Accounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow: 20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year 195,300 184,700 End of year 224,700 195,300 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place. Accounts Receivable Turnover 20Y2 fill in the blank 1 20Y1 fill in the blank 2 b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days’ Sales in Receivables 20Y2 fill in the blank 3 days 20Y1 fill in the blank 4 days c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change
Accounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow: 20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year 195,300 184,700 End of year 224,700 195,300 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place. Accounts Receivable Turnover 20Y2 fill in the blank 1 20Y1 fill in the blank 2 b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days’ Sales in Receivables 20Y2 fill in the blank 3 days 20Y1 fill in the blank 4 days c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Financial statement data for years ending December 31 for Schultze-Solutions Company follow:
| 20Y2 | 20Y1 | |||||
| Sales | $1,848,000 | $1,881,000 | ||||
| Accounts receivable: | ||||||
| Beginning of year | 195,300 | 184,700 | ||||
| End of year | 224,700 | 195,300 |
a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place.
| Accounts Receivable Turnover |
|
| 20Y2 | fill in the blank 1 |
| 20Y1 | fill in the blank 2 |
b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place.
| Days’ Sales in Receivables |
|||
| 20Y2 | fill in the blank 3 | days | |
| 20Y1 | fill in the blank 4 | days |
c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change
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