Homework Answers
Answer of Part a:
Receivable Turnover = Credit Sales / Accounts Receivable
Receivable Turnover = $2,950,600 / $357,615
Receivable Turnover = 8.25
Answer of Part b:
Days Sales in Receivable = 365 days / Receivable Turnover
Days Sales in Receivable = 365 / 8.25
Days Sales in Receivable = 44.24 days
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Twist Corp. has a current accounts receivable balance of $357,615. Credit sales for the year just...
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Twist Corp. has a current accounts receivable balance of $336,500. Credit sales for the year just ended were $4,899,440. a. What is the company's receivables turnover? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.) b. What is the company's days' sales in receivables? (Use 365 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.) c. How long did it take on average for credit customers to...
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Trout Lumber Yard has a current accounts receivable balance of $527,164. Credit sales for the year just ended were $6,787,626. a. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the days' sales in receivables? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How long did it take on average for credit customers to pay off their accounts...
2.2 Jamie, Inc. has a current accounts receivable balance of $381,065. Sales for the year just ended were $2,315,016. In addition, ending inventory was $821,986 and cost of goods sold for the year just ended was $1,843,127. a. (2 points) What is the receivables turnover? b. (2 points) What is the days' sales in receivables? c. (1 point) How long did it take on average for customers to pay off their accounts during the past year? d. (2 points) What...
x Q Financal Management EQ Finance 301 -Quiz 1 Flashx G Giffin's Got Aligning Training w St Quiz #1 Fin 361 C 을 https://newconnect.mheducation.com/flow/connect.html Quiz #1 Fin 361 Twist Corp. has a current accounts receivable balance of $467615. Credit sales for the year just ended were $2,946,600. a. What is the receivables turnover? b. What is the days' sales in receivables? < Prev 11 of 2。EEİ Next > Graw Hill O Type here to search
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At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000 Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $19,500 and $25,000 Od. $30,500 and $25,000
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