MAHA COMPANY Worksheet (partial) for the year ended December 31, 2018 Account Title Adjusted  Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash 2,550       2,550   Accounts Receivables 2,040       2,040   Supplies 1,350       1,350   Prepaid Insurance 950       950   Machinery 42,500       42,500   Notes Payable   15,600       15,600 Accounts Payable   3,470       3,470 Capital   27,900       27,900 Drawings 800       800   Service Revenue   7,100   7,100     Salaries Expenses 1,780   1,780       Miscellaneous Expenses 2,100   2,100       Net income     3,220     3,220   54,070 54,070 7,100 7,100 50,190 50,190 Instruction Journalize the closing entries at December 31, 2018 Post the closing entries to “Income Summary” and “Capital” by using “T” accounts

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The following select financial statement information from Candid Photography. CANDID PHOTOGRAPHY Year Net Credit Sales Ending Accounts Receivable  2017 net credit sales $2,988,000 accounts recievable $1,293,450 2018 net credit sales 3,756,860 accounts recievable 1,348,600 2019 net credit sales 4,001,350 accounts recievable 1,546,550 A. Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places.     B. What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days’ sales in receivables ratio is 150 days? a. Candid collects its accounts more quickly than its competitors. b. A lender may favour Candid over its competitors because of its faster collection period. c. Past data suggests that the collection period is increasing from 2018 to 2019, which is something that might concern an investor if…

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 days

The following information is available for Crane Company. Beginning accounts receivable Ending accounts receivable Net sales Compute the accounts receivable turnover and the average collection period. (Round average collection period to 1 decimal places, eg. 15.2. Use 365 days for calculation.) Accounts receivable turnover $72,800 114,400 1.216,800 Average collection period times days