Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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.)image text in transcribed

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, 727,000 $ 4,527,000 185,000 148,000 $ 3,542,000 $ 4,379,000 $ 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.) Receivables Turnover Ratio Numerator Denominator 0 times Average Days Sales in Receivables Numerator Denominator days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Statistics For Economics Accounting And Business Studies

Authors: Michael Barrow

7th Edition

1292118709, 978-1292118703

More Books

Students also viewed these Accounting questions

Question

How Confident Am I in My Abilities to Succeed?

Answered: 1 week ago

Question

List and briefly describe five reasons for the study of history.

Answered: 1 week ago

Question

What are employee assistance programs and wellness programs?

Answered: 1 week ago