geNOWv2 | Online teachin xKeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseO eBookShow Me HowAccounts receivable turnover and days' sales in receivablesFor two recent years, Robinhood Company reported the following:20Υ9OY8Sales$7,581,000$6,435,000Accounts receivable:Beginning of year580,000520,000End of year560,000580,000a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.20Y8:20Υ9:b. Determine the days' sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place.20Y8:days20Υ9:daysC. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 favorable or unfavorable?PreCheck My WorkEmail InstructorSave and ExitSubmit geNOWv2 | Online teachin x+KeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress%-falseD eBookInternal Control of Cash ReceiptsThe procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cashdrawers, after which they determine the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies. An employee fromthe cashier's office counts the cash, compares the total with the memo, and takes the cash to the cashier's office.a. Identify the weak link in internal control.b. Who should remove the cash register tapes from the register?PreviousNextCheck My WorkSave and ExitSubmit Assignment for GradingEmall Instructor

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Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 20Υ9 20Υ8 Sales $7,581,000 $6,435,000 Accounts receivable: Beginning of year End of year 580,000 520,000 560,000 580,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place. 20Y8: 20Υ9: b. Determine the days' sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place. 20Υ8 days 20Y9: days C. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 favorable or unfavorable?

Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: 20Υ9 20Υ8 Sales $7,581,000 $6,435,000 Accounts receivable: Beginning of year End of year 580,000 520,000 560,000 580,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place. 20Y8: 20Υ9: b. Determine the days' sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place. 20Υ8 days 20Y9: days C. Are the changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 favorable or unfavorable?

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter8: Receivables

Section: Chapter Questions

Problem 8.1MAD: Accounts Receivable Turnover and Number of Days Sales in Receivables Analyze and compare Amazon.com...

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eBook Show Me How Question Content Area Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company reported the following: Line Item Description 20Y9 20Y8 Sales $7,906,000 $6,726,000 Accounts receivable: Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round your answers to one decimal place. b. Determine the days’ sales in receivables for 20Y9 and 20Y8. Assume 365 days in a year. Round intermediate calculations and final answers to one decimal place.
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
eBook Show Me How Print Item Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad Debt Expense is estimated at ½ of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
Needed in 20 minutes 6. Q Company has the following information on December 31, 20x1 before any year-end adjustments:Accounts receivable, beginning balance, 100,000Net credit sales, 290,000Collections from customers (excluding recoveries), 160,000Allowance for doubtful accounts, beginning balance, 30,000Write-offs, 15,000Recoveries, 3,000Percentage of receivables, 10%Compute the net realizable value of accounts receivable
The following information is available for Rivers, Inc.: 12/31/20A2 12/31/20A1Cost of Goods Sold $ 900,000 $ 700,000Net Sales 1,500,000 1,000,000Accounts Receivable 180,000 200,000Allowance for Doubtful Accounts 30,000 40,000What was the accounts receivable turnover ratio for 20A2? Group of answer choices 8.33 9.68 7.89 5.81
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
Please note that this is for revision purposes just copy-pasted everything by mistake. ABC Traders Trial Balance at 31 December 20.1 Dr. Cr. Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300 Discounts Allowed and Received 4,400 5,500 Debtors and Creditors 66,000 77,000 Drawing and Capital 136,700 410,000 Stock 1 January 20.1 55,500 Carriage on Sales…
1. An analysis of the receivables as at the end of the year of Madeni Limited revealed the followingAgeBalance –Ksh ‘000Current 3,4001 to 30 days 1,20031 to 60 days 2,70061 to 90 days 2,30091 to 120 days 1,400121 to 180 days 700181 to 365 days 1,000Over 365 days 1,30014,000From experience, the company estimates that 1% of the current debtors will not pay, 3% of debtors between 1-30 days will not pay, 5% of the debtors between 31-60 days will not pay, 7% of the debtors between 61-90 days will not pay, 10% of the debtors between 91-120 days will not pay, 15% of the debtors between 121-180 days will not pay, 20% of the debtors between 181-365 days will not pay and 50% of the over 365 days old debtors will not pay.Required:a) Using the Aging Method, determine the balance of allowance for doubtful debts as at the end of the yearb) Pass the journal entry needed. The beginning balance for the Allowance for Doubtful accounts is Ksh 1,750,000
eBook Show Me How Print Item Accounts Receivable Analysis A company reports the following: Sales $531,440 Average accounts receivable (net) 20,440 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 fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 days
Accounts Receivable Turnover and Number of Days Sales in Receivables Analyze and compare Amazon.com to Best Buy Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy, Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States. Amazon and Best Buy compete in similar markets; however, Best Buy sells through both traditional retail stores and the Internet, while Amazon sells only through the Internet. Sales and accounts receivable information for both companies for a recent period follows (in millions): Amazon Best Buy Sales 135,987 39,528 Accounts receivable: Beginning of year 5,654 1,280 End of year 8,339 1,162 a.Determine the accounts receivable turnover for each company. Round all calculations to one decimal place. b.Determine the number of days sales in receivables for each company. Round all calculations to one decimal place. c. Evaluate the relative efficiency in collecting accounts receivables between the two companies. d. What might explain this difference?
Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?