The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's account receivable turnover. Compute 3M's average collection period for accounts receivable in days.

Q: A company reports the following: Sales $399,675 Average accounts receivable (net) 54,750 Determine…

A: Accounts receivable turnover is computed by dividing the sales with the average accounts receivable…

Q: Powers Company reported net sales of $1,310,000, average Accounts Receivable, net of $67,500, and…

A: Accounts receivable turnover ratio = Net salesAverage Accounts receivable =$1,310,000$67,500=19.49…

Q: ABC Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year,…

A: Cash receipts from customers will be equal to : Accounts receivables at the beginning of the year  +…

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: Oman chromite company LLC had sales last year of OMR 500,000, including cash sales of OMR 208,000.…

A: Accounts receivable = Credit Sales * Average collection period / 365

Q: Diviney Corporation's net sales and average net trade accounts receivable were $8,710,000 and…

A: Accounts Receivable Turnover = Net Sales/ Avg. Accounts Receivables

Q: The financial statements of Marigold Manufacturing Company report net sales of $1278000 and accounts…

A: In order to compute the average collection period of account receivable, we need to first determine…

Q: Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company…

A: In order to determine the accounts receivable turnover ratio, the average accounts receivable are…

Q: A company has net sales on account of $1,750,000. Net accounts receivable at the beginning of the…

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

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

A: Average collection period = 365/ Accounts receivable  turnover where, Accounts receivable  turnover…

Q: A company reports the following: Sales Average accounts receivable (net) $511,000 73,000 Determine…

A: Sales = 511,000 Average Accounts Receivables (net) = 73,000

Q: A company had net sales of $660,000, total sales of $810,000, and an average accounts receivable of…

A: Net Sales = $ 660,000 Average Accounts Receivables = $78,000

Q: JPJ Corp has sales of $1.11 million, accounts receivable of $52,000, total assets of $5.12 million…

A: Here, Sales is $1,110,000 Accounts Receivable is $52,000 Total Assets is $5,120,000 Fixed Assets is…

Q: The financial statements of the Sunland Company reports net sales of $438450 and accounts receivable…

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

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: Recent Financial statements of General Mills, Inc. reported net sales of $12,442,000,000. Accounts…

A: Account receivable ratio: This ratio basically measures how many times on average in a given period…

Q: At the end of the fiscal year, Big Box Depot had account receivables of $1.89 billion on net sales…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: During the year Tulip reported net sales of $960,000. The company had accounts receivable of $75,000…

A: Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable)/2…

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the…

A: Solution..   Net credit sales = $6,500,000  Beginning accounts receivable = $600,000  Ending…

Q: Crockett Electronics has a quick ratio of 2.00x, $26,775 in cash, $14,875 in accounts receivable,…

A: Quick ratio of the firm is 2.00x , current assets is $59,500 and current liabilities is $20825.…

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: Jinx Company provided the following information for the current year in relation to accounts…

A: Formula: Net sales = Credit sales - sales return.

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: The financial statements of Danielle Manufacturing Company report net sales of $750,000 and accounts…

A: Accounts receivables turnover ratio refers to the efficiency ratio which measures the effectiveness…

Q: The Nicholas Company had net sales on account of $6,570,000 during 1998. The beginning and ending…

A: Given the following information: Net credit sales: $6,570,000 Beginning accounts receivables:…

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

A: Days of account receivables helps to understand how many days are required by the firm to clear its…

Q: A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine…

A: Accounts receivable turnover = Sales / Average Accounts receivable where, Average Accounts…

Q: heridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

A: The correct answer is as fallows

Q: Blue Air Inc., has net sales of $735,000 and  accounts receivables of $164,000. What are the firm's…

A: Accounts Receivables Turnover Ratio measures the efficiency of the company in collecting receivables…

Q: Calculate Debtors Turnover Ratio and Average Collection Period (in days) from the following.…

A: We have the following information: Total Sales: Rs.6,00,000 Cash Sales: 20% of Total sales Trades…

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: A company has annual sales of $5,210,000 and its average daily accounts receivable is $377,000. What…

A: given that, annual sales = $5210000 average daily accounts receivables = $377000 365 days per year…

Q: Current Attempt in Progress The financial statements of Minnesota Mining and Manufacturing Company…

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

Q: The financial statements of the Sunland Company report net sales of $384000 and accounts receivable…

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

Q: Marbel had $4,448 million in sales and $1,218 million in ending accounts receivable for the current…

A: Note: Day's sales uncollected determines the no. of days a company take to collect its receivable on…

Q: A company reports the following: Sales $1,092,080 Average accounts receivable 49,640 (net) Determine…

A: Accounts receivable turnover = Sales/Average accounts receivable Number of days' sales in…

Q: Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and…

A: Accounts Receivable Turnover: The accounts receivable turnover ratio determines the ability of a…

Q: Recent Financial statements of General Mills, Inc. reported net sales of $12,442.000,000. Accounts…

A: Accounts receivable   Beginning of the year (A) $912,000,000 End of the year (B) $953,000,000…

Q: Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company…

A: Particulars 20Y9 20Y8 Opening Accounts Receivables 610000 530000 Closing Accounts Receivables…

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: A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

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: Ben Corp has the following annual information: Receivable days assumption = 55 days Payable days…

A: Forecast of account receivables formula: Revenue which was forecasted * (Receivables in days / 365…

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