Homework Answers
| 1 | The term used to describe the process of selling and collecting is Receivable Turnover. | ||||||
| Receivable turnover ration is an accounting measure to identify the effectiveness of extending credit and collecting debts by the company. | |||||||
| 2 | The method of calculating receivable turnover ratio is by using the following formula; | ||||||
| Accounts Receivable Turnover = Net Sales / Average Accounts Receivable | |||||||
| 3 | The true statement in respect of average collection period is , | ||||||
| The days to collect measures the average number of days from sale on account to collection. | |||||||
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Knowledge Check 01 Which of the following is the term used to describe the process of...
Knowledge Check 01 Treadwell Tire Company had net accounts receivable of $67,900 at the beginning of...
Knowledge Check 01 Treadwell Tire Company had net accounts receivable of $67,900 at the beginning of the year and $72,400 at the end of the year. The company's net sales revenue during the year was $876,875. What was the receivables turnover ratio for the year? (Round your answer to 1 decimal place.) Receivables turnover ratio
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
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Please put the calculation in
the answer
Check my work CP8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable...
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Which of the following is true regarding the Receivables Turnover Ratio? I. It measures the average number of days it takes to collect an account receivable ll. It is calculated as sales divided by accounts receivable. Ill. It measures how many times a business can turn its accounts receivable into cash in a year. IV. It measures how efficiently the company uses accounts receivable to generate earnings. Select one: O a.ll and IV only O b. I, Il and IlII...
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Knowledge Check 01 Treadwell Tire Company had net accounts receivable of $67,900 at the beginning of the year and $72,400 at the end of the year. The company's net sales revenue during the year was $876,875. What was the receivables turnover ratio for the year? (Round your answer to 1 decimal place.) Receivables turnover ratio
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Shipit Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) 2016 $ 5,535 (355) $ 5,180 $43,500 2015 $ 5,240 (360) $ 4,880 $42,000 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round Intermediate calculations. Round your final answers to 1 decimal place.) times Receivables Turnover Ratio Days to Collect days...
1:00 1:00 Knowledge Check 01 Silver Company purchased a machine for use in the business. The purchase price was $55,000 and the related sales tax totaled $500 Sliver paid $1,000 to have the machine delivered to its factory and $2.000 to have it assembled. Over the five-year life of the machine. maintenance cost of $800 will be incurred annually What is the capitalized cost of this asset? PreN 456 10 of 10 Next> Knowledge Check 01 Manning Company purchased a...
Please put the calculation in
the answer
Check my work CP8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Fiscal Year Ended: Net Sales Accounts Receivable...
Knowledge Check 01 On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. Thenote has a stated interest rate of 10% and will mature on June 30, Year 2 All payments for principal and interest wi be received at maturity How much interest revenue will Barley report on its income statement for the year ended December 31. Year 1? 3 of 7 Next> 3 4 5 6 7 8 9 Knowledge Check 01 Treadwell company's net...
Which of the following is true regarding the Receivables Turnover Ratio? I. It measures the average number of days it takes to collect an account receivable ll. It is calculated as sales divided by accounts receivable. Ill. It measures how many times a business can turn its accounts receivable into cash in a year. IV. It measures how efficiently the company uses accounts receivable to generate earnings. Select one: O a.ll and IV only O b. I, Il and IlII...
tion base Average depletion rate - Cost- Residual value Knowledge Check 01 Manson Company incurred costs of $5.720.000 for the acquisition and development of a mineral deposit. The company expects to extract 2,200,000 tons during a four-year period, after which the mineral deposit is expected to have no residual value. The company extracted 880.000 tons during the current year What was the depletion expense for the current year? pai < Prev 60f 10 Next >
Chapter 8 Homework Help Save & Exit Submit Geved Check my work 7 Cola Inc. and Soda Co. are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following rounded amounts reported in their annual reports (amounts in millions). 4.32 points Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts...
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