Number 4 Following are data for December 31,2021:Net sales$5,365,000Cost of sales, and related buying costsAccounts receivable, December 31, 2021Accounts receivable, December 31, 2020Merchandise inventories, December 31, 2021Merchandise inventories, December 31, 2020492,000730,000700,000166,500105,500Assume 365 days in a year.Required:1. Compute the accounts receivable turnover ratio in 2021:timesRequired Computation:2. What is the average collection period, in days, for accounts receivable:daysRequired Computation:3. Compute the inventory turnover for 2021.Required Computation:4. Compute the average length of time in days to sell inventory.Required Computation:%24

The ratio analysis helps to analyze the financial statements of the business.

Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500

Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500

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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