Question

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

Answer #1

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
$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
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 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
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 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...

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 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 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...

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