Homework Answers
Given
net sales on account in
2020 - 4116000
2019 - 3182500
avg accounts receivable in 2020 = accounts receivable in ( 2019 + 2020) / 2
= ( 480000 + 500000 ) / 2
= 980000/2
= 490000
average accounts receivable in 2019
= (480000+470000) / 2
= 475000
accounts receivable turnover = net credit sales / average accounts receivable
in 2019 = 3182500 / 475000
= 6.7
in 2020 = 4116000 / 490000
= 8.4
average collection period = 365 / accounts receivable turnover
in 2019 = 365 / 6.7
= 54.47 days
in 2020 = 365 / 8.4
= 43.45 days
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1.2.
3.
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4 homework questions, Help !
Brief Exercise 18-11 al-a2 The following data are taken from the financial statements of Colby Company. 2019 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 2020 $555,000 4,033,250 $550,000 3,065,250 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $455,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK...
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