The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents...
The following information is taken from Reagan Company's
December 31 balance sheet:
| Cash and cash equivalents | $ | 10,419 |
| Accounts receivable | 80,422 | |
| Merchandise inventories | 70,362 | |
| Prepaid expenses | 6,100 | |
| Accounts payable | $ | 16,950 |
| Notes payable | 96,638 | |
| Other current liabilities | 11,500 | |
If net sales for the current year were $601,500, the firm's days'
sales uncollected for the year is: (Use 365 days a
year.)
Homework Answers
Answer:
Firm's days' sales uncollected for the year = 48.80 days
Explanation:
Debtors' Turnover Ratio = Net credit sales / Average debtors
= $ 601,500 / $ 80,422
= 7.4792 times
Debtors' collection period = 365 / Debtors Turnover Ratio
= 365 / 7.4792
= 48.80 days
Note:
As average trade receivables are not given, closing trade receivables are only considered.
All sales are considered to be on credit.
In case of any doubt, please comment.
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