The financial statements of the Splish Brothers Inc. reports net sales of $360000 and accounts receivable of $48000 and $21600 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?

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

A: Number of days sale in receivable means how much time will the debtor takes to clear his dues. First…

Q: The financial statements of the Pina Colada Co report net sales of $408000 and accounts receivable…

A: Accounts Receivable is the amount of money the company will get by way of credit sales.

Q: Based on the following data, what is the accounts receivable turnover? Sales on account during year…

A: Accounts receivable turnover indicates the efficiency of the business entity to collect its accounts…

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

A: Number of days' sales in receivable = 365/Accounts receivable turnover Accounts receivable turnover…

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

A: Accounts receivable Receivables are payments that have not yet been received. This means that the…

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

A: Accounts receivable turnover = Net Credit sales / Average account receivable  Accounts receivable…

Q: Vendetta Company provided the following information for the current year: Net accounts receivable,…

A: Gross income can be calculated by deducting the cost of goods sold from sales. The sales and cost of…

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: Barga Company's net sales for Year 1 and Year 2 are $669,000 and $750,000, respectively. Its…

A: Solution:- a)Calculation of  the days' sales uncollected at the end of each year as follows under:-

Q: Based on the following data, what is the accounts receivable turnover? Sales on account during year…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    formula = Average accounts receivable = (Accounts…

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

A: Introduction: The percentage of a period's average accounts receivable divided by the period's net…

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

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

Q: A company reports the following: Sales $303,680 Average accounts receivable (net) 23,360 Determine…

A: Accounts receivable turnover ratio shows how quickly company is able to collect amount from the…

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: What amount should be reported as net realizable value of accounts receivable on December 31?

A: The net realizable value of accounts receivable can be ascertained as the debit balance in the asset…

Q: Sheridan Clothing Store had a balance in the Accounts Receivable account of $460000 at the beginning…

A: Opening account receivable (A) = $ 460,000 Closing account receivable (B) = $ 450,000 Net credit…

Q: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: Barga Company's net sales for Year 1 and Year 2 are $666,000 and $747,000, respectively. Its…

A: The ratio analysis helps to analyse the financial statements of the business.  The days' sales…

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

A: 1. Ratio Analysis - Ratio analysis is the method of getting various ratio which indicates the…

Q: Based on the following data, what is the accounts receivable turnover? Sales on account during year…

A: Accounts receivable turnover ratio also known as debtor's turnover ratio which is calculated to…

Q: A company reports the following: Sales $1,180,410 Average accounts receivable (net) 56,210…

A: Given: Sales = $1,180,410 Average accounts receivables = $56,210

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

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2 =…

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

A: Trade Receivable Turnover ratio - It is used to measure how effective a company is in extending…

Q: The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of…

A: The answer is as fallows

Q: The following information was taken from the books of Olmeck, Inc. Sales Accounts receivable:…

A: Accounts receivable turnover = Net sales of company / Average accounts receivable of company Number…

Q: ord Corporation had net credit sales during the year of $1116550 and cost of goods sold of $448000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2…

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

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

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: Barga Co.’s net sales for Year 1 and Year 2 are $730,000 and $1,095,000, respectively. Its year-end…

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

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

A: Average accounts receivable for 20Y3 = ($196,800+ 212,000)/2 = $204,400 Average 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: Based on the following data, what is the accounts receivable turnover? Sales on account during year…

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

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: The following data are taken from the financial statements of Colby Company. Accounts receivable…

A: Introduction: Financial statements include specific information about a company's operations and…

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 $1,057,770 Average accounts receivable (net) 83,950 Determine…

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

Q: Based on the following data, what is the accounts receivable turnover? Sales on account during year…

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

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

A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivables. Division of…

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