The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)

Q: Based on the following data for the current year, what is the number of days' sales in receivable?…

A: Number of days sale in receivable means how much time will the debtor takes to clear his dues. First…

Q: Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following…

A: Account receivable turnover ratio is a liquidity ratio. It is also called debtor's turnover ratio.…

Q: The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of…

A: Account Receivable Turnover =  Net Credit Sales Average Account Receivable Net Credit Sales = Total…

Q: Last year, Dogwood Company had net sales of $9,690,000 and cost of goods sold of $4,812,000. Dogwood…

A: Accounts receivable turnover ratio = Net credit sales / Average accounts receivable

Q: ​Gross sales $150,000 ​Accounts receivable, beginning of year $18,000 ​Sales…

A: Accounts receivable is the amount owed to a corporation for goods or services delivered or used but…

Q: What is the receivables turnover?

A: Turnover means the is the amount of sales by the business. It is sometimes called as income of the…

Q: Accounts Receivable Analysis A company reports the following: Sales $562,100 Average accounts…

A: A company's accounts receivable turnover may be defined as the number of times in a given year that…

Q: Diviney Corporation's net sales and average net trade accounts receivable were $8,710,000 and…

A: Accounts Receivable Turnover = Net Sales/ Avg. Accounts Receivables

Q: Recent financial statements of General Mills, Inc. report net sales of $12,734,750,000. Accounts…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of the…

Q: For its most recent year, a certain company had sales (all on credit) of $830,000 and cost of goods…

A: Step 1:Formula for accounts receivable turnover ratio= Net credit sales / average accounts…

Q: A company reports the following: Sales $630,720 Average accounts receivable (net) 52,560 Determine…

A: The measure that helps in determining the efficiency of the entity in collecting its dues from the…

Q: In 2022, Sandhill Co. has net credit sales of $1,833,000 for the year. It had a beginning accounts…

A: Average collection period is the measure that helps the entity in knowing its efficiency in…

Q: Bonita Corporationreported net credit sales of $3447600 for this year. The company had accounts…

A: AVERAGE COLLECTION PERIOD Account Receivable collection period measure the quality of debtors…

Q: If Emperium Inc. had credit sales of 2,027,773 per year and its days sales outstanding was equal to…

A: Days Sales or Receivables Outstanding means the number of days it takes a company to realize cash…

Q: Barga Co.'s net sales for Year 1 and Year 2 are $662,000 and $748,000, respectively. Its year-end…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: Barga Company's net sales for Year 1 and Year 2 are $669,000 and $750,000, respectively. Its…

A: Solution:- a)Calculation of  the days' sales uncollected at the end of each year as follows under:-

Q: Provide Answer with calculation and explanation

A: Question: 1Accounts receivable:Accounts receivable are recorded to indicate the reimbursements a…

Q: Barga Co. reported net sales for 2016 and 2017 of $665,000 and $742,000, respectively. Its year-end…

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: A firm has $400,000 in credit sales and $100,000 in accounts receivable.Compute accounts receivable…

A:

Q: following is select financial statement information from Vortex Computing: Year Net Credit Sales…

A: Accounts receivable turnover is one of the efficiency ratio which shows company is how much…

Q: ccounts Receivable Analysis: A company reports the following Sales $649,700 64,970 Average accounts…

A: Ratio analysis: It is a method used to measure the liquidity, profitability, efficiency of the…

Q: Your company has net sales of $468,300 and average net receivables of $111,500 for the year. Which…

A: Step 1 Receivables Turnover Ratio =Net Sales / Average Accounts Receivables Average days to collect=…

Q: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,453,630, beginning…

A: In this question, we are required to calculate accounts receivable turnover ratio and the number of…

Q: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: A company reports the following: Line Item Description Amount Sales $1,292,100 Average…

A: The objective of this question is to calculate the accounts receivable turnover and the days' sales…

Q: Allgood Pet Supplies reported net credit sales of $3,200,000 and cost of goods sold of $2,600,000…

A: Accounts receivable turnover rate is the ratio between between credit sales and average accounts…

Q: A company computes its accounts receivable turnover to be 20. Based onthis information, find the…

A: Working of the ACP (Average collection Period) is computed below:

Q: Thompson Wood Products has credit sales of $2,628,000 and accounts receivable of $627,800. Compute…

A: Average collection period is period required to receive cash money from the customers from initial…

Q: accounts receivable turnover ratio and the number of days' sales in receivables ratio

A: Accounts receivable turnover ratio = Net credit sales/Average accounts receivable

Q: The following data are taken from the financial statements of Sheffield Company. Accounts receivable…

A: As per the given information: 20222021Accounts receivable (net), end of year$555,000$470,000Net…

Q: A company reports the following: Sales $1,180,410 Average accounts receivable (net) 56,210…

A: Given: Sales = $1,180,410 Average accounts receivables = $56,210

Q: y has net sales of 1,630,200 an

A: The accounts receivable turnover ratio,   also known as the debtor’s turnover ratio, is an…

Q: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,483,630, beginning…

A: Account receivable turnover ratio: =  Net credit sales / Average account receivable Sales in…

Q: Barga Co.'s net sales for Year 1 and Year 2 are $665,000 and $749,000, respectively. Its year-end…

A: Days sales uncollected indicates the cash collection from its sales. It can be calculated by…

Q: Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2 =…

Q: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,463,630, beginning…

A: Accounts receivable turnover ratio = Net Credit sales / Average accounts receivables Sales in…

Q: At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales…

A: Bad debts expense = Total receivables - collectible receivables  where, Collectible receivables =…

Q: pany's records provide the following information concerning certain account balances and changes in…

A: Answer :Sales  revenue = Cash collection + Allowance for doubtful account written off - Opening…

Q: Recent financial statements of Marin Ship Builders, Inc. report net sales of $636,800,000. Accounts…

A: Average Net Receivables = (Receivable at Beginning + Receivable at the End) / 2 Average Net…

Q: The Perry Company reported Accounts Receivable, Net of $66,400 at the beginning of the year and…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: My business has a net sales of  $3,492,690, of which 40% was cash ($1,397,076), 50% was on account…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: In 2020, Sahara Company has net credit sales of $923,795 for the year. It had a beginning accounts…

A: Formula: Accounts receivable Turnover = Net Credit sales / Average Accounts receivable Average…

Q: Sheffield Shop had a balance in the Accounts Receivable account of $751000 at the beginning of the…

A: The average collection period measures how long it typically takes a company to collect and turn its…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is