Financial statement data for years ending December 31 for Schultze-Solutions Company follow: a. Determine the accounts receivable
Question:
Financial statement data for years ending December 31 for Schultze-Solutions Company follow:
a. Determine the accounts receivable turnover for 20Y2 and 20Y1. Round accounts receivable turnover to one decimal place.
b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days and round to one decimal place.
c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change?
20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year End of year 195,300 184,700 224,700 195,300
Step by Step Answer:
20Y2 20Y1 a Account Receivable Beginning 195300 184700 Accou...View the full answer
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Related Video
Days sales outstanding (DSO) is a measure of the average number of days that it takes a company to collect payment for a sale. DSO is often determined on a monthly, quarterly, or annual basis. To compute DSO, divide the average accounts receivable during a given period by the total value of credit sales during the same period and multiply the result by the number of days in the period being measured.
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