Valenzuela, Incorporated, has a cash cycle of 41.5 days, an operating cycle of 59.3 days, and an inventory period of 25.6 days. The company reported cost of goods sold in the amount of $465,000, and credit sales were $749,000. What is the company's average balance in accounts payable and accounts receivable? Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Average accounts payable Average accounts receivable

Valenzuela, Incorporated, has a cash cycle of 41.5 days, an operating cycle of 59.3 days, and an inventory period of 25.6 days. The company reported cost of goods sold in the amount of $465,000, and credit sales were $749,000. What is the company's average balance in accounts payable and accounts receivable? Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Average accounts payable Average accounts receivable

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...

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The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: 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.
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Valenzuela, Incorporated, has a cash cycle of 47 days, an operating cycle of 70 days, and an inventory period of 30.5 days. The company reported cost of goods sold in the amount of $349,000, and credit sales were $572,000. What is the company's average balance in accounts payable and accounts receivable? Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Average accounts payable Average accounts receivable
Hanse, Inc., has a cash cycle of 37.5 days, an operating cycle of 51 days, and an inventory period of 21 days. The company reported cost of goods sold the amount of $359,000and credit sales were $582,000. What the company's average balance in accounts payable and accounts receivable? (Do not round Intermediate calculations and round your answers to 2 decimal places, e.g.,32.16.)
Calvani, Inc., has a cash cycle of 43.5 days, an operating cycle of 63 days, and an inventory period of 27 days. The company reported cost of goods sold in the amount of $342,000, and credit sales were $565,000. Required: What is the company's average balance in accounts payable and accounts receivable?
Crane Corp.currently has accounts receivable of $1,093,000 on net sales of $7,334,000. What are its accounts receivable turnover ratio and days' sales outstanding (DSO)? (Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 12.25 and days' sales outstanding answer to 1 decimal place, e.g. 12.2. Use 365 days for calculation.)
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The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.