Windsor Manufacturing Inc. has provided the following data: Item This Year Last Year Accounts Receivable $98,500 Inventory $108,200 $182,000 $169,500 $915,000 Cost of Goods Sold $640,000 Sales on Account Compute the accounts receivable turnover for this year.

Windsor Manufacturing Inc. has provided the following data: Item This Year Last Year Accounts Receivable $98,500 Inventory $108,200 $182,000 $169,500 $915,000 Cost of Goods Sold $640,000 Sales on Account Compute the accounts receivable turnover for this 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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

See similar textbooks

Related questions

Q: Kindly help me of this question answer general Accounting

A: Step 1: Define Previous Year's Net Income CalculationThe previous year's net income is calculated by…

Q: Total par value of the issue share is

A: Step 1: Identify the given values.Number of shares issued: 150 million sharesPar value per share:…

Q: Walton Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens…

A: Calculation of Allocation RateAllocation Rate = Total Cost / (Total No. of Drumsticks & Chicken…

Q: I want to correct answer general accounting question

A: To find the market rate of return (also known as the required rate of return or cost of equity), we…

Q: Financial accounting 2

A: Explanation of Target Stock Price:The target stock price is an estimate of the future value of a…

Q: What is the yield to maturity of the bond on these financial accounting question?

A: Step 1: Define Yield to Maturity (YTM)Yield to Maturity (YTM) represents the total return expected…

Q: Ginx Enterprises had $250,000 in sales on account last year. The beginning accounts receivable…

A: Explanation of Average Collection Period: The average collection period, also known as days sales…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Proceeds from a Discounted NoteProceeds from a discounted note represent the…

Q: choose best answer

A: Step 1: Definition of Net IncomeNet income is the amount of profit a company earns after deducting…

Q: Fixed selling costs are

A: Concept of Special Order DecisionA special order decision involves determining whether a company…

Q: Calculate the net sales revenue?

A: Step 1: Definition of FOB DestinationFOB Destination means that the ownership of the goods remains…

Q: answer plz

A: Step 1: Definition of Job Cost SheetA job cost sheet is a detailed record of the costs associated…

Q: help mi answer

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

Q: Calculate the holding period return

A: the holding period return (HPR) for periods 2-4 for both Alpha Corp and Beta Ltd using the…

Q: Analysts are projecting that Capital Railways will have earnings per share of $4.20. If the average…

A: P/E Ratio = Price per share/Earning per share 22 = price per share/4.20 Price per share = 22*4.20…

Q: financial account

A: Step 1: Definition of Return on Investment (ROI)Return on Investment (ROI) measures the…

Q: !??

A: Concept of Net SalesNet sales refer to the total revenue a company earns from selling goods or…

Q: Need this general account subject solution

A: Step 1: Definition of Sales VarianceThe variance in sales can occur due to two reasons: the…

Q: can you please solve this

A: To calculate the degree of operating leverage (DOL), we use the formula: DOL =Contribution Margin /…

Q: the actual profit is.

A: Step 1: Definition of Cost-Volume-Profit (CVP) Analysis and Margin of SafetyThe CVP analysis is…

Q: How many machine hours were used during the year?

A: Explanation of Predetermined Overhead Rate: A predetermined overhead rate is a calculated rate used…

Q: Sycamore Corp. bases its manufacturing overhead budget on budgeted direct labor hours. The direct…

A: Explanation of Manufacturing Overhead Budget: Manufacturing overhead budget is a detailed plan of…

Q: Can you please answer this financial accounting question?

A: Step 1: Define Earnings Before Taxes (EBT)Earnings Before Taxes (EBT), also known as taxable income,…

Q: Do fast of this question answer general Accounting

A: Step 1: Define Percent Change in SalesPercent change in sales measures the increase or decrease in…

Q: Ans

A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…

Q: correct answer please

A: Step 1: Definition of WarrantiesWarranties are commitments made by a seller to repair or replace…

Q: Frisco Company recently purchased

A: Concept of Materials Purchase Price VarianceMaterials Purchase Price Variance is the difference…

Q: Do fast answer of this accounting questions

A: The after-tax cost of interest is calculated as follows: After-tax interest cost = Annual interest…

Q: Machine hours available to manufacture a product income will be

A: To determine which product yields the highest income, we calculate the contribution margin per…

Q: The income statement for September indicates a net income of $65,000. The corporation also paid…

A: Explanation of Net Income: Net income represents the total profit a company has earned during a…

Q: Calculate the contribution margin ratio?

