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neonofarm [45]
3 years ago
12

Trout Lumber Yard has a current accounts receivable balance of $447,516. Credit sales for the year just ended were $8,105,305. a

. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the days’ sales in receivables? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How long did it take on average for credit customers to pay off their accounts during the past year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
musickatia [10]3 years ago
8 0

Answer:

Trout Lumber Yard

a. The receivables turnover = Net Credit Sales/Average Receivables

= $8,105,305/$447,516

= 18 times per year

b. The Days' Sales in Receivables = Average Receivables/Credit Sales * 365

= $447,516/$8,105,305 * 365

= 20.15 days

c. On the average, it took 20.15 days (365/18.11) for credit customers to pay off their accounts during the past year.

Explanation:

a) Data and Calculations:

Accounts receivable balance = $447,516

Credit sales for the year just ended = $8,105,305

The receivables turnover = Net Credit Sales/Average Receivables

= $8,105,305/$447,516

= 18.11 times

The Days' Sales in Receivables = Average Receivables/Credit Sales * 365

= $447,516/$8,105,305 * 365

= 20.15 days

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6 0
1 year ago
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Harrizon [31]

The correct options are

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5 0
2 years ago
Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2
Natali5045456 [20]

Answer:

Journal Entry

May 3

Dr. Allowance for doubtful accounts   $2,800

Cr. Account Receivable                        $2,800

Explanation:

When a receivable of the business is considered to be non-collectible from a customer, it is written off from the accounts. This event will decrease the account receivable balance and allowance for the doubtful accounts too. a Debit entry in the Allowance for doubtful account and a credit entry in accounts receivable is made to incorporate the effect of this transaction.

6 0
3 years ago
Q 8.17: The financial statements of the Larson Company report net sales of $1,000,000 and accounts receivable of $80,000 and $60
Phoenix [80]

Answer:

25.55 days

Explanation:

first we must calculate the accounts receivable turnover ratio = net sales / average accounts receivable

net sales = $1,000,000

average accounts receivable ($80,000 + $60,000) / 2 = $70,000

accounts receivable turnover ratio = $1,000,000 / $70,000 = 14.286

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8 0
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mestny [16]

Answer:

I think the answer is B

Explanation:

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6 0
3 years ago
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