Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 6, Problem 13E
a.
Summary Introduction
Introduction: Day’s sale uncollected is defined as the financial measure concerning to the compatibility of the company that represent how long it will take to collect
To determine: Day sales uncollected to be computed and comment on amount of liquid assets.
b
Summary Introduction
Introduction: Day’s sale uncollected is defined as the financial measure concerning to the compatibility of the company that represent how long it will take to collect account receivable. Day’s sale uncollected helps to find how long the customers will take to pay back the money taken on credit basis. It determines the strength and internal control of the organizations.
To determine: Day sales uncollected to be computed and comment on amount of liquid assets.
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The following data are taken from the financial statements of Coronado Company.
Accounts receivable (net), end of year
Net sales on account
Terms for all sales are 1/10, n/45
(a1)
Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round
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(a2)
2022
2021
$525,000
$500,000
4,100,000 3,184,500
Average collection period
2022
times
2022
days
2021
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Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days
for calculation. Round answers to 1 decimal place, e.g. 1.6.)
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Barga Co. reported net sales for 2016 and 2017 of $665,000 and $742,000, respectively. Its year-end balances of accounts receivable
follow: December 31, 2016, $63,000; and December 31, 2017, $89,000.
a. Complete the below table to calculate the days' sales uncollected at the end of each year. (Round your "Days' Sales Uncollected"
answer to 1 decimal place.)
ok
Days' Sales Uncollected
Choose Numerator:
Choose Denominator:
Days
Days' Sales Uncollected
%3D
Days' sales uncollected
2016:
days
%3D
2017:
days
%3D
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In 2022, Blossom Company has net credit sales of $1,761,000 for the year. It had a beginning accounts receivable (net) balance of $115,700 and an ending accounts receivable (net) balance of $119,100.
Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)
Accounts receivable turnover
enter the accounts receivable turnover in times rounded to 1 decimal place
times
Calculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Average collection period
enter the average collection period in days rounded to 1 decimal place
days
Chapter 6 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Refer to Google’s financial statements in Appendix...Ch. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1FSACh. 6 - Prob. 2FSACh. 6 - Prob. 3FSACh. 6 - Prob. 1BTNCh. 6 - Assume you are a business consultant. The owner of...Ch. 6 - Prob. 4BTNCh. 6 - Review the opening feature of this chapter that...Ch. 6 - Prob. 6BTN
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