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Recent financial statements of Sage Hill Ship Builders, Inc. report net sales of $676,200,000. Accounts receivable...

Recent financial statements of Sage Hill Ship Builders, Inc. report net sales of $676,200,000. Accounts receivable are $62,500,000 at the beginning of the year and $87,900,000 at the end of the year. (Round answers to 2 decimal places, e.g. 50.27. Use 365 days for calculation.)

Compute Sage Hill’s accounts receivable turnover.

Accounts receivable turnover

times


Compute Sage Hill’s average collection period for accounts receivable in days.

Average collection period for accounts receivable   

days
business   accounting   
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Answer #1

Accounts Receivable Turnover = Credit sales/Average accounts receivables

= 676,200,000/[(62,500,000+87,900,000)/2]

= 676,200,000/75,200,000

= 8.99 times.

Average collection period = 365/Accounts Receivable Turnover

= 365/8.99

= 40.60 days

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