Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 20Y9 20Y8 Sales $8,032,500 $6,612,500 Accounts receivable:

image text in transcribed

Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 20Y9 20Y8 Sales $8,032,500 $6,612,500 Accounts receivable: Beginning of year End of year 600,000 590,000 550,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place. 20Y8: 20Y9: 11.5 13.5 b. Determine the days' sales in receivables for 2019 and 20Y8. Use 365 days and round all calculations to one decimal place. 20Y8: 20Y9: 33 X days 27 days c. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 2019 favorable or unfavorable? Favorable

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

Fundamental Accounting Principles Volume II

Authors: Larson Kermit, Jensen Tilly

14th Canadian Edition

71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511

More Books

Students also viewed these Accounting questions

Question

What is post close trial balance?

Answered: 1 week ago