Velocity Enterprises had an accounts receivable balance of $80,000 at the beginning of the year and $96,000 at the end of the year. What is the percentage change in accounts receivable at the end of the current year?

Velocity Enterprises had an accounts receivable balance of $80,000 at the beginning of the year and $96,000 at the end of the year. What is the percentage change in accounts receivable at the end of the current year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: final answer

A: Step 1: Definition of InventoryInventory is the item that the company uses in the production process…

Q: Provide answer

A: Step 1: Define Itemized DeductionsItemized deductions are those expense items that an individual…

Q: None

A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is considered to figure out the…

Q: what was the company's gross profit margin percentage?

A: Step 1: Definition of Gross Profit MarginThe gross profit margin (or gross profit ratio) measures…

Q: What was AEC's net income for the first year?

A: Explanation of Sales Revenue:Sales revenue represents the total income generated by a company from…

Q: Hi experts please provide solution this general accounting question

A: Step 1: Define Absorption CostingAbsorption costing is a costing method that includes all…

Q: The predetermined overhead rate per machine hour should be?

A: Explanation of Fixed Overhead: Fixed overhead costs are manufacturing expenses that remain constant…

Q: What was the balance in retained earnings?

A: Explanation of Paid-in Capital: Paid-in capital represents the total amount of money that…

Q: Give correct answer this financial accounting question

A: To calculate the turnover used to compute ROI, we use the following formula:Turnover = Sales /…

Q: On the factory overhead budget for the month

A: Mosco Industries follows a Just-In-Time (JIT) inventory policy, meaning the ending inventory of each…

Q: Hi expert please give me answer general accounting

A: Step 1: Formula Number of units completed = Beginning units + Additional units - Ending units Step…

Q: What is the return on total assets of this general accounting question?

A: Return on total assets = Net income / Average total assetsReturn on total assets = 2,800,000 /…

Q: Abc

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is a rate used to…

Q: How much of every retail sales dollar is made up of merchandise cost on these general accounting…

A: Step 1: Define Cost-to-Sales RatioThe Cost-to-Sales Ratio (also called the Cost-to-Retail…

Q: Provide correct solution and accounting

A: The gross profit method estimates the ending inventory using the gross profit rate. Here's how we…

Q: The following information is available for Pool company

A: Concept of Comprehensive IncomeComprehensive income is the total change in a company's equity during…

Q: Financial accounting

A: Step 1: Define Total Percentage Return measures the overall return on an investment, including both…

Q: What is the opereting leverage? General accounting

A: Step 1: Calculation of Contribution MarginVariable Costs = Sales × 60%Variable Costs = $300,000 ×…

Q: Determine cash withdrawals for the period if net income is $53,000, beginning owner's equity is…

A: Concept of Owner's EquityOwner's equity represents the owner's investment in a business after…

Q: calculate the total fixed cost.

A: Step 1: Definition of Net Operating IncomeNet operating income is the profit a company generates…

Q: answer plz .

A: Step 1: Definition of Deferred Tax LiabilityA deferred tax liability arises when a company records…

Q: provide correct answer

A: Step 1: Definition of Days Sales Outstanding (DSO)Days Sales Outstanding (DSO) measures how long it…

Q: What is the operating cycle?

A: Explanation of Operating Cycle:The operating cycle refers to the total time taken by a company to…

Q: Taylor Industries has a net income of $74.5 million and pays out $10.2 million in dividends. The…

A: To calculate the sustainable growth rate (SGR) for Taylor Industries, we use the following…

Q: General Accounting problem

A: Given Data in question:Category:Total:Per Unit:Sales$248,000$28Total Variable…

Q: Work in process inventory?

A: Explanation of Work-in-Process Inventory:Work-in-Process (WIP) Inventory refers to the partially…

Q: General Accounting

A: Step 1:First, calculate the interest cost: Interest cost = Defined benefit obligation Jan 1 *…

Q: given answer of this Financial accounting question

A: Step 1: Define Total return measures the overall gain or loss from an investment, including both…

Q: Hello teacher please help me with accounting questions

A: Step 1: Definition of Return on Total Assets (ROA)Return on Total Assets (ROA) measures a company's…

Q: Total stockholders's equity

A: Concept of Total Assets:Total assets represent the sum of all resources owned by a company that have…

Q: provide correct answer of this General accounting question

A: Step 1: Define Earnings per shareIt is used to determine the value attributable to each company's…

Q: expert of general account answer

A: Step 1: Definition of Residual IncomeResidual income (RI) is the amount of net income earned by a…

Q: Need help with this question solution general accounting

A: Step 1: Introduction to accounting equationAccounting equation refers to that equation which…

Q: July's direct materials efficiency variance is?

