Question

The following data are taken from the financial statements of Rainsberger Company. 2018 2017 Accounts receivable...

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 2016, accounts receivable (net) was $515,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2018 2017 Average collection period days days

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
the following data exists for Carley Company. 2018 2017 Accounts Receivable $50,000 $70,000 Net Sales 500,000...
the following data exists for Carley Company. 2018 2017 Accounts Receivable $50,000 $70,000 Net Sales 500,000 410,000 Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2018. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 15.2.) Accounts receivable turnover times Average collection period days   
Recent financial statements of Larkspur Ship Builders, Inc. report net sales of $668,500,000. Accounts receivable are...
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 following data exists for Crane Company. 2022 2021 Accounts Receivable $84,000 $78,000 Net Sales 563,000...
The following data exists for Crane Company. 2022 2021 Accounts Receivable $84,000 $78,000 Net Sales 563,000 415,000 Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2022. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Accounts receivable turnover Enter the accounts receivable turnover in times times Average collection period Enter the average collection period in days days
Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms...
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...
The following data exists for Ivanhoe Company. 2022 2021 Accounts Receivable $85,000 $77,000 Net Sales 561,000...
The following data exists for Ivanhoe Company. 2022 2021 Accounts Receivable $85,000 $77,000 Net Sales 561,000 477,000 Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2022. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Accounts receivable turnover times Average collection period days
Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. Terms...
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...
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...
Recent financial statements of General Mills, Inc. report net sales of $12,571,768,000. Accounts receivable are $944,350,000...
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.)
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales...
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...
Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for...
Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $ 740 $ 77 Accounts receivable (net) 1,980 1,830 Inventory 900 910 Other current assets 310 443 Total current assets $3,930 $3,260 Total current liabilities $1,990 $1,630 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT