Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $142,000 $150,000 $156,600 Sales on account 890,600 858,480 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round 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
Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $142,000 $150,000 $156,600 Sales on account 890,600 858,480 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45.
| 20Y3 | 20Y2 | 20Y1 | ||||
| Accounts receivable, end of year | $142,000 | $150,000 | $156,600 | |||
| Sales on account | 890,600 | 858,480 |
a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round 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 |
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