Question

QS 13-7 Computing accounts receivable turnover and days’ sales uncollected LO P3 Mifflin Co. reported the...

QS 13-7 Computing accounts receivable turnover and days’ sales uncollected LO P3

Mifflin Co. reported the following for the current year:

Net sales $ 87,380
Cost of goods sold $ 57,000
Beginning balance in accounts receivable $ 17,800
Ending balance in accounts receivable $ 7,900


Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Hint: Recall that accounts receivable turnover uses average accounts receivable, and days’ sales uncollected uses the ending balance in accounts receivable.

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
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is information for...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is information for Palmer Co. Year 3 Year 2 Year 1 Cost of goods sold $ 593,825 $ 376,650 $ 341,300 Ending inventory 101,400 91,750 96,500    Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2
Accounts Receivable Turnover and Days' Sales in Receivables Classic Company designs, markets, and distributes a variety...
Accounts Receivable Turnover and Days' Sales in Receivables Classic Company designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company’s products include such brands as Polo by Classic, Classic Purple Label, Classic, Polo Jeans Co., and Chaps. Polo Classic reported the following for two recent years: For the Period Ending    Year 2    Year 1 Sales $6,939,380 $6,930,620 Accounts receivable 704,450 726,350 Assume that accounts receivable were $646,050 at the beginning of Year 1. a....
Accounts Receivable Turnover and Days' Sales in Receivables Quasar, Inc. sells clothing, accessories, and personal care...
Accounts Receivable Turnover and Days' Sales in Receivables Quasar, Inc. sells clothing, accessories, and personal care products for men and women through its retail stores. Quasar reported the following data for two recent years: Year 2 Year 1 Sales $3,831,040 $3,798,190 Accounts receivable 306,600 292,000 Assume that accounts receivable were $335,800 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: Year 1: b. Compute...
Accounts Receivable Problem Type I - PERCENTAGE OF SALES (OR INCOME STATEMENT APPROACH) For 2015, The...
Accounts Receivable Problem Type I - PERCENTAGE OF SALES (OR INCOME STATEMENT APPROACH) For 2015, The company reported the following: ?A/R beginning of Year = $ 20,000 ?Allowance at Beginning of year = $18,800?(Credit balance) ?Credit Sales = $ 91,250 ?Write-offs = $21,000 ?Cash collections = 80,000 ?Total expense = 70,000 1. The company estimates that be 12% of annual sales will be uncollected each year. What is the Bad Debt Expense for 2015 ? 2. What is the ending...
Exercise 9-11 Accounts receivable turnover, inventory turnover, and net margin LO 9-2, 9-4 Selected data from...
Exercise 9-11 Accounts receivable turnover, inventory turnover, and net margin LO 9-2, 9-4 Selected data from Stuart Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable $ 396,000 $ 380,000 Allowance for doubtful accounts (19,800 ) (15,200 ) Net accounts receivable $ 376,200 $ 364,800 Inventories, lower of cost or market $ 476,500 $ 435,000 Income Statement For the Years Ended December 31 2018 2017 Net credit sales $ 2,017,000 $ 1,757,000 Net cash sales 419,000 308,000...
Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data...
Rosco Co. manufactures and markets food products throughout the world. The following sales and receivable data were reported by Rosco for two recent years:    Year 2    Year 1 Sales $6,598,835 $6,285,300 Accounts receivable 660,650 646,050 Assume that the accounts receivable were $551,150 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: Year 1: b. Compute the days' sales in receivables at the end of...
E8-7 Computing Bad Debt Expense Using Aging of Accounts Receivable Method [LO 8-2] Brown Cow Dairy...
E8-7 Computing Bad Debt Expense Using Aging of Accounts Receivable Method [LO 8-2] Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1–30 days old, $12,000; (2) 31–90 days old, $5,000; and (3) more than 90 days old, $3,000. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to...
Required information Exercise 13-8 Analyzing and interpreting liquidity LO P3 [The following information applies to the...
Required information Exercise 13-8 Analyzing and interpreting liquidity LO P3 [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash 29,829 34,868 35,252 Accounts receivable, net 89,500 62,300 51,100 Merchandise inventory 113,000 84,000 56,000 Prepaid expenses 9,606 9,153 3,917 Plant assets, net 253,731 236,977 202,831 Total assets 495,666 427,298 349,100 Liabilities and Equity Accounts payable 125,889 73,658 47,003 Long-term notes payable secured...
CARLA VISTA CO. Balance Sheets December 31 2017 2016 Cash $ 16,140 $ 32,280 Accounts receivable...
CARLA VISTA CO. Balance Sheets December 31 2017 2016 Cash $ 16,140 $ 32,280 Accounts receivable (net) 75,320 64,560 Inventory 64,560 53,800 Plant assets (net) 215,200 193,680 $371,220 $344,320 Accounts payable $ 53,800 $ 64,560 Mortgage payable (15%) 107,600 107,600 Common stock, $10 par 150,640 129,120 Retained earnings 59,180 43,040 $371,220 $344,320 Additional information for 2017: 1. Net income was $32,500. 2. Sales on account were $392,900. Sales returns and allowances amounted to $27,300. 3. Cost of goods sold was...
Required information Exercise 13-10 Efficiency and profitability analysis LO P3 [The following information applies to the...
Required information Exercise 13-10 Efficiency and profitability analysis LO P3 [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 32,200 $ 35,000 $ 37,400 Accounts receivable, net 86,100 63,500 50,500 Merchandise inventory 112,000 82,400 53,500 Prepaid expenses 10,550 9,400 4,800 Plant assets, net 278,000 249,500 229,000 Total assets $ 518,850 $ 439,800 $ 375,200 Liabilities and Equity Accounts payable $ 128,400 $ 74,250 $ 50,400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT