Maloney Company had net credit sales during the year of $1,200,000 and cost of goods sold of $750,000. The balance in accounts receivable at the beginning of the year was $120,000, and the end of the year it was $180,000. What was the accounts receivable turnover ratio?   Question 15 options:   A)  6.7   B)  8.0   C)  10.0   D)  5.0

Q: A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000…

A: a Account  receivable turnover=sales/ average account receivable (net) =$1,460,000/$100,000 =14.6

Q: The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of…

A: Account Receivable Turnover =  Net Credit Sales Average Account Receivable Net Credit Sales = Total…

Q: For its most recent year a company had Sales (all on credit) of $750,000 and Cost of Goods Sold of…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: Last year, Dogwood Company had net sales of $9,690,000 and cost of goods sold of $4,812,000. Dogwood…

A: Accounts receivable turnover ratio = Net credit sales / Average accounts receivable

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Accounts receivable turnover ratio is an efficiency ratio or  an activity ratio that measures the…

Q: A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year…

A: Accounts Receivable Turnover represents the efficiency of the company to convert its Accounts…

Q: ABCD Corporation has credit sales of $10,640,000 and receivables of $1,520,000. a. What is the…

A: Receivables turnover = Credit sales / Accounts receivable Average collection period = 365/…

Q: 1. If year one equals P800,000, year two equals P840,000, and year three equals P896,000, the…

A: Hi student Since there are multiple questions,we will answer only first question. If you want…

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 Emperium Inc. had credit sales of 2,027,773 per year and its days sales outstanding was equal to…

A: Days Sales or Receivables Outstanding means the number of days it takes a company to realize cash…

Q: A firm has $400,000 in credit sales and $100,000 in accounts receivable.Compute accounts receivable…

A:

Q: The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales…

A: Answer a) Accounts receivable turnover ratio for Year 3=SalesAverage accounts…

Q: Swiss Clothing Store had a balance in the Accounts Receivable account of $820,000 at the beginning…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: The following data are taken from or calculated from the financial statements: Current…

A: Solution: A) 1) Accounts receivable turnover = Net Credit sales / Average accounts receivable…

Q: Abaca Company's accounts receivable is P240,000 at the beginning of the year and 280,000 at the end…

A: 1. 6× means 6 times. Accounts Receivables turnover ratio is 6               times.  2. Total Sales…

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: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…

A: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…

Q: Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon…

A: The ratio analysis is done to analyse the financial statements of the business.

Q: s Inc. had sales of $2,027,773 per year (all credit) and its days sales outstanding was equal to 35…

A: Given, Credit sales amount = $2,027,773 Days sales outstanding = 35

Q: If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit…

A: Here, Accounts Receivables is P80,000 Total Assets is P520,000 Credit Sales is P360,000 Current…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables  number of days…

Q: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…

A: The financial statements are prepared to calculate the financial performance of the company.

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

A: Sales = $83000 Account payable = $30000 Accounts receivable = $25000

Q: A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: Light Co.’s accounts receivable balances at the beginning and end of the period were 80,000 and…

A: Accounts Receivable is one of the current asset of the business, which means credit sales made by…

Q: A company reports the following: Sales $859,940 Average accounts receivable (net) 45,260…

A: Account Receivables turnover ratio: Account Receivables turnover ratio is mainly used to evaluate…

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: Batik Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning…

A: The average collection period is calculated by dividing the average balance of accounts receivable…

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectible Accounts Expense = Credit sales during the year  x 2% of all credit sales

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad Debt Expense = Estimates future uncollectible accounts - Beginning balance in Allowance for…

Q: The financial statements of the Sheffield Corp. reports net sales of $690150 and accounts receivable…

A: Accounts receivable turnover ratio is computed to determine the efficiency of the entity to collect…

Q: Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon…

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: If we know that for the year 2010 Johnson's Company had Cost of goods sold = 600,000 USD and Sales…

A: Given that,  Sales (on credit) = 850,000 USD Opening accounts recievables = 75,000 USD Closing…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Average Accounts Receivable =(Opening Accounts Receivable + Closing Accounts Receivable) / 2…

Q: COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE) (In Pesos) Annual Credit…

A: SOLUTION FORMULA - DEBTOR TURNOVER RATIO = NET CREDIT SALES / ACCOUNTS RECEIVABLE. AVERAGE…

Q: Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the…

A: Given in the question: Net Sales = $8,987,000 Accounts receivables on January 1 = $725,000 Accounts…

Q: Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts…

A: The accounts receivable turnover ratio determines the efficiency of the collection from its 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: SheridanStore had a balance in the Accounts Receivable account of $510000 at the beginning of the…

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

Q: A company has net sales of $489,600 and average accounts receivable of $40,800. What is its accounts…

A: Given information is: A company has net sales of $489,600 and average accounts receivable of…

Q: The financial statements of the Splish Brothers Inc. reports net sales of $325500 and accounts…

A: The ratio analysis helps to analyze the financial statements of the business.

Q: The annual sales of a company are $235,000 including sales tax at 17.5%. Half of the sales are on…

A: We have the following information: The annual sales of a company are $235,000 including sales tax…

Q: 5. Krackle Kon Inc, had credit sales of S3,500,000 last year and its days sales outstanding was…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Wildhorse Co. had net credit sales during the year of $1223200 and cost of goods sold of $712000.…

A: ACCOUNTS RECEIVABLE TURNOVER :  = NET CREDIT SALES /  (OPENING RECEIVABLES + CLOSING RECEIVABLES / 2…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is