Question
In: Finance
Twist Corp. has a current accounts receivable balance of $417,615. Credit sales for the year just...
| Twist Corp. has a current accounts receivable balance of $417,615. Credit sales for the year just ended were $2,948,600. |
| a. | What is the receivables turnover? |
| b. | What is the days' sales in receivables? |
Solutions
jeff jeffy answered 4 months agoRelated Solutions
Twist Corp. has a current accounts receivable balance of $328,800. Credit sales for the year just...
Twist Corp. has a current accounts receivable balance of
$328,800. Credit sales for the year just ended were $4,192,200.
a. What is the company's receivables turnover? (Do not round
intermediate calculations. Round your answer to 2 decimal places,
e.g., 32.16.)
b. What is the company's days' sales in receivables? (Use 365
days a year. Do not round intermediate calculations. Round your
answer to 2 decimal places, e.g., 32.16.)
c. How long did it take on average for credit customers to...
4. Vitron Corp. has a current accounts receivable balance of $483,810. Credit sales for the year...
4. Vitron Corp. has a current accounts receivable balance of
$483,810. Credit sales for the year ended were $5,700,000. What is
the receivables turnover? The days’ sales in receivables? (10
Points)
(Use Excel and Excel Formulas)
Ordonez Lumber Yard has a current accounts receivable balance of $439,016. Credit sales for the year...
Ordonez Lumber Yard has a current accounts receivable balance of
$439,016. Credit sales for the year just ended were $5,384,500.
What is the receivables turnover? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.) Receivables turnover _______ times
What is the days’ sales in receivables? (Do not round
intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
Days’ sales in receivables ________ days
How long did it take on average for...
Trout Lumber Yard has a current accounts receivable balance of $440,016. Credit sales for the year...
Trout Lumber Yard has a current accounts receivable balance of
$440,016. Credit sales for the year just ended were $5,153,850.
What is the receivables turnover?
What is the days’ sales in receivables?
How long did it take on average for credit customers to pay off
their accounts during the past year?
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method
At the end of the current year, Accounts Receivable has a
balance of $680,000; Allowance for Doubtful Accounts has a debit
balance of $6,000; and sales for the year total $3,060,000. Bad
debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry
for uncollectible accounts.
$
b. Determine the adjusted balances of Accounts
Receivable, Allowance for Doubtful Accounts, and Bad Debt
Expense.
Accounts Receivable
$
Allowance for Doubtful...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method
At the end of the current year, Accounts Receivable has a
balance of $840,000; Allowance for Doubtful Accounts has a credit
balance of $7,500; and sales for the year total $3,780,000. Bad
debt expense is estimated at 3/4 of 1% of sales.
a. Determine the amount of the adjusting entry
for uncollectible accounts.
$
b. Determine the adjusted balances of Accounts
Receivable, Allowance for Doubtful Accounts, and Bad Debt
Expense.
Adjusted Balance
Debit (Credit)
Accounts Receivable...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method
At the end of the current year, Accounts Receivable has a
balance of $895,000; Allowance for Doubtful Accounts has a credit
balance of $8,000; and sales for the year total $4,030,000. Bad
debt expense is estimated at 1/4 of 1% of sales.
1. Determine the amount of the adjusting entry for uncollectible
accounts. $
2. Determine the adjusted balances of Accounts Receivable,
Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts
Receivable $ Allowance for Doubtful...
At the end of the current year, the accounts receivable account has a debit balance of...
At the end of the current year, the accounts receivable account
has a debit balance of $932,000 and sales for the year total
$10,570,000.
The allowance account before adjustment has a debit balance of
$12,600. Bad debt expense is estimated at 1/2 of 1% of sales.
The allowance account before adjustment has a debit balance of
$12,600. An aging of the accounts in the customer ledger indicates
estimated doubtful accounts of $40,300.
The allowance account before adjustment has a credit...
At the end of the current year, Accounts Receivable has a balance of $969,540 Allowance for...
At the end of the current year, Accounts Receivable has a
balance of $969,540 Allowance for Doubtful Accounts has a credit
balance of $5,287 and sales for the year total $2,224,000. Bad debt
expense is estimated at ½ of 1% of sales.
a. Determine the amount of the adjusting entry
for bad debt expense.
$
b. Determine the adjusted balances of Accounts
Receivable, Allowance for Doubtful Accounts, and Bad Debt
Expense.
Adjusted Balance
Accounts Receivable
$
Allowance for Doubtful Accounts...
At the end of the current year, the accounts receivable account has a debit balance of...
At the end of the current year, the accounts receivable account
has a debit balance of $1,095,000 and sales for the year total
$12,420,000.
The allowance account before adjustment has a debit balance of
$14,800. Bad debt expense is estimated at 3/4 of 1% of sales.
The allowance account before adjustment has a debit balance of
$14,800. An aging of the accounts in the customer ledger indicates
estimated doubtful accounts of $47,400.
The allowance account before adjustment has a credit...
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