You are given the following figures for sales and receivables: 20X7 20X6 $ $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7?

You are given the following figures for sales and receivables: 20X7 20X6 $ $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

6. Michaels Corp. has a current accounts receivable balance of $623,410. Credit sales for the year just ended were $5,410,695. What is the receivables turnover? The days’ sales in receivables? How long did it take on average for credit customers to pay off their accounts during the past year?
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
A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover. b. Determine the number of days' sales in receivables.
Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 20Y9 20Y8 $8,514,000 $7,134,000 Sales Accounts receivable: Beginning of year 580,000 End of year 650,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place. 20Y8: 20Y9: b. Determine the days' sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place. days 20Y8: 20Y9: 650,000 640,000 days c. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 favorable or unfavorable? Favorable
Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $481,916 Cost of goods sold during year 220,075 Accounts receivable, beginning of year 44,464 Accounts receivable, end of year 52,698 Inventory, beginning of year 82,460 Inventory, end of year 110,155 a. 4.4 b. 9.9 c. 2.2 d. 10.8
4. The following select financial statement information from Hogge Computing. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2021 and 2022 (round answers to two decimal places). Year 2020 2021 2022 2021: Net Credit Sales 2022: $1,557,200 $1,755,310 $1,965,170 Accounts Receivable Turnover Ratio: • Days' Sales: days Accounts Receivable Turnover Ratio: Days' Sales: days times times Ending Accounts Receivable $397,000 $465,200 $505,780
heridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000. The balance in accounts receivable at the beginning of the year was $110400 and at the end of the year was $143600. What was the accounts receivable turnover?
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.
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 %
Subject: accounting
Twist Corp. has a current accounts receivable balance of $438,726. Credit sales for the year just ended were $3,830,500. What is the receivables turnover?
Please help me with show all calculation thanku