The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 646,050 630,720 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.
20Y3 | 20Y2 | 20Y1 | |
Accounts receivable A | $106,000 | 113000 | 120600 |
Sales on account S | 646050 | 630720 | |
1) Accounts receivable Turnover | |||
Sales/Avg accounts receivable | 5.9 | 5.4 | |
646050/((106000+113000)/2) | 630720/((113000+120600)/2) | ||
2) | |||
No. of day sales in receivable turnover | 61.9 | 67.6 | days |
365/Accounts receivable Turnover | 365/5.9 | 365/5.4 | |
b) | |||
Decrease | |||
If any doubt please comment |
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales...
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