Calculate the accounts receivable turnover for Year 2 and Year 1.

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Answer 1

Question

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

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The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. 2025 2024 Current assets Cash $73,500 $69,300 Accounts receivable 56,000 62,300 Inventory 117,600 120,400 Prepaid expenses 18,900 15,400 Total current assets $266,000 $267,400 Current liabilities Accrued expenses payable $10,500 $3,500 Accounts payable 59,500 64,400 Total current liabilities $70,000 $67,900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Depreciation Expense 18900 6300 Decrease In Accounts Receivable…

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Answer 2

Question

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

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Answer 3

Question

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

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Answer 4

Question

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

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Answer 5

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

Answer 6

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

Answer 7

Chapter 9, Problem 28E

(a)

To determine

Calculate the accounts receivable turnover for Year 2 and Year 1.

Answer 8

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

Answer 9

(b)

To determine

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

Answer 10

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

Answer 11

(c)

To determine

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Calculate the accounts receivable turnover for Year 2 and Year 1.

Solution Summary: The author calculates the accounts receivable turnover ratio for Year 2 and Year 1.

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Calculate the accounts receivable turnover for Year 2 and Year 1.

Calculate the day’s sales in receivables at the end of Year 2 and Year 1.

Conclude the Efficiency of Incorporation EO’s management in collecting accounts receivables.

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Chapter 9 Solutions