QUESTION 12. a halances on certain accounts of ANNEY LTD CO as at 1 April 2012 were as follows. (all figures in TZS) At the beginning of the year Rent and rates payable Accruals 2200,000 Prepayments 1940,000 Rent receivable- prepayments 625,000 During the year, Paid rent by cheque Paid rates by cheque Received cheque for rent the business carried out the following transactions 5200,000 3050,000 960,000 At the end of the year, Rent and rates payable Accruals 2370,000 1880,000 Prepayments Rent receivable- prepayments 680,000 Required: prepare a) Rent and rates account b) Rent receivable c) Show the amount to be transferred to the income statement

A company reports the following: Line Item Description Amount Sales $235,060 Average accounts receivable (net) 51,100 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a.  Accounts receivable turnover   b.  Days' Sales in Receivables

4. The following select financial statement information from Hogge Computing. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2021 and 2022 (round answers to two decimal places). Year 2020 2021 2022 2021: Net Credit Sales 2022: $1,557,200 $1,755,310 $1,965,170 Accounts Receivable Turnover Ratio: • Days' Sales: days Accounts Receivable Turnover Ratio: Days' Sales: days times times Ending Accounts Receivable $397,000 $465,200 $505,780

Use the following financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Ending Accounts Receivable Year Net Credit Sales 2017 $690,430 $335,250 2018 705,290 364,450 2019 770,500 406,650 A. Compute the accounts receivable turnover ratios for 2018 and 2019. Round your answers to two decimal places. 2018 times 2019 times B. Using the accounts receivable turnover, choose the statement that most closely describes the company's management of its receivables. a. The company's lending policies may be too strict. b. Collection efforts are not aggressive enough. There may be uncollectable receivables affecting the beginning and ending C. balances. d. All of the above statements may be correct. a b d

The following data are taken from the financial statements of Wildhorse Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a) 2025 $594,200 4,842,800 Accounts receivable turnover Compute for each year the accounts receivable turnover. At the end of 2023, accounts receivable (net) was $542,00 2024 $ 616,500 4,054,750 2025 times 2024 times

Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) Previous Year Current Year $67,096 3,896 3,696 $81,662 3,696 3,598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is the company's accounts receivable management improving or deteriorating? a. Accounts receivable turnover b. Average collection period Previous Year 17.7 x Current Year 22.4 x 21▾ 16 c. The company's receivable management Improved Check

A company reports the following: Line Item Description Amount Sales $1,069,085 Average accounts receivable (net) 105,850 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.

Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If Clark Company pays the note at maturity, what entry should Sherman make at that time? Select one: a.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense A) +4,360 -4,000       +360 +360     b.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense B) -4,360     -4,000   -360     +360 c.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense C) +4,060 -4,000       +60 +60     d.     BALANCE SHEET INCOME STATEMENT   ASSETS =…

Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $157,200 $164,000 $171,800 Sales on account 883,300 789,130 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days This can be seen in both the in accounts receivable b. The collection of accounts receivable has turnover and the in the collection period.

Subject: accounting