The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 9E
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The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60.
| Year 3 | Year 2 | Year 1 | ||||
| $190,200 | $204,000 | $219,400 | ||||
| Sales | 1,084,050 | 994,990 |
a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place.
| Year 3 | Year 2 | |||
| 1. Accounts receivable turnover | fill in the blank 1 | fill in the blank 2 | ||
| 2. Number of days' sales in receivables | fill in the blank 3 | days | fill in the blank 4 | days |
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