The following annual account balances are from Armour Sports at December 31. Year 2 Year 1 Accounts receivable $ 51,827 $ 21,166 Net sales 653,020 249,467
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- Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 20Y2 20Υ1 $2,912,000 Sales $2,958,000 Accounts receivable: Beginning of year End of year 300,000 280,000 340,000 300,000 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. b. Determine the days' sales in receivables for 20Y2 and 20Y1. Use 365 days and round to one decimal place. c. Does the change in accounts receivable turnover and the days' sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change?
- A company reports the following: Line Item Description Amount Sales $1,069,085 Average accounts receivable (net) 105,850 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…The following information is from the annual financial statements of Raheem Company. Year 3 Year 2 Year 1 Net sales $280, 000 22,500 $211, 000 $268,000 20, 300 Accounts receivable, net (year-end) 17,000 (1) Compute its accounts receivable turnover for Year 2 and Year 3. Accounts Receivable Turnover Choose Numerator: Choose Denominator: Accounts Receivable Turnover %3D Accounts receivable turnover %3D Year 2: times Year 3: times
- Accounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 20Y2 20Y1 Sales $2,912,000 $2,958,000 Accounts receivable: Beginning of year 300,000 280,000 End of year 340,000 300,000 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place. AccountsReceivableTurnover 20Y2 20Y1 b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days’ Salesin Receivables 20Y2 days 20Y1 days c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change?Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Cinderella Company follow: 20Y9 20YS Sales $9,525,000 $7,616,000 Accounts receivable: Beginning of year 715,000 645,000 End of year 785,000 715,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. If required, round the final answers to one decimal place. Accounts Receivable Turnover 20Y9 20Y8 b. Determine the days' sales in receivables for 20Y9 and 20YS. Use 365 days, if required round the final answers to one decimal place. Days' Sales in Receivables 20Y9 days 20YS daysThe following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
- The following information is available for Reigen Company relating to 2019 operations: Accounts Receivable, January 1 4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, Jan. 1 4,800,000 Inventory, Dec. 31 4,400,000 Purchases 8,000,000 Gross Margin on Sales 4,200,000 What is the balance of accounts receivable on December 31, 2019?From the following particulars, determine Trade Receivables at the end of the year $ 2,92,000 73 days Trade Receivables (beginning of the year) $56,800 Credit Revenue from operations Credit Collection PeriodAccounts Receivable Analysis A company reports the following: Sales $192,720 Average accounts receivable (net) 24,090 Determine (a) the accounts receivable turnover and (b) 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. a. Accounts receivable turnover b. Number of days' sales in receivables days
