XYZ's receivables turnover is 10x
Homework Answers
Account Receivable turnover ratio = Net Credit Sales / Account receivables
Net Credit Sales = Account Receivable turnover ratio * Average account receivables
=> 10 x $600,000 = $6,000,000
Qno.2 (a) What would be the approximate cost of not taking a discount if the credit...
Qno.2 (a) What would be the approximate cost of not taking a discount if the credit terms of "2/10, net 40" are offered? (Assume a 365-day year). (b) Ninety-percent of XYZ's total sales of $600,000 is on credit. Caleulate the average collection period and year-end receivables if its year-end receivables turnover is 5.
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....
E6-24 Computing and Interpreting the Receivables Turnover Ratio A recent annual report for FedEx contained the...
E6-24 Computing and Interpreting the Receivables Turnover Ratio A recent annual report for FedEx contained the following data: pre Be Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) credit) (dollars in thousands) Current Year Previous Year $ 7,851.000 $7.430,000 252,000 178,000 $ 7,599,000 $7,252,000 $60,319,000 Source: FedEx Corporation Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year 2. Explain the meaning of each calculated number.
Exercise 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports....
Exercise 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,735 5,766 549 Ending Accounts Receivable $2.682 6,294 585 Walco TarMart CostGet Net Sales $314,427 59,878 60,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio...
i Requirements 1. 2. Compute Creative's days' sales in receivables for 2018. (Round to the nearest...
i Requirements 1. 2. Compute Creative's days' sales in receivables for 2018. (Round to the nearest day.) Suppose Creative's normal credit terms for a sale on account are 2/10, net 30. How well does Creative's collection period compare to the company's credit terms? Is this good or bad for Creative? Print Done Creative Media Sign Incorporated sells on account. Recently. Creative reported the following figures: $ Net Credit Sales Net Receivables at end of year 2018 580,800 $ 38,900 2017...
Green Company has net credit sales of $100,000, an asset turnover ratio of 4, and a...
Green Company has net credit sales of $100,000, an asset turnover ratio of 4, and a receivables turnover ratio of 9. What is the average collection period? 11.1 days 36 days 40.6 days 25 days please include the explanation
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December...
Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December 31 for Blum Company are shown below. 2016 2015 Sales $5,794,740 $5,432,660 Accounts receivable: Beginning of year 423,110 474,240 End of year 496,690 416,360 a. Determine the accounts receivable turnover for 2016 and 2015. Round your answers to one decimal place. Accounts Receivable Turnover 2016 2015 b. Determine the number of days' sales in receivables for 2016 and 2015. Use 365 days in...
box answers Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years...
box
answers
Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 2012 2011 Sales $2,912,000 $2,958,000 Accounts receivable: Beginning of year 300,000 280,000 End of year 340,000 300,000 a. Determine the accounts receivable turnover for 2012 and 2011. If required, round the final answers to one decimal place. Accounts Receivable Turnover 2012 2011 b. Determine the days' sales in receivables for 2012 and 2011. Use 365 days, if...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net),...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net), end of year Current Year Preceding Year $123,000 $95,000 129,012 87,516 950,000 825,000 Sales on account a. Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round intermediate calculations to whole number and final answers to two decimal place. 1. The accounts receivable turnover: Current Year...
Qno.2 (a) What would be the approximate cost of not taking a discount if the credit terms of "2/10, net 40" are offered? (Assume a 365-day year). (b) Ninety-percent of XYZ's total sales of $600,000 is on credit. Caleulate the average collection period and year-end receivables if its year-end receivables turnover is 5.
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....
E6-24 Computing and Interpreting the Receivables Turnover Ratio A recent annual report for FedEx contained the following data: pre Be Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) credit) (dollars in thousands) Current Year Previous Year $ 7,851.000 $7.430,000 252,000 178,000 $ 7,599,000 $7,252,000 $60,319,000 Source: FedEx Corporation Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year 2. Explain the meaning of each calculated number.
Exercise 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,735 5,766 549 Ending Accounts Receivable $2.682 6,294 585 Walco TarMart CostGet Net Sales $314,427 59,878 60,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio...
i Requirements 1. 2. Compute Creative's days' sales in receivables for 2018. (Round to the nearest day.) Suppose Creative's normal credit terms for a sale on account are 2/10, net 30. How well does Creative's collection period compare to the company's credit terms? Is this good or bad for Creative? Print Done Creative Media Sign Incorporated sells on account. Recently. Creative reported the following figures: $ Net Credit Sales Net Receivables at end of year 2018 580,800 $ 38,900 2017...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
box
answers
Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 2012 2011 Sales $2,912,000 $2,958,000 Accounts receivable: Beginning of year 300,000 280,000 End of year 340,000 300,000 a. Determine the accounts receivable turnover for 2012 and 2011. If required, round the final answers to one decimal place. Accounts Receivable Turnover 2012 2011 b. Determine the days' sales in receivables for 2012 and 2011. Use 365 days, if...
The following data are taken from the financial statements: Average accounts receivable (net) Accounts receivable (net), end of year Current Year Preceding Year $123,000 $95,000 129,012 87,516 950,000 825,000 Sales on account a. Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round intermediate calculations to whole number and final answers to two decimal place. 1. The accounts receivable turnover: Current Year...
Most questions answered within 3 hours.
-
What does Socrates defense reveal about the values he lives by?
What matters most to Socrates?
asked 18 minutes ago -
A sample of ore containing manganese weighed 1.2354 grams. This
sample was heated in a solution...
asked 1 hour ago -
In JAVA please (need answers in a few hours!)
Exercise #2: Design and implement a program...
asked 4 hours ago -
The mass spectrum of an organic compound shows the relative
abundances of M to be 53.76%...
asked 4 hours ago -
Coca Cola’s strategy of “think local, act local” represents a
__________ approach.
Question options:
1)
transnational...
asked 5 hours ago -
which of the following is not a category of project management
risk?
a) external
b) internal...
asked 5 hours ago -
Focus on Critical Thinking: Are citizen suit provisions an
effective way to achieve environmental objectives? Do...
asked 6 hours ago -
Gaseous butane CH3CH22CH3 will react with gaseous oxygen O2 to
produce gaseous carbon dioxide CO2 and...
asked 6 hours ago -
Required to construct counters using synchronous sequential
logic. Use one hex digit to display the result....
asked 7 hours ago -
(Ultra) Large-Scale Systems –Characteristics?
explain in detail
How the nature of an enterprise affect complex...
asked 7 hours ago -
Some of the antibiotic susceptible strains show colonies within
the clear zone. What it does this...
asked 7 hours ago -
In the lottery game Fantasy 5 you have to select 5 numbers from
the numbers {1,2,3,.......,38,39}....
asked 7 hours ago