Homework Answers
| Nelson Company | |||||||
| a.Acounts Receivable Turnover = Sales / Avg. Accounts Receivable | |||||||
| Year 2 = 1139600 / (180000 + 72000 ) / 2 = 1139600 / 126000 = 9.04 | |||||||
| Year 1 = 1192320 / ( 164000 + 80000 ) / 2 = 1192320 / 122000 = 9.77 | |||||||
| b.Number of Days Sales in Receivables = 365 / Accounts Receivable Turnover | |||||||
| Year 2 = 365 / 9.04 = 40.38 Days | |||||||
| Year 1 = 365 / 9.77 = 37.36 Days | |||||||
| It takes Inventory to convert from sales to cash 37.36 days in Year 1 | |||||||
| and 40.38 Days in Year 2. | |||||||
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The following data are available for Nelson Company: Year 1 $1,192,320 164,000 606,000 80,000 Year 2...
Question 23 The following data are available for Martin Solutions, Inc.. Sales beginning inventory Cost of...
Question 23 The following data are available for Martin Solutions, Inc.. Sales beginning inventory Cost of goods sold Ending inventory Year 2 $1,139,600 80 000 500,800 72,000 Year 1 $1,192,320 64.000 606,000 80,000 Determine for each year: (a) Inventory turnover: Year 2 (current) Year 1 (previous) (b) Number of days' sales in inventory. Round your answers to one Year 2 (Current) Year 1 (previous) (c) What conclusions can be drawn from these data concerning the inventories?
A recent annual report for NPS contained the following data: (dollars in thousands) Current Year Previous...
A recent annual report for NPS contained the following data:
(dollars in thousands)
Current Year
Previous Year
Accounts receivable
$
3,727,000
$
4,527,000
Less: Allowance for doubtful accounts
185,000
148,000
Net accounts receivable
$
3,542,000
$
4,379,000
Net sales (assume all on credit)
$
35,397,000
Required:
1. Determine the receivables turnover ratio and
average days sales in receivables for the current year.
(Use 365 days a year. Do not round intermediate
calculations. Enter your answers in thousands not in
dollars.)...
Question 4 2020 2019 Sales 1,139,600 1,192,320 80,000 64,000 Beginning Accounts Receivable Cost of Good Sold...
Question 4 2020 2019 Sales 1,139,600 1,192,320 80,000 64,000 Beginning Accounts Receivable Cost of Good Sold Ending Accounts Receivable Determine the accounts receivable turnover for 2019. 606,000 500,800 72,000 80,000 a 18.5 times b. 16.56 17.3 d. 16.4 times Moving to the next question prevents changes to this answer MacBook Air esc 00 F2 BO F3 888 F4 F 1: @ # $ % 1 & 2 3 4 5 6 ca Q 3 E R T Y А S...
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...
A recent annual report for NPS contained the following data Accounts receivable Less: Allowance for doubtful...
A recent annual report for NPS contained the following data Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) (dollars in thousands) Current Year Previous Year $ 3,737,000 $4,547,000 178,000 145,000 5 3,559, eee $4,402,800 $34,597,000 Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year (Use 365 days a year. Do not round Intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover...
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year...
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories $18,500,000 940,000 $20,000,000 860,000 10,800,000 940,000 Cost of goods sold 9,270,000 1,120,000 Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 61,704 47,914 Cost of goods sold 445,300 518,300 Ending inventories 55,904 61,704 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,430,800 $1,498,000 Beginning inventories 108,884 100,868 Cost of goods sold 715,400 832,200 Ending inventories 98,484 108,884 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 87,720 86,244 Cost of goods sold 584,000 678,900 Ending inventories 79,320 87,720 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year Previous Year $1,474,600 Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. $1,537,400 103,086 854,100 77,632 77,632 737,300 70,232 Current Year Previous Year 1. Inventory turnover...
Question 23 The following data are available for Martin Solutions, Inc.. Sales beginning inventory Cost of goods sold Ending inventory Year 2 $1,139,600 80 000 500,800 72,000 Year 1 $1,192,320 64.000 606,000 80,000 Determine for each year: (a) Inventory turnover: Year 2 (current) Year 1 (previous) (b) Number of days' sales in inventory. Round your answers to one Year 2 (Current) Year 1 (previous) (c) What conclusions can be drawn from these data concerning the inventories?
A recent annual report for NPS contained the following data:
(dollars in thousands)
Current Year
Previous Year
Accounts receivable
$
3,727,000
$
4,527,000
Less: Allowance for doubtful accounts
185,000
148,000
Net accounts receivable
$
3,542,000
$
4,379,000
Net sales (assume all on credit)
$
35,397,000
Required:
1. Determine the receivables turnover ratio and
average days sales in receivables for the current year.
(Use 365 days a year. Do not round intermediate
calculations. Enter your answers in thousands not in
dollars.)...
Question 4 2020 2019 Sales 1,139,600 1,192,320 80,000 64,000 Beginning Accounts Receivable Cost of Good Sold Ending Accounts Receivable Determine the accounts receivable turnover for 2019. 606,000 500,800 72,000 80,000 a 18.5 times b. 16.56 17.3 d. 16.4 times Moving to the next question prevents changes to this answer MacBook Air esc 00 F2 BO F3 888 F4 F 1: @ # $ % 1 & 2 3 4 5 6 ca Q 3 E R T Y А S...
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...
A recent annual report for NPS contained the following data Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) (dollars in thousands) Current Year Previous Year $ 3,737,000 $4,547,000 178,000 145,000 5 3,559, eee $4,402,800 $34,597,000 Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year (Use 365 days a year. Do not round Intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover...
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories $18,500,000 940,000 $20,000,000 860,000 10,800,000 940,000 Cost of goods sold 9,270,000 1,120,000 Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 61,704 47,914 Cost of goods sold 445,300 518,300 Ending inventories 55,904 61,704 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 87,720 86,244 Cost of goods sold 584,000 678,900 Ending inventories 79,320 87,720 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year Previous Year $1,474,600 Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. $1,537,400 103,086 854,100 77,632 77,632 737,300 70,232 Current Year Previous Year 1. Inventory turnover...
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