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please do E and F or just E. Please show work/how you got your answers so I can learn! E. See table for Ford &
please do E and F or just E. Please show work/how you got your answers so I can learn!
E. See table for Ford & GM financial data: Accounts Receivable $ millions Year 3 Year 2 Ford Motor Co $11,102 General Motors Co 9,638 Sales Year 3 Year 2 $141,546 $140,566 156,849 145.922 Year 1 $11,708 9,078 $11.042 8.337 For both Year 2 and Year 3, and for both companies, compute: 1. Accounts receivable turnover 2. Average days to collect receivables 3. What suggestions do you have for Ford to improve their collection process? 4. Both companies improved collections over time-by how much did cash increase for each of them because it took fewer days to collect F. The records of Stedman Corp. included the following accounts, all of which are normal balances: Cash sales $1,200.000 Credit sales 900.000 Balance in accounts receivable, 12/31/20 180,000 Balance in accounts receivable, 12/31/21 200,000 Balance in allowance for doubtful accounts, 12/31/20 3,000 Accounts written off as uncollectible during 2021 5,000 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write any necessary adjusting entry G. Calamia Company manufactures athletic wear for sporting goods stores and frequently sells its receivable to factors as a means of accelerating cash collections. On May 1, 2022, Calamia sold $120,000 of its receivables to Martinez Factoring, Inc. The receivables were sold without recourse. The factor charged 8% and hold back 5% for defects in the receivables. Bad debts estimated on the receivables is $500. 1. What is meant by defects in the receivables? What happens if there are fewer defects than anticipated? Or more? 2. Write the journal entry to record the factoring for Calamia. 3. Write the journal entry for Martinez Factoring H. Richards Company, a calendar yearend company, reported the following balances: December 31, 2021 December 31, 2020 Inventory $65,000 $72,500 Accounts payable 18.750 12.500 Richards paid suppliers $122,500 during 2021. What was Richards 2021 cost of goods sold? Be sure to show labelled calculations if necessary. Your work onables you to earn partial creditStep by Step Solution
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