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Finger [1]
3 years ago
9

The financial statements of the imagine company report net sales of $1,000,000 and accounts receivable of $700,000 and $300,000

at the beginning of the year and end of year, respectively. what is the accounts receivable turnover for the imagine company?
Business
1 answer:
Viefleur [7K]3 years ago
8 0
The answer is 2 times.
 
Accounts recievable turnover ratio = net sales / average accounts recievable

=1,000,000 ÷ (700,000+300,000 ÷ 2)
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1. The amount of accounts receivable that was written off during the year ended June 30, 2016 was:

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2. Receivable Turnover Ratio in 2016

= 2016 Net Sales/Average receivables

= $68,000/$16,660 = 4.1

Explanation:

a) Data and Calculations:

                                        June 30, 2016   June 30, 2015

Net Sales Revenue              $68,000            $62,000

Accounts Receivable

(all amounts in millions)      $17,260             $16,060

Allowance for

Doubtful Accounts of                  310                    360

Net Accounts receivable   $ 16,950             $ 15,700

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Allowance for Doubtful Accounts

Date                 Account Titles          Debit      Credit

June 30, 2015 Beginning balance                  $310

2016                 Bad Debts Expense  22

2016                 Accounts receivable                  72

June 30, 2016 Ending balance    $360

Accounts Receivable

Date                 Account Titles          Debit      Credit

June 30, 2015 Beginning balance $16,060

2016                 Net sales                 68,000

2016                 Allowance for Doubtful               $72

2016                 Cash                                       66,728

June 30, 2016 Ending balance                     $17,260

Average receivables = $16,660 ($16,060 + $17,260)/2

Receivable Turnover Ratio in 2016

= 2016 Net Sales/Average receivables

= $68,000/$16,660 = 4.1

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