Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
In 2014, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
Homework Answers
Accountants and analysts use a variety of approaches to assess the profitability and efficiency of various businesses. The accounts receivable turnover ratio might assist you figure out how much cash you have on hand. It demonstrates the company's effectiveness in recovering debts from debtors.
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Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were...
Calculate the accounts receivable turnover
and average collection period. Assume that average net accounts
receivable were $325,000. (Use 365 days for
calculation. Round average collection period to 1 decimal place,
e.g. 15.1.)
Question 14 0.67/1 View Policies Show Attempt History Current Attempt in Progress During its first year of operations, Sandhill Company had credit sales of $3,900,000, of which $410,000 remained uncollected at year-end. The credit manager estimates that $23,400 of these receivables will become uncollectible. Your answer is correct....
Accounts Receivable Turnover and Average Collection Period The Andrew Miller Corporation disclosed the following financial information...
Accounts Receivable Turnover and Average Collection Period The Andrew Miller Corporation disclosed the following financial information (in millions) in its recent annual report 2012 2013 Net Sales $157,075 $171,675 Beginning Accounts Receivable (net) 12,895 12,695 Ending Accounts Receivable (net) 12,695 20,697 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
Accounts Receivable Turnover and Average Collection Period The Outback Corporation dis- closed the following financial information...
Accounts Receivable Turnover and Average Collection Period The Outback Corporation dis- closed the following financial information (in millions) in its recent annual report: 2018 2019 Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
1) accounts receivable turnover (2 decimal places) 2) average collection period (365 days in a year)...
1) accounts receivable turnover (2 decimal places)
2) average collection period (365 days in a year)
3) inventory turnover (2 decimal places round)
4) average sale period (365 days in a year)
5)operating cycle
6)total asset turnover
Weller Corporation Comparative Income statement and Reconciliation (dollars in thousands) This Year Last Year Sales $79,000 $74,000 Cost of goods sold 52.000 48.000 Gross margin 27,000 26,000 Selling and administrative expenses Selling expenses 8,500 8,000 Administrative expenses 12,000 11,000 Total selling and administrative...
Accounts Recelvable Turnover and Average Collection Perlod The Bud Miller Corporation disclosed the following financial information...
Accounts Recelvable Turnover and Average Collection Perlod The Bud Miller Corporation disclosed the following financial information (in millions) in its recent annual report: 2018 2019 $97,096 $111,662 6,450 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) 6,355 6,355 6,598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is...
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions...
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Mervyn's Fine Fashions has an average collection period of 30 days. The accounts receivable balance is...
Mervyn's Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its annual credit sales? (Use a 360-day year.)
Mervyn's Fine Fashions has an average collection period of 50 days. The accounts receivable balance is...
Mervyn's Fine Fashions has an average collection period of 50 days. The accounts receivable balance is $95,000. What is the value of its credit sales?
Accounts Receivable Turnover for Rise-n-shine Company The 2015 annual report of Rise-n-shine Company (the maker of...
Accounts Receivable Turnover for Rise-n-shine Company The 2015 annual report of Rise-n-shine Company (the maker of Brandees and Munchems) reported the following amounts (in millions of dollars): $14,670 Revenues, for the year ended May 31, 2015 Accounts receivable, net, May 31, 2015 Accounts receivable, net, May 31, 2014 953 1,082 Requiredi 1. Compute Rise-n-shine Company's accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places...
Calculate the accounts receivable turnover
and average collection period. Assume that average net accounts
receivable were $325,000. (Use 365 days for
calculation. Round average collection period to 1 decimal place,
e.g. 15.1.)
Question 14 0.67/1 View Policies Show Attempt History Current Attempt in Progress During its first year of operations, Sandhill Company had credit sales of $3,900,000, of which $410,000 remained uncollected at year-end. The credit manager estimates that $23,400 of these receivables will become uncollectible. Your answer is correct....
Accounts Receivable Turnover and Average Collection Period The Andrew Miller Corporation disclosed the following financial information (in millions) in its recent annual report 2012 2013 Net Sales $157,075 $171,675 Beginning Accounts Receivable (net) 12,895 12,695 Ending Accounts Receivable (net) 12,695 20,697 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is...
1) accounts receivable turnover (2 decimal places)
2) average collection period (365 days in a year)
3) inventory turnover (2 decimal places round)
4) average sale period (365 days in a year)
5)operating cycle
6)total asset turnover
Weller Corporation Comparative Income statement and Reconciliation (dollars in thousands) This Year Last Year Sales $79,000 $74,000 Cost of goods sold 52.000 48.000 Gross margin 27,000 26,000 Selling and administrative expenses Selling expenses 8,500 8,000 Administrative expenses 12,000 11,000 Total selling and administrative...
Accounts Recelvable Turnover and Average Collection Perlod The Bud Miller Corporation disclosed the following financial information (in millions) in its recent annual report: 2018 2019 $97,096 $111,662 6,450 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) 6,355 6,355 6,598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is...
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Mervyn's Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its annual credit sales? (Use a 360-day year.)
Accounts Receivable Turnover for Rise-n-shine Company The 2015 annual report of Rise-n-shine Company (the maker of Brandees and Munchems) reported the following amounts (in millions of dollars): $14,670 Revenues, for the year ended May 31, 2015 Accounts receivable, net, May 31, 2015 Accounts receivable, net, May 31, 2014 953 1,082 Requiredi 1. Compute Rise-n-shine Company's accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places...
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