover ratios for the year.Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. Calculate the accounts receivable turnover ratio and the average collection period for the year.Need help
- Abaca Company's accounts receivable is P240,000 at the beginning of the year and 280,000 at the end of the year. Cash sales is 240,000 for the year. The accounts receivable turnover is 6x. Abaca Company's total sales for the year was P__?At the end of the fiscal year, Big Box Depot had account receivables of $1.89 billion on net sales of $8.5 billion. At the same point in time, Lumber Jack Inc. had accounts receivable of $6.3 billion on net sales of $9.2 billion. Each company had cash on hand of $600,000. Calculate the accounts receivable turnover and days' sales outstanding (DSO) for each company. Based solely on these metrics, which company reported stronger financial metrics. Explain.For its most recent year, a certain company had sales (all on credit) of $830,000 and cost of goods sold of $525,000. At the beginning of the year, its accounts receivable were $80,000 and its inventory was $100,000. At the end of the year, its accounts receivable were $86,000 and its inventory was $110,000. What is the accounts receivable turnover ratio for the year? a. 6.3 b. 7.5 c. 10.0