A: Step 1: Definition of Contribution Margin RatioThe Contribution Margin Ratio (CMR) is a financial…

Q: Financial Accounting

A: To find the expected return on the asset, we use the Capital Asset Pricing Model (CAPM) formula:…

Q: Accounting 54

A: Concept of Beginning Cash BalanceThe beginning cash balance refers to the amount of cash a company…

Q: Hi expert please help me this question

A: Percentage Increase in Net Operating Income = Operating leverage * Percentage change in sales…

Q: need help this questions

A: Step 1: Definition of Standard Costing & Labor Price VarianceIn standard costing, various…

Q: financial accounting

A: Step 1: Definition of Return on Common Stockholders' EquityReturn on Common Stockholders' Equity…

Q: Pluto Flyers, Inc., has balance sheet equity of $6.2 million. At the same time, the income statement…

A: Given Data:Equity (Book Value): $6.2 millionNet Income: $865,000Dividends Paid: $472,500Shares…

Q: its net operating income should increase by about:

A: Operating leverage measures the sensitivity of net operating income (NOI) to changes in sales. The…

Q: Hi expert please give me answer general accounting

A: Step 1: Definition of Total Asset Turnover RatioThe total asset turnover ratio measures a company's…

Q: general account

A: Given:Net income = $645Common stock = $980Retained earnings = $1,720 Formula:Return on equity = Net…

Q: need help this questions

A: Step 1: Definition of Operating LeverageOperating leverage measures how a company's net operating…

Q: What was the initial markup percent?

A: Step 1: Define Operating ExpensesThe charges incurred to administer and execute the routine…

Q: Provide correct answer the financial accounting question

A: Step 1: Accounting EquationThe Accounting Equation is the fundamental principle of double-entry…

Q: How many units must be sold to reach this profit goal ?

A: To determine how many units must be sold to reach the profit goal, we use the break-even and target…

Q: Need help this question

A: Given Data:Principal (P): $35,000Annual Interest Rate (r): 8.40% = 8.40/100 = 0.084Loan Term (n): 4…

Q: What is the correct answer? General Accounting

A: Step 1: Define Spending VarianceSpending variance measures the difference between the actual cost…

Q: Hi expert please help me this question

A: Step 1: Definition of Overhead CostsOverhead costs include indirect manufacturing expenses, such as…

Q: need this general accounting subjects solutions

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a…

Q: Accurate answer

A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a calculated rate used…

Q: hi expert please help me

A: Let's calculate each part step by step. (a) Stockholder's Equity Calculation Stockholder's Equity is…

Question

100%

Need help with this general accounting question

Windsor Manufacturing Inc. has provided the following data:
Item
This Year Last Year
Accounts Receivable $98,500
Inventory
$108,200
$182,000 $169,500
$915,000
Cost of Goods Sold
$640,000
Sales on Account
Compute the accounts receivable turnover for this 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

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.
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.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
FINANCIAL RATIOS Based on the financial statements, shown on pages 605606, for McDonald Carpeting Co. (income statement, statement of owners equity, and balance sheet), prepare the following financial ratios. All sales are credit sales. The balance of Accounts Receivable on January 1, 20--, was 6,800. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and the average number of days required to collect receivables 6. Inventory turnover and the average number of days required to sell inventory
FINANCIAL RATIOS Based on the financial statements, shown on pages 603604, for McDonald Carpeting Co. (income statement, statement of owners equity, and balance sheet), prepare the following financial ratios. All sales are credit sales. The balance of Accounts Receivable on January 1, 20--, was 6,800. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory
FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) shown on pages 596597, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 21,600. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
Compute the account receivable turnover
What is the accounts receivable turnover?
Explain answer