Homework Answers
The right answer choice is “Dividing the accounts receivables by net sales and multiplying by 365”
The number of days sales uncollected is calculated by using the following formula
The number of days sales uncollected = [Accounts receivables / Net Sales] x 365 Days
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Multiple Choice 0 Dividing ac accounts receivable by net sales. 0 Dividing accounts receivable by net...
Accounts Receivable Analysis A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine...
Accounts Receivable Analysis A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables, Round interim calculations to the nearest dollar and final answers to one dedmal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
Accounts Receivable Analysis A company reports the following Sales $649,700 64,970 Average accounts receivable (net)...
Accounts Receivable Analysis A company reports the following Sales $649,700 64,970 Average accounts receivable (net) Determine (a) the accounts receivable tumover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dolar and find answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables d ays
The following annual account balances are from Armour Sports at December 31. Accounts receivable Net sales...
The following annual account balances are from Armour Sports at December 31. Accounts receivable Net sales Year 2 Year 1 $ 10,753 $ 53,735 143,015 624,463 Complete the below table to calculate the number of days' sales uncollected for the years Year 1 and Year 2. (Round your "Days' Sales Uncollected" to 1 decimal place.) Choose Numerator: Days' Sales Uncollected Choose Denominator: 1 Days 1 X Year 2: Year 1: 1 1 Days' Sales Uncollected Days' sales uncollected days days...
A company had net sales of $680,000, total sales of $830,000, and an average accounts receivable of $79,000. Its...
A company had net sales of $680,000, total sales of $830,000, and an average accounts receivable of $79,000. Its accounts receivable turnover equals: Multiple Choice 8.61 012 0.10 0.82 10.51 A company borrowed $28,000 by signing a 180-day promissory note at 6 %. The maturity value of the note is: (Use 360 days a year.) Multiple Choice $33,740.00 $34,020.00 $28,840.00 $34,860.00 $35,280.00 The amount due on the maturity date of a $11,200, 90-day 7 % , note receivable is: (Use...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net),...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net), end of year Current Year Preceding Year $123,000 $95,000 129,012 87,516 950,000 825,000 Sales on account a. Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round intermediate calculations to whole number and final answers to two decimal place. 1. The accounts receivable turnover: Current Year...
Help Save & Exit Submit TB MC Qu. 06-90 Freeman Co. had net sales... Freeman Co....
Help Save & Exit Submit TB MC Qu. 06-90 Freeman Co. had net sales... Freeman Co. had net sales of $4.2 million and ending accounts receivable of $0.8 million. Its days' sales uncollected equals: Multiple Choice * 53 days int onces 695 days o 19.2 days
Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10,...
Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, 1/45 2020 $570,000 3,940,500 2019 $495.000 3,053,500 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $490,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the end of 2018, accounts receivable was $490,000. (Use 365 days for calculation....
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
The following data are taken from the financial statements Average accounts receivable (net) Accounts receivable (net),...
The following data are taken from the financial statements Average accounts receivable (net) Accounts receivable (net), end of year Sales on account Current Year Preceding Year $123.000 $95.000 129,012 87,516 950.000 825.000 a. Assuming that credit terms on all sales are 1/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables Round intermediate calculation to whol number and final answers to two decimal place. 1. The accounts receivable turnover Current Year...
Accounts Receivable Analysis A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables, Round interim calculations to the nearest dollar and final answers to one dedmal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
Accounts Receivable Analysis A company reports the following Sales $649,700 64,970 Average accounts receivable (net) Determine (a) the accounts receivable tumover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dolar and find answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables d ays
The following annual account balances are from Armour Sports at December 31. Accounts receivable Net sales Year 2 Year 1 $ 10,753 $ 53,735 143,015 624,463 Complete the below table to calculate the number of days' sales uncollected for the years Year 1 and Year 2. (Round your "Days' Sales Uncollected" to 1 decimal place.) Choose Numerator: Days' Sales Uncollected Choose Denominator: 1 Days 1 X Year 2: Year 1: 1 1 Days' Sales Uncollected Days' sales uncollected days days...
A company had net sales of $680,000, total sales of $830,000, and an average accounts receivable of $79,000. Its accounts receivable turnover equals: Multiple Choice 8.61 012 0.10 0.82 10.51 A company borrowed $28,000 by signing a 180-day promissory note at 6 %. The maturity value of the note is: (Use 360 days a year.) Multiple Choice $33,740.00 $34,020.00 $28,840.00 $34,860.00 $35,280.00 The amount due on the maturity date of a $11,200, 90-day 7 % , note receivable is: (Use...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net), end of year Current Year Preceding Year $123,000 $95,000 129,012 87,516 950,000 825,000 Sales on account a. Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round intermediate calculations to whole number and final answers to two decimal place. 1. The accounts receivable turnover: Current Year...
Help Save & Exit Submit TB MC Qu. 06-90 Freeman Co. had net sales... Freeman Co. had net sales of $4.2 million and ending accounts receivable of $0.8 million. Its days' sales uncollected equals: Multiple Choice * 53 days int onces 695 days o 19.2 days
Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, 1/45 2020 $570,000 3,940,500 2019 $495.000 3,053,500 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $490,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the end of 2018, accounts receivable was $490,000. (Use 365 days for calculation....
The following data are taken from the financial statements Average accounts receivable (net) Accounts receivable (net), end of year Sales on account Current Year Preceding Year $123.000 $95.000 129,012 87,516 950.000 825.000 a. Assuming that credit terms on all sales are 1/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables Round intermediate calculation to whol number and final answers to two decimal place. 1. The accounts receivable turnover Current Year...
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