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Compute (a) accounts receivable turnover and (b) days' sales uncollected. H

Compute (a) accounts receivable turnover and (b) days' sales uncollected. H

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Accounts Days Sales Receivable Uncollected Turnover Compute the days' sales uncollected. Numerator: Days' Sales Uncollected Denominator: Accounts receivable Cost of goods sold Net sales Days Days' Sales Uncollected = Days' sales uncollected days < Accounts Receivable Turnover Days Sales Uncollected >
Transcribed Image Text:Accounts Days Sales Receivable Uncollected Turnover Compute the days' sales uncollected. Numerator: Days' Sales Uncollected Denominator: Accounts receivable Cost of goods sold Net sales Days Days' Sales Uncollected = Days' sales uncollected days < Accounts Receivable Turnover Days Sales Uncollected >
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 >
Transcribed Image Text: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 >
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