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Accounts Receivable Analysis The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/55. 2016 2015
Accounts Receivable Analysis
The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/55.
2016 | 2015 | 2014 | ||||
Accounts receivable, end of year | $157,200 | $164,000 | $171,800 | |||
Net sales on account | 979,660 | 923,450 |
a. For 2015 and 2016, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
2016 | 2015 | |||
1. Accounts receivable turnover | ||||
2. Number of days' sales in receivables | days | days |
b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.
HtD s-lalse Cacutbior 1 FX 13-5 A 2. Ex.13 11 go 3 Fx 13-7 Agn Accounts Recivahe Analyai The ollowig data are taken froen the finantial statens r Hckee Technolagy En Terms of al sales are 2/10, y55. 2015 Acvounts teceivable, end uf yea tales on account 070,GG0 923,450 5. EX15-11 ALGO dFor 2015 and 202 determine 1) the aucourts recer able turnover nd 2 the number of days sales reue'vables. Rour d ana erstone ceoma pdace. Assume Jb5-day ye ar 1 Accounts receivable turnover days days h The oollection of acunts receable has inthe. tillktinnperiod. 9 EX 1321 AL 10. EX.14-15 ALGO 11. P1.14 2.Ago Previcus Next Progress: 611 rtoms me Remaining: 1:5045 O Type nere to searchStep by Step Solution
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