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Maru [420]
3 years ago
7

. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do

not round intermediate calculations. Enter your answers in thousands not in dollars.)
Business
1 answer:
Dmitriy789 [7]3 years ago
7 0

Answer:

The question is incomplete, find complete question in the attached.

The receivables turnover for the current year is 9.02 times while average days sales in receivable is  41 days

Explanation:

The formula for computing receivables turnover ratio is given as:

Net credit sales/average accounts receivable,where average receivables is the opening plus closing receivables divided by two.

Net credit sales=$35,657

Average receivables =($3495+$4415)/2=$3955

Receivable turnover ratio=$35657/$3955

                                          =9.02

Average days sales in receivable=number of days in the year/receivable turnover ratio

Average days sales in receivable=365/9.02

                                                          =40.47 days approx 41 days

The average days sales in receivable implies the average number of days it takes receivables to settle their accounts

Download xlsx
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The correct answer is $300,000.

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Answer:

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Explanation:

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5 0
1 year ago
In its first year of business, Borden Corporation had sales of $2,020,000 and cost of goods sold of $1,210,000. Borden expects r
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Answer:  Please see answers in explanation column

Explanation:

Accounts title and explanation            Debit          Credit

Sales returns and allowances       $121,200      

Sales refund payable                                               $121,200

Calculation

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Calculation

expected Cost of goods sold =  Cost of goods soldx expected percentage

= 1,210,000 x6%=$72,600

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