Need help with this question solution general accounting XYZ Corporation's receivables turnover ratio was 8.2 in 2022, andits average accounts receivable during the period was $2,500million.•What is the amount of its net credit sales for the period?⚫ What is the average collection period in days?

Step 1: Definition of Receivables Turnover Ratio and Average Collection PeriodReceivables Turnover…

Answered: XYZ Corporation's receivables turnover…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...

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Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
Sunrise Corp. has an average accounts receivable of $2,500 million and a receivables turnover ratio of 10. What are the net credit sales? What is the average collection period (in days)?
What is its accounts receivable turnover for the period?
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Following is some financial information of 250R Corp: 250 CORP Statement of Income For the years ended December 31, 2020 and 2021 Year Ended 31.12.2021 Sales Revenues Cost of Goods Sold Gross Margin Salaries expense Depreciation expense Interest expense Net income Long-term borrowings Accounts receivable Property, plant & equipment (PPE): Cost Accumulated Depreciation $750,000 (300,000) $450,000 (75,000) (70,000) (30,000) $275,000 Some Selected Balance Sheet Data As at 31.12.2021 $300.000 $525,000 $350,000 210,000 Year Ended 31.12.2020 $500,000 (200,000) $300,000 (50,000) (70,000) (30,000) $150,000 As at 31.12.2020 $300.000 $250.000 $350,000 140,000
What is its accounts receivable turnover?

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XYZ Corporation's receivables turnover ratio was 8.2 in 2022, and its average accounts receivable during the period was $2,500 million. • What is the amount of its net credit sales for the period? ⚫ What is the average collection period in days?