Assume selected financial data for Sun Health Group and Select
Medical Corporation, two companies in the...
Assume selected financial data for Sun Health Group and Select
Medical Corporation, two companies in the health-care industry, are
as follows:
($ in millions)
Net
Sales
Beginning Accounts Receivable
Ending Accounts Receivable
Sun Health
$
2,530
$
245
$
232
Select Medical
2,840
444
383
Required:
1-a. Calculate the receivables turnover ratio
and average collection period for Sun Health and Select Medical.
(Round Average accounts receivable to 1 decimal place.
Enter your answers in millions.)
Receivables Turnover Ratio...
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...
Problem 17-4A Calculation of financial statement ratios LO
P3
Selected year-end financial statements of Cabot Corporation...
Problem 17-4A Calculation of financial statement ratios LO
P3
Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balance sheet amounts
at December 31, 2016, were inventory, $56,900; total assets,
$249,400; common stock, $81,000; and retained earnings,
$51,308.)
CABOT CORPORATION
Income Statement
For Year Ended December 31, 2017
Sales
$
453,600
Cost of goods sold
298,350
Gross profit
155,250
Operating expenses
99,000
Interest expense
4,100
Income before taxes
52,150
Income taxes
21,008
Net income
$...
At December 31, 2021, Splish Brothers Inc. reported this
information on its balance sheet.
Accounts receivable...
At December 31, 2021, Splish Brothers Inc. reported this
information on its balance sheet.
Accounts receivable
$581,000
Less: Allowance for doubtful accounts
37,000
During 2022, the company had the following transactions related to
receivables.
1.
Sales on account
$2,355,000
2.
Sales returns and allowances
49,000
3.
Collections of accounts receivable
2,050,000
4.
Write-offs of accounts receivable deemed uncollectible
38,000
5.
Recovery of bad debts previously written off as
uncollectible
16,000
Compute the accounts receivable turnover and average collection
period, assuming...
Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balance sheet...
Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balance sheet amounts
at December 31, 2016, were inventory, $51,900; total assets,
$179,400; common stock, $85,000; and retained earnings,
$48,534.)
CABOT CORPORATION
Income Statement
For Year Ended December 31, 2017
Sales
$
451,600
Cost of goods sold
297,250
Gross profit
154,350
Operating expenses
98,600
Interest expense
4,900
Income before taxes
50,850
Income taxes
20,484
Net income
$
30,366
CABOT CORPORATION
Balance Sheet
December 31, 2017
Assets...
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
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
32,096...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
32,096
$
37,517
$
38,306
Accounts receivable, net
89,700
62,100
54,700
Merchandise inventory
115,000
83,500
54,000
Prepaid expenses
10,336
9,848
4,256
Plant assets, net
291,476
271,352
231,838
Total assets
$
538,608
$
464,317
$
383,100
Liabilities and Equity
Accounts payable
$
135,455
$
79,254
$
51,075
Long-term notes payable secured by
mortgages on plant assets
102,271
107,861
85,512
Common stock, $10 par value
162,500
162,500...
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 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...
Suppose the amounts presented here are basic financial
information (in millions) from the 2022 annual reports...
Suppose the amounts presented here are basic financial
information (in millions) from the 2022 annual reports of
Nike and Adidas.
Nike
Adidas
Sales revenue
$18,572.4
$10,817.4
Allowance for doubtful accounts, beginning
75.0
125.0
Allowance for doubtful accounts, ending
111.0
128.0
Accounts receivable balance (gross), beginning
2,843.0
1,866.0
Accounts receivable balance (gross), ending
2,971.0
1,665.0
(a1)
Correct answer iconYour answer is correct.
Calculate the accounts receivable turnover for both companies.
(Round answers to 1 decimal place, e.g.
12.5.)
Nike
Adidas
Accounts...