Question

Recent financial statements of **General Mills,
Inc.** report net sales of $12,571,768,000. Accounts
receivable are $944,350,000 at the beginning of the year and
$980,713,000 at the end of the year.

1) Compute General Mills' accounts receivable turnover
**(Round answer to 2 decimal places, e.g.
15.25.)**

2) Compute General Mills’ average collection period for accounts
receivable in days. **(Round answer to 2 decimal places,
e.g. 15.25.)**

Answer #1

Recent financial statements of Larkspur Ship Builders, Inc.
report net sales of $668,500,000. Accounts receivable are
$64,400,000 at the beginning of the year and $90,500,000 at the end
of the year. (Round answers to 2 decimal places, e.g.
50.27. Use 365 days for calculation.)
Compute Larkspur’s accounts receivable turnover.
Accounts receivable turnover
times
Compute Larkspur’s average collection period for accounts
receivable in days.
Average collection period for accounts receivable
days

The financial statements of the Splish Brothers Inc. reports net
sales of $612000 and accounts receivable of $78000 and $46800 at
the beginning of the year and end of year, respectively. What is
the average collection period for accounts receivable in days?
25 days
74 days
49 days
37.2 days

The following data are taken from the financial statements of
Rainsberger Company. 2018 2017 Accounts receivable (net), end of
year $590,000 $505,000 Net sales on account 4,100,000 3,200,000
Terms for all sales are 1/10, n/60. Compute for each year the
accounts receivable turnover. At the end of 2016, accounts
receivable (net) was $515,000. (Round answers to 1 decimal place,
e.g. 1.6.) 2018 2017 Accounts receivable turnover times times
Compute for each year the average collection period. At the end of...

Accounts Receivable Analysis
The following data are taken from the financial statements of
Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3
20Y2
20Y1
Accounts receivable, end of year
$135,400
$142,000
$150,000
Sales on account
901,550
861,400
a. For 20Y2 and 20Y3, determine (1) the
accounts receivable turnover and (2) the number of days' sales in
receivables. Round answers to one decimal place. Assume a 365-day
year.
20Y3
20Y2
1. Accounts receivable turnover
2. Number of days' sales in...

Accounts Receivable Analysis
The following data are taken from the financial statements of
Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3
20Y2
20Y1
Accounts receivable, end of year
$725,000
$650,000
$600,000
Sales on account
5,637,500
4,687,500
a. For 20Y2 and 20Y3, determine (1) the
accounts receivable turnover and (2) the number of days' sales in
receivables. Round interim calculations to the nearest dollar and
final answers to one decimal place. Assume a 365-day year.
20Y3
20Y2
1. Accounts...

Accounts receivable analysis
The following data are taken from the financial statements of
Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3 20Y2 20Y1
Accounts receivable, end of year $725,000 $660,000 $600,000
Sales on account 5,638,000 4,528,000
This information has been collected in the Microsoft Excel
Online file. Open the spreadsheet, perform the required analysis,
and input your answers in the questions below.
Open spreadsheet
a.) For 20Y2 and 20Y3, determine (1) the accounts receivable
turnover and...

Accounts Receivable and Inventory Turnover
The following data (in millions) were adapted from recent
financial statements of Apple Inc (AAPL).
Year 2
Year 1
Sales
$233,715
$182,795
Cost of goods sold
140,089
112,258
Operating income
71,230
52,503
Average accounts receivable
33,713
27,816
Average inventory
2,230
1,938
1. Compute the accounts receivable turnover for Years 1 and 2.
Round to one decimal place.
Accounts Receivable Turnover
Year 2
Year 1
2. Compute the number of days' sales in receivables for Years...

The following data are taken from the financial statements of
Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3
20Y2
20Y1
Accounts receivable, end of year
$113,600
$120,000
$128,200
Sales on account
747,520
732,190
a. For 20Y2 and 20Y3, determine (1) the
accounts receivable turnover and (2) the number of days' sales in
receivables. Round answers to one decimal place. Assume a 365-day
year.
20Y3
20Y2
1. Accounts receivable turnover
2. Number of days' sales in receivables
days
days...

In 2020, Nash Company has net credit sales of $1,030,000 for the
year. It had a beginning accounts receivable (net) balance of
$100,000 and an ending accounts receivable (net) balance of
$106,000.
Compute Nash Company’s accounts receivable turnover.
(Round answer to 1 decimal place, e.g.
2.5.)
Accounts receivable turnover
times
Compute Nash Company’s average collection period in days.
(Round answer to 1 decimal place, e.g. 2.5. Use 365
days for calculations.)
Average collection period
days

Accounts Receivable Analysis
The following data are taken from the financial statements of
Outdoor Patio Inc. Terms of all sales are 2/10, n/60.
Year 3
Year 2
Year 1
Accounts receivable, end of year
$190,200
$204,000
$219,400
Sales
1,123,470
1,100,840
a. For Years 2 and 3, determine (1) the
accounts receivable turnover and (2) the number of days' sales in
receivables. Assume there are 365 days in the year. Round
intermediate calculations to the nearest whole dollar and final
answers...

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