ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress%-false. eBook Show Me How Calculator E Print Item 2ΟΥ3 20Y2 2ΟΥ 1 Accounts receivable, end of year $149,600 $157,000 $164,200 Sales on account 1,057,770 1,011,780 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Υ3 20Y2 1. Accounts receivable turnover 6.9 6.3 2. Number of days' sales in X days days receivables b. The collection of accounts receivable has Imnproved This can be seen in both the increase y in accounts receivable turnover and the decrease V in the collection period. Feedback YCheck My Work a.1. Divide net sales by average accounts receivable. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. a.2. Divide average accounts receivable by average daily sales on account. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. Average daily sales on account Net Sales 365 days. Previous Next Check My Work 1 more Check My Work uses remaining.

ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress%-false. eBook Show Me How Calculator E Print Item 2ΟΥ3 20Y2 2ΟΥ 1 Accounts receivable, end of year $149,600 $157,000 $164,200 Sales on account 1,057,770 1,011,780 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Υ3 20Y2 1. Accounts receivable turnover 6.9 6.3 2. Number of days' sales in X days days receivables b. The collection of accounts receivable has Imnproved This can be seen in both the increase y in accounts receivable turnover and the decrease V in the collection period. Feedback YCheck My Work a.1. Divide net sales by average accounts receivable. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. a.2. Divide average accounts receivable by average daily sales on account. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. Average daily sales on account Net Sales 365 days. Previous Next Check My Work 1 more Check My Work uses remaining.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9 - Which of the following should be done if there is a shortage of cash and the reason cannot be found that day ? a) It is written to the creditor side of Account 197 Counting and Receipt Deficiencies B) It is written to the creditor side of Account 397 Counting and Receipt Deficiencies NS) 659 Debited for other ordinary expenses D) It is written to the debtor side of the 197 Counting and Receipt Deficiencies Account TO) It is written to the debtor side of Account 397 Counting and Receipt Deficiencies
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You are the accounts assistant in a small company called Autonomy Ltd. The company had the following transactions during June 2021: | Credit sales Receipts from trade receivables Discounts allowed |Sales returns Bad debts written off Contras between sales and purchase ledgers Balance of trade receivables at 1 June 2021 26,595 23,250 650 1,525 1,650 1,000 6,950 Required: a) Construct the sales ledger control account of Autonomy Ltd from the above details. Show clearly the balance carried down at 30 June 2021. b) Explain the purpose of a sales ledger control account.
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All of the following are principles of sound credit management of accounts receivable except: establishing a required payment period and communicating it to customers. monitoring collections and preparing regular accounts receivable aging schedules. relaxing credit standards for new customers and offering "one year same as cash" credit terms. more aggressive collection efforts for customers able (but unwilling) to pay. oooo
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