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Marrrta [24]
3 years ago
8

Q 8.14: 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:
sesenic [268]3 years ago
6 0

Answer:

2 times

Explanation:

The computation of accounts receivable turnover is shown below:-

Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable

where,

Net credit sales is $1,000,000

And, the Average accounts receivable is

= (Accounts receivable, beginning of year + Accounts receivable, end of year) ÷ 2

= ( $700,000 + $300,000) ÷ 2

= $500,000

Accounts receivable turnover = Net sales ÷ Average accounts receivable

= $1,000,000 ÷ $500,000

= 2 times

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Answer:

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Interest Expense                                        5,157

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Explanation:

The 7%bond is issued by the Whispering Corporation on November 1, 2017 and the Whispering Corporation is using effective interest method with an interest rate of 6%, therefore the adjusting entry shall be recorded as at December 31,2017 in respect of interest accrued for two months i.e. November and December 2017 by following amount:

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Interest Expense                                        5,157

Long term Bonds                                                                            5,157

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