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Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end...
Universal Sports Supply began the year with an inventory balance of $65.000 and a year-end balance...
Universal Sports Supply began the year with an inventory balance of $65.000 and a year-end balance of $75,000. Sales of $750,000 generate a gross profit of $250,000. Calculate the Inventory turnover ratio for the year. (Round your final answer to 1 decimal place.) Inventory Tumover Ratio Universal Sports Supply
Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of...
Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of $299,875. The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the...
This table (pictured), shows that Blair Supply had an end-of-year accounts receivable balance of $300,035. The...
This table (pictured), shows that Blair Supply had an end-of-year
accounts receivable balance of $300,035. The table also shows how
much of the receivables balance originated in each of the previous
six months. The company had annual sales of $2.40 million and it
normally extends 30-day credit terms to its customers.
a. Use the year-end total to evaluate the firm’s collection
system.
b. If 70% of the firm’s sales occur between July and December,
would this affect the validity of...
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 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...
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...
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...
End of Year Beginning of Year Cash and cash equivalents $ 770 $ 79 Accounts receivable...
End of Year Beginning of Year Cash and cash equivalents $ 770 $ 79 Accounts receivable (net) 1,930 1,830 Inventory 850 840 Other current assets 750 501 Total current assets $4,300 $3,250 Total current liabilities $1,990 $1,630 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million Compute the current ratio, accounts receivable turnover, average collection period, Inventory turnover and days in Inventory at...
Lily Corporation began 2019 with a $14,000 balance in accounts receivable and a $400 balance in...
Lily Corporation began 2019 with a $14,000 balance in accounts receivable and a $400 balance in the allowance for doubtful accounts. The company had credit sales (sales on account) of $46,000, collections on accounts receivable of $29,000, and wrote off uncollectible accounts of $250 during 2019. The company uses the allowance method and estimates that 4% of its outstanding accounts receivable balance will be uncollectible. Assuming no other entries were recorded to uncollectible accounts expense during 2019, the amount of the...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
Universal Sports Supply began the year with an inventory balance of $65.000 and a year-end balance of $75,000. Sales of $750,000 generate a gross profit of $250,000. Calculate the Inventory turnover ratio for the year. (Round your final answer to 1 decimal place.) Inventory Tumover Ratio Universal Sports Supply
Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of $299,875. The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the...
This table (pictured), shows that Blair Supply had an end-of-year
accounts receivable balance of $300,035. The table also shows how
much of the receivables balance originated in each of the previous
six months. The company had annual sales of $2.40 million and it
normally extends 30-day credit terms to its customers.
a. Use the year-end total to evaluate the firm’s collection
system.
b. If 70% of the firm’s sales occur between July and December,
would this affect the validity of...
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 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...
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...
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...
End of Year Beginning of Year Cash and cash equivalents $ 770 $ 79 Accounts receivable (net) 1,930 1,830 Inventory 850 840 Other current assets 750 501 Total current assets $4,300 $3,250 Total current liabilities $1,990 $1,630 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million Compute the current ratio, accounts receivable turnover, average collection period, Inventory turnover and days in Inventory at...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
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