Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,170,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 138,000 841,000 439,000 533,000 $ 1,951,000 a. Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3 Fixed asset turnover Turnover Ratios times times timon
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- Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet 'Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and AllowancesFor its most recent year a company had Sales (all on credit) of OMR 830000 and Cost of Goods Sold of OMR 525000. At the beginning of the year its Accounts Receivable were OMR 80000 and its Inventory was OMR 100000. At the end of the year its Accounts Receivable were OMR 86000 and its Inventory was OMR 110000. Calculate Receivable days. Select one: a. 37 Days b. 58 Days c. 46 Days d. 73 DaysB. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola had the following balances: Accounts Receivable Inventories January 1 P142,650,000 54,374,200 December 31 P172,350,000 62,625,800 Required: (Round answers to one decimal place) 1. Calculate the Average Accounts Receivable 2. Calculate the accounts receivable turnover ratio 3. Calculate the accounts receivable turnover in days (days sales in receivable or average collection period) 4. Calculate the average inventory 5. Calculate the average inventory ratio 6. Calculate the inventory turnover in days 7. Based on these ratios, does Nikkola appear to be performing well or poorly?
- a.At January 1, 2020, Mr. James had accounts receivable of 72,000. At December 31, 2020, accounts receivable is 54,000. Sales revenue for 2020 total 420,000. Compute Mr.James 2020 cash receipts from customers. Cash receipts from customers b. Tedox Corp had January 1 and December 31 balances as follows. 1/1/20, 12/31/20 Inventory 114,000, 136,000 Accounts payable 63,000, 69,000 For 2020, cost of goods sold was 451,000. Compute Tedox 2020 cash payments to suppliers.The following information was taken from the books of Olmeck, Inc. Sales Accounts receivable: Beginning of the year End of the year Year 2 Year 2 Turnover Year 2 Year 1 $956,000 120,500 110,000 Year 1 a. Determine the accounts receivable turnover for Year 2 and Year 1. Round your answers to one decimal place. Accounts Receivable $992,000 136,400 120,500 Year 1 b. Determine the number of days' sales in receivables for Year 2 and Year 1. Round your answers to one decimal place. Assume 365 days per year. Number of Days' Sales in Receivables days days c. The industry average for the accounts receivable turnover is 8.0. How does Olmeck, Inc. compare? In Year 2 Olmeck was the industry average. In Year 1, Olmeck was the industry average.The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?
- Teams MSFT Corporation has the following information: Inventory conversion period 79.02 days Receivables collection period 35.8 days Payables deferral period 9.6 days Can you determine the length of time (days) for them to cycle cash in the company? (represent your numeric result in two decimal places)The following items were among those that appeared on Rubi Co.’s books at the end of year 1: Merchandise inventory P600,000; Loans to employees 20,000. What amount should Rubi classify as monetary assets in preparing constant peso financial statements? P0 P 20,000 P600,000 P620,000You are given the following information. Revenue Current liabilities Days sales in receivable Inventory turnover ratio Current ratio RM1,200,000 RM 375,000 40 4.8 1.2 The current account consists of cash, inventories and accounts receivable. Calculate the cash amount.
- The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $ 900,000 $ 750,000 $600,000 Sales 5,280,000 3,915,000 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover ? ? 2. Number of days' sales in receivables ? days ? days b. What conclusion can be drawn from these data concerning accounts receivable and credit policies?The collection of accounts receivable has (declined or improved) . This can be seen in the (decrease or increase) in accounts receivable turnover and the (increase or reduction) in the collection period. The company either became (more or less) aggressive in collecting…The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 daysRefer to the following selected financial information from Weekend Getaways Incorporated Compute the company's days' sales uncollected for Year 2. (Use 365 days a year.) Accounts receivable, net Net sales Multiple Choice O O 39.9. 43.8. 45.5. 38.4. 42.7. Year 2 98,760 823,000 Year 1 86,600 793,000