Homework Answers
It seems some mistakes are there in the questions in terms of
options given as well question asked (Q4 they are asking for
Account receivables turnover days with options given) but I have
solved using the correct method.
| On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000. What is the accounts receivable turnover? a. 2.89 b. 2 c. 2.36 d. 1.57 4 | |||
| Accounts Receivables Turnover = Net Sales/ Average Accounts Receivables | |||
| Net Sales = $250,000 - $10,000 - $4,000 | $ 236,000.00 | ||
| Average Accounts Receivables = ($100,000 + $150,000)/2 | $ 125,000.00 | ||
| Accounts Receivables Turnover = $236,000/$125,000 | 1.89 | times | (according to me this is correct but this option is not given) |
| 1.89 times is getting by using correct method. | |||
| But if we want to choose among the option given | |||
| then in that condition | |||
| Net Sales = | $ 250,000.00 | ||
| Average Accounts Receivables = ($100,000 + $150,000)/2 | $ 125,000.00 | ||
| Accounts Receivables Turnover = $250,000/$125,000 | 2.00 | times | correct option |
| 4. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000 were reported. What is the accounts receivable turnover? | |||
| Accounts Receivable Turnover in Days = 365 / Receivable turnover ratio | |||
| Accounts Receivable Turnover in Days = 365 / 1.89 | 193 | days | (according to me this is correct ) |
| Accounts Receivable Turnover in Days = 365 / 2 | 183 | days |
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