Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

value: 5.00 points Geisel, Inc. reported net sales revenue of $527,000 in 2015 and $616,000 in 2016. The company's average net receivables were $115,000 during

image text in transcribed
value: 5.00 points Geisel, Inc. reported net sales revenue of $527,000 in 2015 and $616,000 in 2016. The company's average net receivables were $115,000 during 2014 and $127,000 during 2015. At December 31, 2016, the company had Accounts Receivable of $157,000. and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,100The company reported Bad Debt Expense of $8,630 during 2016. Required: a. Determine the net receivables at December 31, 2016. b. Calculate the receivables tunover ratio for 2015 and 2016. (Round your intermediate calculations and final answers to 1 decimal place. Use 365 days a year.) 2015 2016 Accounts Receivable Turnover Ratio c. Calculate the days to collect for 2015 and 2016. (Round your intermediato calculations and final answers to 1 decimal place. Use 365 days a year.) 2015 2016 Daysto Collect -ans- Check my work

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_2

Step: 3

blur-text-image_3

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

Introduction To The Financial Management Of Healthcare Organizations

Authors: Michael Nowicki

6th Edition

1567936695, 9781567936698

More Books

Students also viewed these Finance questions

Question

7. Coming Home: Repatriation Challenges?

Answered: 1 week ago