Homework Answers
- Receivables Turnover = Annual net credit sales / Average accounts receivables
Annual net credit sales = $5,173,820
Average accounts receivables = $438,720
Receivables Turnover = $5,173,820 / $438,720 = 11.7929 times
Rounding off = 11.79 times
- Days' sales in receivables =365 days / Receivables turnover
Receivables Turnover =11.7929 or 11.79 times
Days' sales in receivables = 365/11.7929 = 30.95 days
when it is rounded off we can say days' sales in receivables will be around 31 days in an year
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