Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data were reported by Rosco for two recent years: Year 2 Year 1 Sales $4,126,325 $3,918,640 Accounts receivable 489,100 481,800 Assume that the accounts receivable were $408,800 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 days per year in your calculations. Round to one decimal place. Year 2: fill in the blank 3 days Year 1: fill in the blank 4 days
Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data were reported by Rosco for two recent years: Year 2 Year 1 Sales $4,126,325 $3,918,640 Accounts receivable 489,100 481,800 Assume that the accounts receivable were $408,800 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 days per year in your calculations. Round to one decimal place. Year 2: fill in the blank 3 days Year 1: fill in the blank 4 days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data were reported by Rosco for two recent years:
| Year 2 | Year 1 | |||
| Sales | $4,126,325 | $3,918,640 | ||
| 489,100 | 481,800 |
Assume that the accounts receivable were $408,800 at the beginning of Year 1.
a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place.
| Year 2: | fill in the blank 1 |
| Year 1: | fill in the blank 2 |
b. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 days per year in your calculations. Round to one decimal place.
| Year 2: | fill in the blank 3 days |
| Year 1: | fill in the blank 4 days |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education