A: Explanation of Standard Cost: Standard cost is a predetermined estimate of the expected cost of…

Q: not use ai solution given answer General accounting

A: Step 1: Define Holding Period Return (HPR) measures the percentage return on an investment over a…

Q: Total manufacturing costs

A: Explanation of Direct Materials Used:Direct materials used refer to the raw materials that are…

Q: Overhead is applied based on $27 per direct Labor hour

A: Explanation of Direct Labor Cost:Direct labor cost refers to the wages paid to employees directly…

Q: Hello teacher help me this question

A: Detailed explanation:Beginning Inventory ---------(14,000 units x $ 17.05 cost per unit)$ 238,700…

Q: Mercury Inc. had 30,000 units of ending inventory recorded at $9.50 per unit using FIFO method.…

A: Explanation of FIFO Method: FIFO (First-In, First-Out) is an inventory valuation method that assumes…

Q: Financial Accounting

A: Step 1: Define Cash Conversion Cycle (CCC)The Cash Conversion Cycle (CCC) measures the time it takes…

Q: What effect on 2013 income should global report for creative co shares?

A: Explanation of Available-for-Sale Securities:Available-for-sale (AFS) securities are investments in…

Q: Provide Right answer

A: Concept of Manufacturing OverheadManufacturing overhead includes all indirect costs incurred in the…

Q: Financial Accounting Question please give answer

A: Step 1: Define Cash DisbursementsCash disbursements refer to actual cash payments made by a company…

Q: Partnership interest?

A: Explanation for a: In the given case, Cosmo contributed land with a fair market value of $365,000…

Q: Irving Manufacturing applies manufacturing overhead to jobs based on machine hours used. Overhead…

A: Explanation of Budgeted Manufacturing Overhead Rate: This is a predetermined rate calculated before…

Q: gross profit answer

A: Step 1: Definition of Gross ProfitGross profit is the profit remaining after deducting the cost of…

Q: Financial Accounting Question please answer

A: Step 1: Define GoodwillGoodwill is an intangible asset that arises when a company acquires another…

Q: I want the correct answer is accounting

A: Step 1: Definition of Coupon LiabilityA coupon liability represents the estimated future obligation…

Q: Answer this Accounting question

A: Explanation of Selling Price: Selling price is the final amount charged to customers for a product…

Q: Financial Accounting

A: Step 1: Define Return on Equity (ROE)The Return on Equity (ROE) is a financial ratio that measures…

Question

Get answer this general accounting question with calculation

Velocity Enterprises had an accounts receivable balance of
$80,000 at the beginning of the year and $96,000 at the end of
the year.
What is the percentage change in accounts receivable at the end
of the current year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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 financial statements of the Splish Brothers Inc. reports net sales of $360000 and accounts receivable of $48000 and $21600 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)
Blossom Company's accounts receivable account balance was $112000 at the beginning of the year and $131992 at the end of the year. Blossom's percentage change calculation at the end of the current year is O 17.85% decrease. O 15.15% decrease. O 15.15% increase. O 17.85% increase.
What is number of days sales are receivable?
What is the net realizable value of accounts receivable at the end of year, given the following information:Balance in Accounts Receivable at end of year, $104,000Balance in Allowance for Doubtful Accounts, beginning of year, $2,000 debitWrite-offs during year, $5,000Bad debt expense for year, $9,000Recoveries during year of accounts previously written-off, $2,000
What is it's accounts receivable balance on these general accounting question?
The following data are taken from the financial statements of Coronado Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover eTextbook and Media Save for Later (a2) 2022 2021 $525,000 $500,000 4,100,000 3,184,500 Average collection period 2022 times 2022 days 2021 2021 times Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Assistance Used Attempts: unlimited days Submit Answer
Yom Electronics has an accounts receivable turnover for the year of 8.2. Net sales for the period are $120,000. What is the number of days' sales in receivables? accurate answer
Yom Electronics has an accounts receivable turnover for the year of 8.2. Net sales for the period are $120,000. What is the number of days' sales in receivables?