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Click to add title e-Shop, Inc. has net sales on account of $1,500,000. The average net...
Blue Temple, Inc. has net credit sales of $3,550,000. The average net accounts receivable are $215,000....
Blue Temple, Inc. has net credit sales of $3,550,000. The average net accounts receivable are $215,000. Calculate the days' sales in receivables. (Round any intermediate calculations and your final answer to two decimal places.) 4.59 days 60.00 days 22.10 days 16.51 days
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average...
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average gross profit percentage was 35 percent on sales. Account balances follow Accounts receivable (net) Inventory Beginning $ 39,000 54,00 Ending $50,000 34,000 Required: 1. Compute the following turnover ratios 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory Complete this question by entering your answers in the tabs below....
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500...
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...
Please including the explanation, thank you Sync Corp. has net sales of $1,000,000 for the year....
Please including the explanation, thank you
Sync Corp. has net sales of $1,000,000 for the year. Additional information is shown below: Receivables turnover ratio 10 5 Inventory turnover ratio Asset turnover ratio 3 Return on equity 10% What is the average days in inventory? 121.7 days 73 days O 24.3 days 36.5 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...
Bilt Rite, Inc. has sales of $610,000. The cost of goods sold is equal to 70%...
Bilt Rite, Inc. has sales of $610,000. The cost of goods sold is equal to 70% of sales. The beginning accounts receivable balance is $21,000 and the ending accounts receivable balance is $25,000. How long on average does it take the firm to collect its receivables? 26.52 days 21.07 days 14.09 days 25.98 days 13.76 days
Snider Industries sells on terms of 2/10, net 45, Total sales for the year are $1,500,000....
Snider Industries sells on terms of 2/10, net 45, Total sales for the year are $1,500,000. Thirty percent of customers pay on the 10th day and take discounts; the other 70% pay, on average, 50 days after their purchases. a. What is the day's sales outstanding? b.What is the average amount of receivables? c.What would happen to average receivables if Snider toughened its collection policy with the result that all nondiscount customers paid on the 45th day?
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
The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost...
The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.5 million, and net income of $885,000. The following table shows the company's comparative balance sheets for 2021 and 2020 ($ in thousands) 2021 2020 $ 640 $ 720 1.0406 70 1.250 1.160 4,100 3,820 $7,030 $6,370 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained...
1/ Given the following data: sales $1,500,000; gross profit $640,000; net income after tax $40,000 and income tax expens...
1/ Given the following data: sales $1,500,000; gross profit $640,000; net income after tax $40,000 and income tax expense $35,000. What is the common-size percentage for operating expenses? 37.7% 42.7% 95.0% 97.3% 2/ To best interpret the accounts receivable turnover ratio, the days in accounts receivable should be compared to the company's inventory turnover. sales revenue. credit terms. accounts receivable balance. 3/ The quick ratio will be negatively impacted by tying up cash in inventory. increasing accounts receivable. decreasing the...
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average gross profit percentage was 35 percent on sales. Account balances follow Accounts receivable (net) Inventory Beginning $ 39,000 54,00 Ending $50,000 34,000 Required: 1. Compute the following turnover ratios 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory Complete this question by entering your answers in the tabs below....
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...
Please including the explanation, thank you
Sync Corp. has net sales of $1,000,000 for the year. Additional information is shown below: Receivables turnover ratio 10 5 Inventory turnover ratio Asset turnover ratio 3 Return on equity 10% What is the average days in inventory? 121.7 days 73 days O 24.3 days 36.5 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 $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
The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.5 million, and net income of $885,000. The following table shows the company's comparative balance sheets for 2021 and 2020 ($ in thousands) 2021 2020 $ 640 $ 720 1.0406 70 1.250 1.160 4,100 3,820 $7,030 $6,370 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained...
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