Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales As of December 31 Net sales Cost of goods sold Year 3 $402,000 (20, 100) $381,900 $482,000 Selling, general, and administrative expenses Other expenses Total operating expenses Year 2 $377,000 Income Statement For the Years Ended December 31 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (15,080) $361,920 $435,000 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200

Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales As of December 31 Net sales Cost of goods sold Year 3 $402,000 (20, 100) $381,900 $482,000 Selling, general, and administrative expenses Other expenses Total operating expenses Year 2 $377,000 Income Statement For the Years Ended December 31 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (15,080) $361,920 $435,000 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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Selected data from Gibson Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Cost of goods sold Balance Sheets As of December 31 Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $395,000 (19,750) $375,250 $480,500 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times times % Year 2 $371,000 (14,840) $356,160 $442,000 Year 3 $2,006,000 419,000 Year 2 $1,756,000 309,000 2,425,000 2,065,000 1,608,000 1,436,000 240,500 214,100 39,500 22,100 $1,888,000 $1,672,200
Selected data from Franklin Company follow: Balance Sheets As of December 31 Accounts receivable. Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 $ 408,000 (20,400) $ 387,600 $ 476,500 Income Statement For the Years Ended December 31 Net credit sales. Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses a Accounts receivable turnover b. Inventory turnover c. Net margin Year 2 $ 371,000 (14,840) $ 356,160 $ 438,000 times times % Year 3 $2,018,000 405,000 2,423,000 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) 1,610,000 239,900 40,000 $1,889,900 Year 2 $1,750,000 304,000 2,054,000 1,438,000 214,700 23,400 $1,676,100
Selected data from Jordan Company follow: Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales. Balance Sheets As of December 31 Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $ 405,000 (20,250) $ 384,750 $ 475,000 times times % Year 2 $ 377,000 (15,080) $ 361,920 $ 433,000 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. Note: For all requirements, round your answers to 2 decimal places. Year 2 $ 1,759,000 Year 3 $ 2,001,000 409,000 2,410,000 308,000 2,067,000 1,598,000 1,426,000 240,600 214,200 22,000 40,000 $ 1,878,600 $ 1,662,200
Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 2 Year 3 $600,000 $480,000 (40,000) (20,000) $560,000 $460,000 $500,000 $400,000 Income Statement For the Years Ended December 31 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. Year 3 $2,400,000 600,000 3,000,000 1,800,000 300,000 80,000 $2,180,000 Year 2 $1,950,000 450,000 2,400,000 1,520,000 240,000 50,000 $1,810,000
Mifflin Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in accounts receivable $ 70,950 43,000 15,000 6,500 Ending balance in accounts receivable Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: 1 Denominator: = Accounts Receivable Turnover 1 = Accounts receivable turnover Average accounts receivable nts Receivable Turnover Cost of goods sold Net sales = times Days Sales Uncollected >
The following information is available for Rivers, Inc.: 12/31/20A2 12/31/20A1Cost of Goods Sold $ 900,000 $ 700,000Net Sales 1,500,000 1,000,000Accounts Receivable 180,000 200,000Allowance for Doubtful Accounts 30,000 40,000What was the accounts receivable turnover ratio for 20A2? Group of answer choices 8.33 9.68 7.89 5.81
Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000Credit sales 5,500,000Sales return 150,000Accounts written off 100,000Collections from customers 5,000,000Estimated future sales return on December 31 50,000Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31?
Selected data from Thornton Company follow. Balance Sheets As of December 31 Year 2 $377,000 (15,080) $361,920 Year 3 $393,000 (19,650) Accounts receivable Allowance for doubtful accounts Net accounts receivable $373,350 Inventories, lower of cost or market $477,000 $434,000 Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales Net cash sales $2,004,000 400,000 $1,753,000 307,000 Net sales 2,404,000 2,060,000 Cost of goods sold Selling, general, and administrative expenses Other expenses 1,602,000 240,300 40,200 $1,882,500 1,420,000 214,300 24,000 Total operating expenses $1,658,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) a. Accounts receivable turnover times b. Inventory turnover times c. Net margin %
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Von Company provided the following data for the current vear in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 Charge sales Charge for goods out on consignment Shareholders' subscriptions Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance 530,000 5,250,000 50,000 1,000,000 10,000 25,000 5.000 Denosit on lon
Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $437,061 Cost of goods sold during year 206,268 Accounts receivable, beginning of year 46,698 Accounts receivable, end of year 45,197 Inventory, beginning of year 93,276 Inventory, end of year 109,687