Year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netInventoryPrepaid rentCurrent Year 1 Year Ago 2 Years Ago$ 26,72577,457$ 31,85895,4598,436240,40330,96741,29043,52952,50373,6718,200220,3893,372193,642$ 312,800$ 42,11569,129162,500Machinery, netTotal assets$ 448,480$ 386,621Liabilities and EquityAccounts payable$ 110,555Long-term notes payable83,471$ 65,99288,034Common stock162,500Retained earnings91,954162,50070,09539,056Total liabilities and equity$ 448,480$ 386,621$ 312,800Complete this question by entering your answers in the tabs below.Required 3A Required 3BCompute times interest earned for the current year and one year ago.Current Year1 Year AgoTimes Interest EarnedChoose Numerator:/ Choose Denominator:III11Times interest earned< Required 3ARequired 3B>timestimes

Step 1: gather all of the relevant financial records. Net income before taxes (EBIT), interest…

Answered: Year-end balance sheets follow. At…

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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Accounts Receivable Turnover and Average Collection Period VanPoole Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year Net Sales $88,096 $102,662 Beginning Accounts Receivable (net) 5,800 5,695 Ending Accounts Receivable (net) 5,695 8,995 Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) Is the company's accounts receivable management improving or deteriorating? Previous Year Current Year a. Accounts receivable turnover Answer Answer b. Average collection period Answer Answer c. The company's receivable management Answer Save AnswersNext
Accounts Receivable Analysis The following data are taken from the financial statements of Rise and Shine Company. Terms of all sales are 2/10, n/30. Year 3 Year 2 Year 1 Accounts receivable, end of year $ 450,000 $ 375,000 $300,000 Sales 2,640,000 1,957,500 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Cinderella Company follow: 20Y9 20YS Sales $9,525,000 $7,616,000 Accounts receivable: Beginning of year 715,000 645,000 End of year 785,000 715,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. If required, round the final answers to one decimal place. Accounts Receivable Turnover 20Y9 20Y8 b. Determine the days' sales in receivables for 20Y9 and 20YS. Use 365 days, if required round the final answers to one decimal place. Days' Sales in Receivables 20Y9 days 20YS days
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $171,400 $179,000 $186,000 Sales on account 1,068,720 1,003,750 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.
Cash and accounts receivable for Adams Company are provided below: Current Year PriorYear Cash $68,511 $55,700 Accounts receivable (net) 22,064 39,400 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
On the basis of the following data related to assets due within one year for Simons Co. prepare partial balance sheet in good form at December 31. Show total current assets. Cash $96,000 Notes Receivable 50,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 40,000 Interest Receivable 1,000
Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: Year 1 Year 2 Net sales $233,030 $267,989 Beginning accounts receivable (net) 27,584 26,784 Ending accounts receivable (net) 26,784 26,392 a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average collection period for both years. Notes: 1. Round all answers to one decimal place. 2. Use rounded answer from part a. to compute the average collection period. a. Accounts receivable turnover b. Average collection period (days) Year 1 improving deteriorating 0 0 parts of the question. Year 2 c. Is the company's accounts receivable management improving or deteriorating? 0 0
Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) Previous Year Current Year $67,096 3,896 3,696 $81,662 3,696 3,598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is the company's accounts receivable management improving or deteriorating? a. Accounts receivable turnover b. Average collection period Previous Year 17.7 x Current Year 22.4 x 21▾ 16 c. The company's receivable management Improved Check
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
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $157,200 $164,000 $171,800 Sales on account 883,300 789,130 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days This can be seen in both the in accounts receivable b. The collection of accounts receivable has turnover and the in the collection period.
Financial statement data for the year ending December 31 for Flagg Co. are as follows: Sales $4,250,000 Accounts receivable: Beginning of year 600,000 End of year 630,000 Determine the number of days' sales in receivables for the year. a.50.0 days b.52.8 days c.54.1 days d.51.5 days
Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $88,172 $65,800 Accounts receivable (net) 32,424 57,900 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %

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