Based on the following data, what is the accounts receivable turnover? Sales on account during year...
Homework Answers
Solution:
Average Accounts receivable = (Beginning Accounts receivable + Ending Accounts receivable) / 2
= ($45000 + $35000) / 2 = $40,000
Accounts Receivable turnover = Sales on account / Average Accounts receivable
= $600,000 / $40,000 = 15.0
Hence, last option is correct.
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Based on the following data, what is the accounts receivable
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#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all on account) .Cost of goods sold, $633,600 .Gross profit, $448,000 Accounts receivable, beginning of year, $94,000 Accounts receivable, end of year, $114,000 Merchandise inventory, beginning of year, $59,000 Merchandise inventory, end of year, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
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#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all on account) .Cost of goods sold, $633,600 .Gross profit, $448,000 Accounts receivable, beginning of year, $94,000 Accounts receivable, end of year, $114,000 Merchandise inventory, beginning of year, $59,000 Merchandise inventory, end of year, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
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