Use the following financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Ending Accounts Receivable Year Net Credit Sales 2017 $690,430 $335,250 2018 05,29ר 364,450 2019 70,500ר 406,650 A. Compute the accounts receivable turnover ratios for 2018 and 2019. Round your answers to two decimal places. 2018 times 2019 times B. Using the accounts receivable turnover, choose the statement that most closely describes the company's management of its receivables. a. The company's lending policies may be too strict. b. Collection efforts are not aggressive enough. There may be uncollectable receivables affecting the beginning and ending c. balances. d. All of the above statements may be correct. a b d

Use the following financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Ending Accounts Receivable Year Net Credit Sales 2017 $690,430 $335,250 2018 05,29ר 364,450 2019 70,500ר 406,650 A. Compute the accounts receivable turnover ratios for 2018 and 2019. Round your answers to two decimal places. 2018 times 2019 times B. Using the accounts receivable turnover, choose the statement that most closely describes the company's management of its receivables. a. The company's lending policies may be too strict. b. Collection efforts are not aggressive enough. There may be uncollectable receivables affecting the beginning and ending c. balances. d. All of the above statements may be correct. a b d

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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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,463,630, beginning accounts receivable balance of $588,900, and an ending accounts receivable balance of $626,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day’s sales ratio is 180 days? a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years’ data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.
The numerator in calculating the accounts receivable turnover is a. average accounts receivable b. accounts receivable at year-end c. sales d. total assets
Evaluating Accounts Receivable Turnover for CompetitorsThe Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances. $ millions Procter & Gamble Colgate-Palmolive 2018 Net sales $66,832 $15,544 2018 Accounts receivable 4,639 1,386 2017 Accounts receivable 4,548 1,465 a. Compute the accounts receivable turnover and DSO for both companies for 2018.Note: Do not round until your final answer.Note: Round your final answers to one decimal place (for example, enter 6.8 for 6.77555). Procter & Gamble Colgate-Palmolive AR turnover Answer Answer DSO Answer Answer
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Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.
westigate Paragraph S a. Accounts receivable turnover b. Number of days' sales in receivables Accounts receivable, end of year Sales on account EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. 1. Accounts receivable turnover F5 2. Number of days' sales in receivables 2013 F6 W6-Financial Ratio Analysis - Exercise #1.docx Q Search 20Y2 $182,600 $197,000 1,043,900 1,001,560 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 F7 20 8 18.3 F8 I Styles days F9 20Y1 $211,800 Days prt sc F10 20Y2 DALL home F11 W Days end F12 insert
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How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!
Yao Company reports the following in its 2021 annual report: Sales Accounts Receivable 2021 2020 2019 $2,650,000 $2,800,000 $2,500,000 $250,000 $240,000 $200,000 Answer the following question(s) by filling in the blanks. Do not include any symbols besides decimals in your answers (do not input commas). Formulas are provided after the questions. 1. Calculate the accounts receivable turnover for A. 2021. [1A] times B. 2020. [2A] times Accounts Receivable Turnover = Sales Revenue / Average Accounts Receivable [1A] = 11.52 x (/10.8+/) [1B] = 12.17 x (/12.7+/) 2. Calculate the average collection period for A. 2021. [2A] days B. 2020. [2B] days Average Collection Period Average Accounts Receivable / Average Daily Sales = 365/ Accounts Receivable Turnover = Yao Company reports the following in its 2021 annual report: Sales Accounts. Receivable C 2021 2020 2019 $2,650,000 $2,800,000 $2,500,000 $250,000 $240,000 $200,000 Answer the following question(s) by filling in the blanks. Do not include…
The following data are taken from the financial statements of Wildhorse Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a) 2025 $594,200 4,842,800 Accounts receivable turnover Compute for each year the accounts receivable turnover. At the end of 2023, accounts receivable (net) was $542,00 2024 $ 616,500 4,054,750 2025 times 2024 times
A company reports the following: Line Item Description Amount Sales $1,069,085 Average accounts receivable (net) 105,850 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.
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