Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 18, 2022

A company reports the following: Sales $499,320 Average accounts receivable (net) 26,280 Determine (a) the accounts receivable turnover and (b) the number of days'

A company reports the following: Sales $499,320 Average accounts receivable (net) 26,280 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

★★★★★

3.40 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

a Accounts Receivable Turnover 19 Times b Number of dayss sales in receivabl... blur-text-image

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

Financial ACCT2

Authors: Norman H. Godwin, C. Wayne Alderman

2nd edition

9781285632544, 1111530769, 1285632540, 978-1111530761

More Books

Students also viewed these Accounting questions

Question

★★★★★

A company reports the following accounts on its classified balance sheet: Additional paid in capital ...... Accounts receivable Land .............. Bonds payable, due in 10 years Treasury stock...

Answered: 1 week ago

Question

★★★★★

A company reports the following information from its financial statements: Required Conduct horizontal and vertical analyses of inventory for the current year. Round percentages to one decimal point...

Answered: 1 week ago

Question

★★★★★

A company reports the following operating cash flows on its statement of cash flows (in millions): Required Identify whether the following account balances increased or decreased during the year: (a)...

Answered: 1 week ago

Question

★★★★★

Discuss the concept of the Process Spectrum. Use examples where appropriate.

Answered: 1 week ago

Question

★★★★★

a. Verify that a 95% level of confidence requires a 1.96-standard-deviation interval. b. Verify that the level of confidence for a 2-standard-deviation interval is 95.45%.

Answered: 1 week ago

Question

★★★★★

Demonstrate by example how the CVP equations are used to determine breakeven sales revenue in dollars and in units. LO1

Answered: 1 week ago

Question

★★★★★

I think we should wait. If we walk on the path and our mothers come to get us, they wont see us, and theyll worry. Missing the bus is bad enough. If my mom cant find me, shell be really mad! In what...

Answered: 1 week ago

Question

★★★★★

White Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products. Manufacturing overhead costs are allocated based on...

Answered: 1 week ago

Question

★★★★★

You are considering making a movie. The movie is expected to cost $10 million upfront and take a year to make. After that, it is expected to make $5 million in the first year it is released (end of...

Answered: 1 week ago

Question

★★★★★

Chumpy Lighting Limited manufactures a wide variety of light bulbs which it sells to lighting shops and builders merchants through wholesale distributors. It also sells direct to the big UK...

Answered: 1 week ago

Question

★★★★★

Security tools can only be effective if they are supporting a process of _ _ _ _ _ _ _ _ _ _ _ _ that allows staff the ability to be alerted and respond to security incidents quickly

Answered: 1 week ago

Question

★★★★★

3-3 Estimate the average and maximum flowrates from a recreational area (to be selected by instructor) with the following facilities. State all of your assumptions clearly. Recreational area Type of...

Answered: 1 week ago

Question

★★★★★

For provincials, the primary means of integration into the Empire lay in grants of _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , which had been virtually impossible to receive during the...

Answered: 1 week ago

Question

★★★★★

Unit 2 DB: Business Writing Describe at least two ways in which you can improve your communication skills through email, presentation, and report writing. Which of these communication methods do you...

Answered: 1 week ago

Question

★★★★★

After discussions with a sales representative, Shu purchases a new iPhone from the Apple store. During their conversation, they do not discuss phone insurance. Five minutes after Shu pays for the...

Answered: 1 week ago

Question

★★★★★

4. Assuming ABC allocated overhead more accurately, which products were incorrectly priced using the traditional costing method? What difficulties might result from incorrectly budgeted products?...

Answered: 1 week ago

Question

★★★★★

I need to replicate part h using these numbers ( do not use any other numbers ) but these: Sales increase by 12% Wage expense increased from an average of about 8% to about 11% of sales. Inventory...

Answered: 1 week ago

Question

★★★★★

Is the modified 5-question approach to ethical decision making superior to the modified moral standards or modified Past in approach?

Answered: 1 week ago

Question

★★★★★

State the formula for fixed asset turnover ratio and describe what this ratio tells an analyst.

Answered: 1 week ago

Question

★★★★★

Describe the three possible closing entries.

Answered: 1 week ago

Question

★★★★★

In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000, beginning fixed assets of $300,000 (at cost), ending fixed assets of $311,000 (at...

Answered: 1 week ago

Question

★★★★★

Variance estimation with post stratification. Suppose we post stratify the sample into L post strata, with population counts N1, N2. . . NL. Then the post stratified estimator for the population...

Answered: 1 week ago

Question

★★★★★

Suppose a stratified random sample is taken with two observations per stratum. Show that if Then First note that Then express BRR (str) directly using yh1 and yh2.

Answered: 1 week ago

Question

★★★★★

Use the jackknife to estimate V(y) for the data in srs30.dat, and verify that JK(y) = s2/30 for these data. What are the jackknife weights for jackknife replicate j?

Answered: 1 week ago

Previous Question Next Question