The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Line Item Description 20Y3 20Y2 20Y1 Accounts receivable, end of year $705,000 $ 635,000 $605,000 Sales on account 5,660,500 4,563,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume a 365 - day year. Do not round intermediate calculations. Round your answers to one decimal place. Line Item Description 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 2 fill in the blank 3 2. Days' sales in receivables fill in the blank 4 days fill in the blank 5 days

The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Line Item Description 20Y3 20Y2 20Y1 Accounts receivable, end of year $705,000 $ 635,000 $605,000 Sales on account 5,660,500 4,563,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume a 365 - day year. Do not round intermediate calculations. Round your answers to one decimal place. Line Item Description 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 2 fill in the blank 3 2. Days' sales in receivables fill in the blank 4 days fill in the blank 5 days

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...

See similar textbooks

Similar questions

Directions: Below is the summarized financial information of Redz Company. Compute the following. Write your answers on a separate sheet of paper. 1. Average Inventory Average Receivable Average Payable Inventory Turnover Ratio Days of Inventories Receivables Turnover Ratio Days of Receivable Payables Turnover Ratio 2. 3. 4. 3. 6. 785 7. 8. 9. Days of Payable 10. Operating Cycle Beginnine. Php 2.000,000.00 Php 1,150.000.00 Php 300.000,00 Php 10,000,0000,00 Php 6,5 00.000.00 Ending Php 3.100,000.00 Php 2.000,000.00 Php 18 00.000.00 Accounts Inventory Accournts Receivable Accouits Paynble Net Sales Cost of CGoods9 Sold
Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
Based on the account balances shown below, calculate "Net Sales". Normal Account Balance Account Name Allowance for Uncollectible $5,000 A/R Deferred Revenue $15,725 Sales Revenue $114,139 Sales Discounts $2,000 Sales Returns $6,000 Fill in the blank with your calculated number. DO NOT include period, decimal points, etc., just enter the raw number. Webcourses will add commas to your nmas, $ sig answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 口/東 %24 3 5 7 9. 01 因 LO 图

A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
eBook Show Me How Question Content Area Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company reported the following: Line Item Description 20Y9 20Y8 Sales $7,906,000 $6,726,000 Accounts receivable: Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round your answers to one decimal place. b. Determine the days’ sales in receivables for 20Y9 and 20Y8. Assume 365 days in a year. Round intermediate calculations and final answers to one decimal place.
Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…
FINANCIAL RATIOS Use the spreadsheet and financial statements prepared in Problem 15-8A. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 10,200. REQUIRED Prepare the following financial ratios: (a) Current ratio (b) Quick ratio (c) Working capital (d) Return on owners equity (e) Accounts receivable turnover and average number of days required to collect receivables (f) Inventory turnover and average number of days required to sell inventory
FINANCIAL RATIOS Based on the financial statements, shown on pages 605606, for McDonald Carpeting Co. (income statement, statement of owners equity, and balance sheet), prepare the following financial ratios. All sales are credit sales. The balance of Accounts Receivable on January 1, 20--, was 6,800. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and the average number of days required to collect receivables 6. Inventory turnover and the average number of days required to sell inventory
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales are credit sales. The Accounts Receivable balance on January 1,20--, was 3,800. REQUIRED Prepare the following financial ratios: (a) Working capital (b) Current ratio (c) Quick ratio (d) Return on owners equity (e) Accounts receivable turnover and average number of days required to collect receivables (f) Inventory turnover and average number of days required to sell inventory
Review the sales journal below. (Click the icon to view the sales journal.) Read the requirements. Requirement 1. Total each column of the sales journal. Date 2024 Jun. Jun. 1 8 101 Fletcher Jay 102 Iliana Flower 13 103 Jesse Thomas 28 104 George Westerberg 30 Totals 1. 2. Invoice No. Requirements 3. 4. Customer Account Debited Sales Journa Post. Accounts Receivable DR Ref. Sales Revenue CR Total each column of the sales journal. The following four-column accounts in the accounts receivable subsidiary ledger have been opened for you: Accounts Receivable-Flower; Accounts Receivable Jay; Accounts Receivable-Thomas; Accounts Receivable-Westerberg. Post the transactions to the accounts receivable subsidiary ledger. 1,260 2,225 360 900 Print The following selected four-column accounts in the general ledger have been opened for you: Accounts Receivable (112); Merchandise Inventory (118), Bal. $4,800; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general…
The sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.