FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Market Efficiency
Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…
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Number 4 

Following are data for December 31,2021: 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 492,000 730,000 700,000 166,500 105,500 Assume 365 days in a year. Required: 1. Compute the accounts receivable turnover ratio in 2021: times Required Computation: 2. What is the average collection period, in days, for accounts receivable: days Required 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
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Transcribed Image Text:Following are data for December 31,2021: 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 492,000 730,000 700,000 166,500 105,500 Assume 365 days in a year. Required: 1. Compute the accounts receivable turnover ratio in 2021: times Required Computation: 2. What is the average collection period, in days, for accounts receivable: days Required 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
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