Calculation of account receivable turnover:
Account receivable turnover= credit sales/average receivables
Average receivables=(opening receivable+closing receivable)/2= (664000+756000)/2=710000
Accounts receivable turnover= 3834000/710000= 5.4
So correct answer is 5.4 times
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for...
Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold of $604000. The balance in accounts receivable at the beginning of the year was $114000 and at the end of the year was $152000. What was the accounts receivable turnover? 102
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Multiple Choice Question 187 Windsor, Inc. had net credit sales during the year of $1128800 and cost of goods sold of $448000. The balance in accounts receivable at the beginning of the year was $122400 and at the end of the year was $149600. What was the accounts receivable turnover? 8.30 7.00 5.10 10.30
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...
If Kingbird, Inc. has net sales of $425000 and cost of goods sold of $324000, Kingbird’s gross profit rate is
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42.720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%) Profit margin 96 Gross profit rate 96
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
Multiple Choice Question 137 Blossom Company had net credit sales of $13016000 and cost of goods sold of $16815000 for the year. The average inventory for the year amounted to $1770000. The inventory turnover for the year is A_ 0.8 times. B_ 9.5 times. C- 7.4 times. D_ 2.0 times.
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...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...