Double West Suppliers (DWS) reported sales for the year of $290,000, all on credit. The average gross profit percentage was 30 percent on sales. Account balances follow:     Beginning Ending Accounts receivable (net)   $ 44,000     $ 54,000   Inventory     59,000       39,000       Required: Compute the following turnover ratios. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory.

Q: Candle Shop, Inc. has net sales on account of $1,700,000. The average net accounts receivable are…

A: Accounts receivable turnover ratio = Net credit sales / Average Accounts Receivables where, Average…

Q: The following information has been taken or calculated from Fowler's financial statements for the…

A: We have the following information: Cash cycle at 30th September 20X5: 70 days Inventory turnover: 6…

Q: A company has net income of $195,000, a profit margin of 8.3 percent, and an accounts receivable…

A: Net Income = 195,000 Profit Margin = 8.3% Accounts Receivables = 134,370 Credit Sales = 70% of sales…

Q: If Cactus, Inc. has annual sales of $83,000, average accounts payable of $30,000, and average…

A: Given: Annual sales = $83,000 Average accounts receivables = $25,000

Q: Mifflin Co. reported the following for the current year: net sales of $60,000; cost of goods sold of…

A: Financial ratio: It can be defined as the relative magnitude of two selected financial values taken…

Q: AT&U Company has the following data for the year ended December 31, Year 1: Sales (credit)…

A: Information for Part 1 is missing. Answers for all other parts is shown below:   2. Sales Discount =…

Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…

A: Trade payables are referred to those suppliers from whom the business has purchases the supplies on…

Q: Consider the following financial statement information for the Emma Corporation: Item Beginning $…

A: To calculate operating and cash cycle we need to identify  1.Average collection period  2.Day sales…

Q: Grab Co. has a normal operating cycle of 60 days. The average age of inventory is 30 days. The…

A: Normal Operating cycle = Age of inventory + Age of Debtors Also, 360/ age of debtors = debtors…

Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…

A: Given, Revenue (90% credit sales) = £1,936,000 Trade Receivable = £237,810

Q: From the following information regarding the year to 31 August 20X6, what is the accounts payable…

A: Given the following information: Sales: $43,000 Cost of sales: $32,500 Opening inventory: $6,000…

Q: At the end of the year, Bertha Enterprises estimates the uncollectible accounts expense to be 0.7…

A: Uncollectible accounts expense = Net sales x 0.7% =$15150000*0.7% = $106,050

Q: Universal Calendar Company began the year with accounts receivable (net) and inventory balances of…

A: Step 1 The average receivables are $110,000. It is obtained by dividing the sum of opening…

Q: Assuming 77 percent of sales are on credit, what is the company's days' sales in receivables?

A: Information Provided: Net Income = $191,000 Profit Margin = 9.10% Accounts Receivable = $106,919…

Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Based on the following data for the current year, what is the number of days' sales in receivables?…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a…

A: Accounts receivable turnover analyzes the number of times accounts receivables is collected and…

Q: Maloney Company had net credit sales during the year of $1,200,000 and cost of goods sold of…

A: Accounts receivable turnover: Accounts receivable turnover is a liquidity measure of accounts…

Q: On December 31st, Baxtor, Inc. has cost of goods sold of $400,000, ending inventory is $14,000,…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net, Jan.…

A: Gross income refers to the money that a corporation earns by subtracting the expenses involved with…

Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…

A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…

Q: Recent financial statements of Marin Ship Builders, Inc. report net sales of $636,800,000. Accounts…

A: Average Net Receivables = (Receivable at Beginning + Receivable at the End) / 2 Average Net…

Q: Martin Incorporated uses the percent-of-credit sales method to estimate uncollectibles. Total sales…

A: Bad debts expense = Credit sales x 5% Balance in allowance for uncollectible accounts after the…

Q: At the end of October, Santa Fe Company’s management estimates the uncollectible accounts expense to…

A: The allowance for doubtful accounts is established to maintain the reserves for uncollectible…

Q: A company reports the following Sales $1,200,000 Average accounts receivables (net) 50,000 Determine…

A: Accounts receivables are the legal enforceable claims by the company for the products supplied to…

Q: For the current year, using a 365-day year, the average number of days to convert inventory to sales…

A: Days sales in inventory is the average number of days taken to convert inventory to sales There are…

Q: Financial statement data for the year ending December 31 for Flagg Co. are as follows: Sales…

A: The number of days sales in receivable indicates the number of days the credit sales converted into…

Q: Based on the following data for the current year, what is the accounts receivable turnover?   Net…

A: Given the following information: Net sales on account during year: $500,000 Cost of merchandise…

Q: The current assets of Bulldogs Inc. consists of cash, accounts receivable, and inventory. The…

A: Ratio analysis helps to analyze the financial statements of the company. It is also helpful to…

Q: Consider the following financial statement information for the Hop Corporation: Item Beginning…

A: Accounts payables are those supplier accounts from whom business has made credit purchases but…

Q: Nathalie Drug Store had net credit sales of P6,000,000 and cost of goods sold of P2,000,000 for the…

A: A ratio that provides information regarding the company’s efficiency to collect their accounts…

Q: Crane Corp.currently has accounts receivable of $1,093,000 on net sales of $7,334,000. What are its…

A: The computation of accounts receivable turnover ratio: Hence, the accounts receivables turnover…

Q: At the end of the year Stan Still Stationery Store had the following balances: Sales $485,000; Sales…

A: Net sales can be calculated by deducting sales discounts and sales returns and allowances from the…

Q: The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: Based on the following data for the current year, what is the number of days' sales in receivable?…

A: Calculate accounts receivable turnover:

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Credit sales=2700000+9000000-2100000 =9600000

Q: At December 31, Y5; Aylmer Inc had the follow amounts related to accounts receivable: 0- 30 days…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Cost of sales means for how much cost of goods have been sold by the business in the outside market…

Q: For its most recent year a company had Sales (all on credit) of $830,000 and Cost of Goods Sold of…

A: Inventory  turnover  ratio = cost of goods sold/Average  Inventory

Q: MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net…

A: Inventory Turnover is calculated to estimate the average inventory level hold by the business in…