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-BARSIC- [3]
2 years ago
9

ShipIt Corporation reported the following rounded amounts (in millions): 2016 2015 Accounts Receivable $ 5,435 $ 5,140 Allowance

for Doubtful Accounts (305 ) (310 ) Accounts Receivable, Net of Allowance $ 5,130 $ 4,830 Net Sales (assume all on credit) $ 40,500 $ 39,000 Required: Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.)
Business
1 answer:
Nikitich [7]2 years ago
3 0

Answer:

Receivable turnover ratio = 8.1 times

Account receivable days = 44.9 days

Explanation:

<em>Th account receivable days is the  average length of time it takes a business to collect amount due on  account from customers</em>

A<em>ccount receivable ratio = Net sales /Average account receivable</em>

<em>Account receivable days = (Average receivable/Net sales) × 365 days</em>

<em>Average account receivable</em>

= (Receivable at the beginning + Receivable at the end)/2

= ( 4,830+ 5,130)/2

=4980

<em>Note that the accounts receivable balance at the end of 2015 will be the opening balance at the beginning of 2016. The closing balance of 4,830 of 2015 will be the opening balance for 2016</em>

Receivable turnover ratio

=45,500/4980

= 8.1 times

Account receivable days

= (4980/45,500)× 365 days

= 44.9 days

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Very intensive 'business environment research' strategy is important for any company trying to open more stores in any new market. Business Environment refers to external factors that affect a business.

All the aspects of market environment

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It is important to understand all these aspects to be able to understand a market better, & sell (expand) their successfully.

7 0
3 years ago
8 Points. How many people just say the same answer as the 1st person who answered on a question just to get points? SO often I s
Ulleksa [173]

Answer:

not me

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3 0
3 years ago
Because testing of nuclear bombs was halted internationally in 1992, the Department of Energy has developed a laser system that
KATRIN_1 [288]

Answer:

The estimated development cost of the project will increase from the original cost of $3.1 billion 5 years ago to $3.7727 billion today.

Explanation:

Data and Calculations:

Original estimated development cost = $3.1 billion

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Period of project = 5 years using 4% or 10 using 2%

Using a future value factor of 1.217 from a future value table at 4% per year for 5 years:

The expected cost today = $3.1 billion * 1.217 = $3.7727 billion

Using an online financial calculator:

Results:

FV = $3,778,882,701.98

Total Interest $678,882,701.98

N (# of periods)  10

I/Y (Interest per year)  4

PV (Present Value)  $3,100,000,000

PMT (Periodic Payment)  0

Settings

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C/Y (# of times interest compound per year)  2

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AfilCa [17]

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1. Record journal entries

2. Post entries to ledger

3. Prepare unadjusted trial balance

4. Adjust journal entries

5. Prepare adjusted trial balance

6. Record reversing entries

7. Prepare post-closing trial balance

8. Record closing entries

9. Prepare financial statements

The accounting cycle that allows a business to record all business transactions that eventually lead to preparation of their financial statements. This information is used for record keeping purposes of expenses and revenues.

8 0
3 years ago
In which type of business do the owners have protection from losing their personal assets but do not deal with double taxation?
miskamm [114]

A limited-liability company is the business type where the owners have protection from losing their personal assets but do not deal with double taxation.

<h3>What is a limited-liability company?</h3>

In this company, the owners known as member are not personally liable for debts of the company and its earnings are taxed only once and at the personal level thereby eliminating double taxation.

Hence, it is the business type where the owners have protection from losing their personal assets but do not deal with double taxation.

Therefore, the Option B is correct.

Read more about limited-liability

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6 0
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