VORTEX COMPUTING Year 2017 2018 2019 Net Credit Sales $1,557,200 1,755,310 1,965,170 Ending Accounts Receivable $398,000 444,400 500,780 1. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Vortex Computing if industry average for accounts receivable turnover ratio is 4 times and days' sales in receivables ratio is 85 days? 2. SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: 1. 2 3. 4. 5. 6. Date Jan. 13 Mar. 8 July 12 Aug. 22 Nov. 14 Dec. 9 Face Amount $32,000 60,000 47,000 15,000 35,000 23,000 Term 30 Days 45 Days 90 Days 75 Days 30 Days 60 Days Interest Rate 4.5% 8 6 5 7 6 b. Journalize the entry to record the dishonor of Note (3) on its due date. c. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. d. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February