XYZ's receivables turnover is 4x. The accounts receivable at year-end are $600,000. The average collection period is 90 days. Required: What was the sales figure for the year assuming all sales are on credit?

XYZ's receivables turnover is 4x. The accounts receivable at year-end are $600,000. The average collection period is 90 days. Required: What was the sales figure for the year assuming all sales are on credit?

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: Purchases for February will ??

A: Step 1: Define Cost of Goods Sold BudgetThe cost of goods sold budget is prepared by merchandising…

Q: Quick answer of this accounting questions

A: Step 1: Information givenActual budget deficit = $80 billionOutput gap = $150 billionMarginal tax…

Q: Financial Accounting

A: The Gordon Growth Model (Dividend Discount Model for a perpetuity), use the…

Q: MCQ

A: Discount: Bonds are issued at a discount when they are sold for less than their face value. This…

Q: ?

A: Step 1: Explanation of Correct Option (a) Current Ratio = This measures a company's ability to pay…

Q: General accounting

A: Step 1: Definition of Depreciation Tax ShieldThe depreciation tax shield is the tax saving a company…

Q: provide correct answer. sub. general account.

A: Key Information:Current Ratio = 5:1 Current Ratio=Current LiabilitiesCurrent Assets=5…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Net IncomeNet income (or loss) for a period is calculated as the change in…

Q: POsting in general account subject

A: Simply The total cost of units completed and transferred out is determined by the number of units…

Q: Swansea Finishing produces and sells a decorative pillow for $103.00 per unit. In the first month of…

A: Understanding Variable CostingUnder variable costing, only variable manufacturing costs are included…

Q: What is company's book value per share on these general accounting question?

A: Step 1: Define Book Value Per ShareBook Value Per Share represents the per-share value of a…

Q: The total manufacturing costs incurred for the year are $278,000. The overhead cost was 62% of the…

A: Calculation of Total Manufacturing CostLet the Direct Labor Cost be $A Total Manufacturing Costs =…

Q: How much equity does trinas trikes have ??

A: To calculate: Trina Trike's equityGiven:Debt-equity ratio = 1.81Total debt = $9 million Debt-equity…

Q: Get correct answer accounting questions

A: Step 1: Definition of Cash Received from CustomersCash received from customers represents the total…

Q: Financial Accounting

A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric that measures the…

Q: Answer this general accounting question

A: Step 1: Calculation of Predetermined overhead rateStep 2: Calculation of Applied OverheadsApplied…

Q: account

A: Explanation: In a period of deflation, when cost per unit of inventory purchase decreases over time,…

Q: What was the gross margin on these general accounting question?

A: Step 1: Define Gross MarginGross margin is the difference between sales revenue and the cost of…

Q: Sales discount, sales return, and allowance is _. (a) revenue accounts (b) permanent accounts (c)…

A: (c) contra revenue accountsHave a normal debit balance, which is opposite to the credit balance of…

Q: Kindly help me this question general Accounting question

A: Step 1: Define Return On EquityOne of the financial ratios under ratio analysis is the return on…

Q: Account

A: Network externalities refer to the situation where the value of a product or service increases as…

Q: General Accounting

A: Step 1: Define Free Cash FlowFree cash flow refers to the cash remaining with the organization after…

Q: Answer? ? General Accounting

A: Step 1: Define Profit MarginProfit margin measures the percentage of revenue that remains as profit…

Q: What must the expected return on this stock be? Please answer the financial accounting question

A: Step 1: Given Value for Calculation Beta = b = 1.25Market Return = rm = 14%Risk Free rate = rf =…

Q: Baltimore Company experienced an increase in total assets of $10,500 during the current year. During…

A: Step 1: IntroductionIn this question, we are given that no investment was made by shareholders and…

Q: How much are total overhead costs at this level of activity on these general accounting question?

A: Step 1: Define Total Overhead CostsTotal overhead costs are the sum of variable and fixed overhead…

Q: Accurate answer

A: Inventory turnover ratio = Cost of goods sold / Average inventoryInventory turnover ratio = 255,000…

Q: The Wisco Company has a process cost system. All materials are added when the process is first…

A: Step 1: Understand the ProblemProcess Costing is used because Wisco Company manufactures products in…

Q: Please solve these financial accounting problem

A: Step 1: Define Quick RatioThe Quick Ratio (also known as the Acid-Test Ratio) is a measure of a…

Q: provide general account answer assap

A: The false statement is:c. Most preferred stock is owned by individual investors due to the fixed…

Q: Hello tutor provide correct answer general accounting question

A: The formula for computing the units completed during the period would be: Units completed =…

Q: Financial accounting question

A: Step 1: Define Note payableNote payable is a promissory note that signifies the promise to pay a…

Q: Gross Profit?

A: Step 1: Calculation of Cost of Goods Sold (COGS)COGS = Beginning Inventory + Net Purchases - Ending…

Q: If a business has a net income of $44,700 and total equity of $111,750, what is the ROE? a.10% b.…

A: To calculate ROE, use the following formula:ROE = (Net Income / Total Equity) x 100 Given:Net Income…

Q: Answer

A: Explanation of Stock Warrants:Stock warrants are financial instruments that give the holder the…

Q: Solve general account query

A: To determine the Net Advantage of Leasing (NAL), follow these steps:Step 1: Calculate the Cost of…

Q: What is ROE on these financial accounting question?

A: Step 1: Define Return on EquityThe total return generated by the company during a financial year for…

Q: The total of the product costs listed above for September is _.

A: Step 1: Understanding Product CostsProduct costs, also called manufacturing costs, include all costs…

Q: Don't use ai

A: a. The unrealized holding gain arising during the period on AFS securities is part of the Other…

Q: Sub: accounting

A: Step 1: First calculate the incremental revenue: Incremental revenue = Special order quantity *…

Q: What is the level of fixed costs?

A: Step 1: Definition of Fixed CostsFixed costs are expenses that do not change with variations in…

Q: SUBJECT - GENERAL ACCOUNT Department E had 4,000 units in Work in Process that were 40% completed at…

A: Step 1: Understand the ComponentsConversion Costs = Direct Labor + Factory Overhead.Conversion costs…

Q: ?!

A: Explanation: The formula to calculate the inventory turnover ratio is as follows:Inventory turnover…

Q: Determine the correct inventory amount on December 31.

A: Determine the correct inventory amount on December 31, we need to adjust Blossom's reported…

Q: Pay its Short term obligations?

A: Step 1: Explanation of Correct Option (a) Current ratio = It is a financial ratio that measures a…

Q: None

A: Step 1: Define Contribution MarginThe contribution margin is the difference between total sales and…

Q: A company has net income of $268,000 and total assets of $2,576,000. What is the ROA?

A: Explanation of Net Income:Net income represents the profit a company earns after deducting all…

Q: Need help with this accounting questions

A: The Australian tax rates for the 2023-2024 financial year (excluding the Medicare Levy) are as…

Q: How much equity does trinas trikes have ?? General accounting

A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio allows the users of financial statements…

Q: Financial accounting question

A: To calculate Solar Tech's cost of equity, we'll use the Capital Asset Pricing Model (CAPM):…

Question

None

XYZ's receivables turnover is 4x. The accounts receivable
at year-end are $600,000. The average collection period is
90 days.
Required:
What was the sales figure for the year assuming all sales
are on credit?

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

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.
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 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?
Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Please help me this question general accounting
What is the number of days sales in receivable?
What is number of days sales are receivable?
Can you please give me correct answer the general accounting question?