Question
In: Finance
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 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.) Average collection period ______ days
Solutions
Expert Solution
Receivable turnover ratio = Net credit sales / Accounts receivable
= 5,384,500/439,016
= 12.26 times
Days sale in receivables =( Accounts receivable / Net credit sales)*365
= (439,016/5,384,500)*365
= 5.30 days
Average collection period = 365/Account receivable turnover ratio
= 365/12.26
= 29.77 days
jeff jeffy answered 2 years agoRelated Solutions
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