Norwood Company reported a receivables turnover ratio of 9.4. Cost of goods sold was $420,000 and net sales revenue was $695,600. The average net receivables must have been: Multiple Choice $148,000. $111,000. $55,500. $74,000,
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- Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Rayne Company reported Net sales of $1,300,000 and average Accounts Receivable, net of $78,500. The accounts receivable turnover ratio is:
- A company had net sales of $570,000, total sales of $720,000, and average accounts receivable, net of $81,500. Its accounts receivable turnover equals: Multiple Choice 8.83 6.99 0.79 0.14 0.11Double West Suppliers (DWS) reported sales for the year of $725,000, all on credit. The average gross profit percentage was 40 percent on sales. Account balances are as follows: Accounts receivable (net) Inventory Beginning $28,000 43,000 Ending $72,000 57,000 Required: 1. Compute the turnover ratios for accounts receivable and inventory. (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory turnover ratio times times 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. (Round your answers to 1 decimal place.) Days to collect Days to sell Check my workPowers Company reported net sales of $1,310,000, average Accounts Receivable, net of $67,500, and net income of $55,700. The accounts receivable turnover ratio is: Multiple Choice 0.52 times. 18.4 times. 36.8 times. ...
- Mifflin Company reported the following for the current year: Net sales $ 60,000 Cost of goods sold 38,000 Beginning balance in accounts receivable 14,000 Ending balance in accounts receivable 6,000 Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: / Denominator: = Accounts Receivable Turnover / = Accounts receivable turnover / = times Compute the days’ sales uncollected. Days' Sales Uncollected Numerator: / Denominator: × Days = Days' Sales Uncollected / × = Days' sales uncollected / × = daysABC Company has net sales of $500,000 and average accounts receivable of $100,000. Calculate the accounts receivable turnover ratio.A company has net sales of $489,600 and average accounts receivable of $40,800. What is its accounts receivable turnover? a. 0.08 c. 1,341.00 e. 111.78 b. 30.41 d. 12.00