Homework Answers
Correct answer----------8.2
Working
| Accounts receivables Turnover ratio | ||||||
| Net Credit Sales | / | Average Inventory | = | Accounts receivables Turnover ratio | ||
| $ 10,90,600.00 | / | $ 1,33,000.00 | = | 8.2 | Times | |
.
| Beginning balance | $ 1,14,000.00 |
| Ending balance | $ 1,52,000.00 |
| Total | $ 2,66,000.00 |
| Average Receivables | $ 1,33,000.00 |
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Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold...
Multiple Choice Question 187 Windsor, Inc. had net credit sales during the year of $1128800 and...
Multiple Choice Question 187 Windsor, Inc. had net credit sales during the year of $1128800 and cost of goods sold of $448000. The balance in accounts receivable at the beginning of the year was $122400 and at the end of the year was $149600. What was the accounts receivable turnover? 8.30 7.00 5.10 10.30
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Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for the year. The Accounts Receivable balances at the beginning and end of the year were $664000 and $756000, respectively. The accounts receivable turnover was 5.1 times. 5.3 times. 5.4 times. 5.8 times.
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Crane Inc. had a beginning balance in accounts receivable of $19,200. During the year, it had...
Crane Inc. had a beginning balance in accounts receivable of $19,200. During the year, it had credit sales of $240,000. Crane received payments on account of $224,000. At the end of the year, accounts receivable has a: Multiple Choice credit balance of $3,200. O debit balance of $3,200. credit balance of $35,200. debit balance of $35,200.
o reported the following for the current year Net sales Cost of goods sold Beginning balance...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $1...
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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
Multiple Choice Question 187 Windsor, Inc. had net credit sales during the year of $1128800 and cost of goods sold of $448000. The balance in accounts receivable at the beginning of the year was $122400 and at the end of the year was $149600. What was the accounts receivable turnover? 8.30 7.00 5.10 10.30
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for the year. The Accounts Receivable balances at the beginning and end of the year were $664000 and $756000, respectively. The accounts receivable turnover was 5.1 times. 5.3 times. 5.4 times. 5.8 times.
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Skysong, Inc. accepted a national credit card for a $9400 purchase. The cost of the goods sold is $5400. The credit card company charges a 5% fee. What is the impact of this transaction on net operating income? Increase by 53530. Increase by $10730 Increase by $3746. Increase by $3800. Click if you would like to show Work for this question: Open Show Work LINK TO TEKT The fir s t of the Sheridan Company report net sales of $265000...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
Crane Inc. had a beginning balance in accounts receivable of $19,200. During the year, it had credit sales of $240,000. Crane received payments on account of $224,000. At the end of the year, accounts receivable has a: Multiple Choice credit balance of $3,200. O debit balance of $3,200. credit balance of $35,200. debit balance of $35,200.
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
Skysong Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $22,000) Net Income $210,000 119,000 91,000 47.000 $44,000 The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $12,000, and Accounts Payable $12,000. Prepare the cash flows from operating activities section of Skysong's 2020 statement of cash flows using the direct method. Skysong Corporation Statement of Cash Flows-Direct Method (Partial)
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