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Natali [406]
2 years ago
15

Ralph Lauren: Accounts receivable turnover and number of days' sales in receivables Ralph Lauren Corporation designs, markets, a

nd distributes a variety of apparel, home décor, accessory, and fragrance products. The company's products include such brands as Ralph Lauren, Polo by Ralph Lauren, and Chaps. For two recent years, the company reported the following (in millions):
Year 2 Year1 Sales Accounts receivable (end of year) The accounts receivable at the beginning of Year 1 was $458 million. a. Compute the accounts receivable turnover for Year 1 and Year 2. Round to one decimal place. 655 588 Year 1 Year 2 Accounts Receivable Turnover b. Compute the number of days' sales in receivables for Year 1 and Year 2. Use 365 days and round all calculations to one decimal place. Year 1 Year 2 Number of Days' Sales in Receivables days days c. The change in the accounts receivable turnover from year 1 to year 2 indicates a(n) is a(n) in the efficiency of collecting accounts receivable and trend. trend. The change in the days' sales in receivables is a(n)
Business
1 answer:
SVETLANKA909090 [29]2 years ago
6 0

<em>MISSING INFORMATION:</em>

   concept                     //    Year 2     //     Year 1

Sales                                     7,620             7,450

Account Receivables             655                588

Answer:

Yes, there is. The days to collect increase by 4.16 to 29.77 from 26.61

Which is a bad sing as the company delays more to collect form their customers

Explanation:

Account Receivable turnover:

Average receivable:

(458 + 588 ) / 2  =  523

7,450 / 523 =   14.25

Days to collect: 365 / 14.25 = 25,61

Second Year:

Average receivable: (655 + 588) / 2 = 621.5

Turnover: 7,620 / 621.5 =  12.26

Days to collect: 365 / 12.26 = 29,77

29.77 - 25.61 = 4.16

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Answer:

Wilderness Travel Service

a. WILDERNESS TRAVEL SERVICE

Income Statement for the year ended April 30, 2018:

Fees earned                                    875,000

Miscellaneous expense 15,000

Rent expense                75,000

Supplies expense          12,000

Taxes expense              10,000

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b. WILDERNESS TRAVEL SERVICE

Retained Earnings Statement for the year ended April 30, 2018:

Retained Earnings, May 1, 2017     $145,000

Dividends                                          (40,000)

Retained Earnings, May 1, 2018   $305,000

c. WILDERNESS TRAVEL SERVICE

Balance Sheet for the year ended April 30, 2018:

Assets:

Cash                                           $146,000

Accounts receivable                    210,000

Supplies                                           9,000

Total assets                               $365,000

Liabilities + Equity:

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Common stock             35,000

Retained Earnings     305,000  340,000

Total Liabilities + Equity           $365,000

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a) Data:

Accounts payable                         $25,000

Accounts receivable    210,000

Cash                             146,000

Common stock                               35,000

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Supplies                           9,000

Supplies expense          12,000

Taxes expense              10,000

Utilities expense           38,000

Wages expense         525,000

Retained Earnings, May 1, 2017      145,000

Dividends                     40,000

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