Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

W . Tsang Electronics reports the following in its most recent year of operations: Net sales, $ 1 , 3 5 6 , 6 0

W. Tsang Electronics reports the following in its most recent year of operations:
Net sales, $1,356,600(all on account)
Cost of goods sold, $742,600
Gross profit, $614,000
Accounts receivable, beginning of year, $109,000
Accounts receivable, end of year, $129,000
Merchandise inventory, beginning of year, $74,000
Merchandise inventory, end of year, $84,000.
Based on these balances, compute:
a. The accounts receivable turnover.
b. The average collection period.
c. The inventory turnover.
d. The average number of days in inventory.
Complete this question entering your answers in the tabs below.
Required A
Required B
Required D
The average number of days in inventory.
Note: Assume 365 days a year. Round your intermediate calculation to 2 decimal places.
\table[[Average Days in Inventory,,,],[Choose Numerator,,Choose Denominator,,Average Days in Inventory],[365 days,,Inventory turnover,,],[,,,,]]
Required C
Regulred D
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions