Based on the following data for the current year, what is the number of days' sales in accounts receivable? Sales on account during the year $584,000 Cost of merchandise sold during the $300,000 year Account receivable, the beginning $45,000 of year Account receivable, end of year $35,000 Inventory, the beginning of year $90,000 Inventory, end of year $110,000 a. 7.3 b. 2.5 c. 14.6 d. 25

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.

Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?

Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Sales