Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

A company reports the following: Sales $473,770 Average accounts receivable (net) 43,070 Determine (a) the accounts receivable turnover and (b) the number of days' sales

A company reports the following:

Sales	$473,770
Average accounts receivable (net)	43,070

Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.

a. Accounts receivable turnover
b. Number of days' sales in receivables	days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Just Leave Me Alone Audit Clerk Knows What To Do Blank Lined Journal Funny Auditor Gifts For Women Men Funny Gift For Auditor Fun Finance Gifts An Auditor Who Loves Accounting And Auditing

Authors: Awesome Auditor

1st Edition

1659112699, 978-1659112696

More Books

Students also viewed these Accounting questions

Question

★★★★★

Heavey and Lovas Furniture Repair Service, a company with two stockholders, began operations on June 1, 2013. The following T-accounts indicate the activities for the month of June. Required: For...

Answered: 1 week ago

Question

★★★★★

7.106 A soft-drink machine dispenses only regular Coke and Diet Coke. Sixty percent of all purchases from this machine are diet drinks. The machine currently has 10 cans of each type. If 15 customers...

Answered: 1 week ago

Question

★★★★★

The stockholders' equity section of the balance sheet for Brawner Company at December 31, 2012, is as follows: Required a. What is the par value per share of the preferred stock? b. What is the...

Answered: 1 week ago

Question

★★★★★

Leonard Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 175,000 Dividends declared 160,000 Net income 500,000 Retained...

Answered: 1 week ago

Question

★★★★★

As B2B e-commerce continues to grow, companies are placing more emphasis on upgrading their e-commerce infrastructure, taking many cues from B2C companies in the process. Streamlining their online...

Answered: 1 week ago

Question

★★★★★

Cregg's Fine Furnishings manufactures upscale custom furniture. Cregg's currently uses a plantwide overhead rate based on direct labor hours to allocate its $1,300,000 of manufacturing overhead to...

Answered: 1 week ago

Question

★★★★★

[ PLEASE PLEASE UPLOAD THE ANSWER IN EXCEL USING SOLVER BY NON-LINEAR OPTIMIZATION METHOD. I REQUEST YOU TO GIVE THE ANSWER TO THESE QUESTIONS BY SOLVING ON EXCEL AND ATTACHING THE EXCEL HERE OR AT...

Answered: 1 week ago

Question

★★★★★

2. (1 point) Given AABC, tan A b b

Answered: 1 week ago

Question

★★★★★

Geolander Tire manufactures tires for all-terrain vehicles Geolander uses job costing and has a perpetual inventory system. On November 22, Geolander received an order for 100 TX tires from ATV...

Answered: 1 week ago

Question

★★★★★

AC114 Unit 2 Lab Assignment Question 6 of 6 Current Ampt in Prog Os Are 1. Helen Martated on Deviare Co. a company that rondes craft theth of Ane Cash $11.000 Service Revenue 36.400 Account 1200...

Answered: 1 week ago

Question

★★★★★

4-8 The Malaysian government is a major healthcare provider. The government It plans to have 33 paperless public hospitals in Malaysia in the next few years. These paperless hospitals will be enabled...

Answered: 1 week ago

Question

★★★★★

4-9 As the head of a small insurance company with six employees, you are concerned about how effectively your company is using its networking and human resources. Budgets are tight, and you are...

Answered: 1 week ago

Question

★★★★★

4-6 Is there a digital divide? If so, why does it matter?

Answered: 1 week ago

Previous Question Next Question