Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash s...
Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, which was computed from net credit sales for the year.
What was Utica's total net sales for 2017?
(This is a previously posted question that was answered incorrectly).
Homework Answers
Receivables turnover = Net credit sales / average inventory
average inventory = (250,000 + 300,000) / 2 = 275,000
average inventory = 275,000
5 = Net credit sales / 275,000
Net credit sales = $1,375,000
Total net sales = Cash sales + credit sales
Total net sales = 100,000 + 1,375,000
Total net sales = $1,475,000
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