The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars)....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the days' sales outstanding ratio for the years 2022 and 2023. Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For days' sales outstanding, round to the nearest whole number. 2023 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales Accounts Receivable Turnover (in number of times) Days' Sales Outstanding (in days) Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order. Date On January 2, 2023, Dharma Initiative agreed to sell $185,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable. Jan 2 Account Title and Explanation To record sale of accounts receivable ( $326 $19 $3,785 Debit 2022 2021 $513 $539 $24 $25 $3,456 $2,523 Credit The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the days' sales outstanding ratio for the years 2022 and 2023. Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For days' sales outstanding, round to the nearest whole number. 2023 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales Accounts Receivable Turnover (in number of times) Days' Sales Outstanding (in days) Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order. Date On January 2, 2023, Dharma Initiative agreed to sell $185,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable. Jan 2 Account Title and Explanation To record sale of accounts receivable ( $326 $19 $3,785 Debit 2022 2021 $513 $539 $24 $25 $3,456 $2,523 Credit
Expert Answer:
Answer rating: 100% (QA)
Accounts receivable turnover ratio Net Credit Sales Allowance Average Receivables ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Following are selected financial data in thousands of dollars for the Hunter Corporation. a. Diagram the expanded Du Pont system for Hunter for 2012. b. Use the Du Pont system to calculate the return...
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Using real employed samples, multiple field studies indicate that fat women experience more negative outcomes than fat men. In one study conducted by Steven Gortmaker and colleagues and using over...
-
Nadeau Wholesalers accepts from Nicole Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Nicoles overdue account. (a) What is the maturity date of the note? (b) What is the entry made...
-
Comparative balance sheets for Pop and Son Corporations at December 31, 2015, are as follows (in thousands): On January 2, 2016, Pop issues 240,000 shares of its stock with a market value of $40 per...
-
Placer Industries acquired 80 percent of SAS Shoes several years ago. Placer and SAS have made several intercompany transfers of depreciable assets over the years. Details are below. On June 30,...
-
Calls arrive at Lynn Ann Fishs hotel switchboard at a rate of 2 per minute. The average time to handle each is 20 seconds. There is only one switchboard operator at the current time. The Poisson and...
-
Assume the same situation as in #4 (see question #4 below for reference on the situation), except that these bonds had been swapped for common stock at NBV. Recalculate the ratio in #1, assuming...
-
Consider the idealized, symmetric two-cell wing box shown in the figure below. The area enclosed by the semi-elliptical web 45 is 51,500 mm. The shear modulus of the material is G = 27 GPa....
-
Friesen Company issued bonds on 1/1/2012. You are provided with the following bond amortization table for this issuance. You are also told that the annual coupon rate is 9.0%. Answer the following...
-
Green Chef Corporation commits to offering sustainable meal kits that minimize environmental impact while creating a delicious home-cooked meal (https://www.greenchef.com/green-practices). Please...
-
What are the mechanisms underlying gene regulation and expression variability, including transcriptional regulation, epigenetic modifications, and post-transcriptional processes, and how do these...
-
1. Wkst 2-2: form 1040 Name Date Period Directions: Using the 1040 and tax tables, answer the following questions. Eleanor is single and makes $78,000 according to her W-2. She does not have any...
-
An initial investment of $40,000 in Coronado's Bunks is expected to pay off greatly-but not equally-in each of the next 5 years. The company expects a small increase in operating income in year 1 of...
-
The net electric force on charge B is zero. qA = 4.0 nC. What is the charge on qc, in nC? Your answer needs to have 2 significant figures, including the negative sign in your answer if needed. Do not...
-
if the shipper declares a value per unit of measure (pounds, gallons, etc how is a loss and damage claim settled?
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
Presented below is information for Yates Co. for the month of January 2010. Cost of goods sold ........$212,000 Freight-out ............ 7,000 Insurance expense ......... 12,000 Salary expense...
-
During its first year of operations, Privat Corporation had these transactions pertaining to its common stock . Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for...
-
Selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). Instructions Compute the...
-
The following information is available for the Dixon Company for the second quarter of 2005. Required: Prepare a cash budget for the second quarter of 2005. Apr May Jun Budgeted Receipts from Credit...
-
The following information is available for the Art Kriner Company for the first quarter of 2005: Beginning cash balance for January 2005 is expected to be \($1,500\). The company intends to maintain...
-
The following information is available for November 2005. Beginning cash balance for November is expected to be \($5,800\). The company intends to maintain a cash balance of at least \($5,000\). The...
Study smarter with the SolutionInn App