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: 2 0 Y 9 2 0 Y 8

Accounts receivable turnover and days sales in receivables
For two recent years, Robinhood Company reported the following:
20Y920Y8
Sales $8,046,500 $6,903,000
Accounts receivable:
Beginning of year 610,000560,000
End of year 600,000610,000
a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.
20Y8: fill in the blank 1
20Y9: fill in the blank 2
b. Determine the days sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place.
20Y8: fill in the blank 3
days
20Y9: fill in the blank 4
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

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions

Question

What is the effect of word war second?

Answered: 1 week ago

Question

discuss the reliability of the data you have gathered;

Answered: 1 week ago

Question

undertake an initial analysis of your data;

Answered: 1 week ago