Question
Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31 Accounts 2016 2015
Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):
Alpha Company
December 31
Accounts
2016 2015
Accounts Receivable
$40,000 $32,000
Merchandise Inventory
57,000 50,000
Office Supplies
25,000 20,000
Credit Sales
950,000 740,000
Interest Income
25,000 20,000
Cost of Goods Sold
460,000 385,000
1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)
2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word days. (Example 1.123 would be entered 1.1 days)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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