Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dahlia Corporation has a current accounts receivable balance of $ 4 4 6 , 5 1 6 . Credit sales for the year just ended

Dahlia Corporation has a current accounts receivable balance of $446,516. Credit sales for the year just ended were $7,535,050.
a. What is the receivables turnover?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
b. What is the days' sales in receivables?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
c. How long did it take, on average, for credit customers to pay off their accounts during the past year?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
\table[[a. Receivables turnover,,times],[b. Days' sales in receivables,,days],[c. Average collection period,,days]]
image text in transcribed

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

Accounting For Financial Instruments

Authors: Cormac Butler

1st Edition

0470699809, 978-0470699805

More Books

Students also viewed these Accounting questions