are presented below.End of YearBeginning of YearCash and cash equivalents$1,135$112Accounts receivable (net)3,2003,000Inventory1,4001,400Other current assets817470Total current assets$6,552$4,982Total current liabilities$3,120$2,482For the year, net credit sales were $12,710 million, cost of goods sold was $8,260 million, and net cash provided by operating activitieswas $1,253 million.Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for thecurrent year. (Round Current ratio to 2 decimal places, e.g. 1.62 and all other answers to 1 decimal place, e.g. 1.6.)Current ratioAccounts receivable turnoverAverage collection periodInventory turnoverDays in inventory:1timesdaystimesdays

Ratio Calculations:1. Current Ratio:Current Ratio = Current Assets / Current LiabilitiesCurrent…

Answered: are presented below. End of Year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively?a. 4.5; 80 d. 6.0; 60b. 6.5; 55.38 e. 8.67; 41.38c. 1.44; 250
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's account receivable turnover. Compute 3M's average collection period for accounts receivable in days.
You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
By the end of the current period, ESMERALDA INC.'s accounts receivable balance increased by P220,000. Total credit sales made during the period amounted to P360,000,while write-offs and recoveries were P22,000 and P6,000, respectively. How much isthe total collections, including recoveries, during the period? A. 124,000B. 1,800
In 2020, HK company has net credit sales of 925,000S for the year. It had a beginning accountreceivable (net) balance of 38,000$ and an ending account receivable (net) balance of 36,000$. The HK company account receivable turnoveris a. 24.3 Ob. 25.7 Dic. 25 d. 22
The following data are taken from the financial statements of Coronado Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover eTextbook and Media Save for Later (a2) 2022 2021 $525,000 $500,000 4,100,000 3,184,500 Average collection period 2022 times 2022 days 2021 2021 times Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Assistance Used Attempts: unlimited days Submit Answer
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 2.5.) 1. Accounts Receivable Turnover ____ times. Compute 3M’s average collection period for accounts receivable in days. (Round answer to 0 decimal places, e.g. 50. Use 365 days for calculation.) 2. Average Collection Period ____ days.
If Brutal Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively? 4.5; 80 d. 6.0; 60 5; 55.38 e. 8.67; 41.38 44; 250
The following data are taken from or calculated from the financial statements: Current Preceding Year Year Average accounts receivable (net) $123,000 $ 95,000 Sales on account 950,000 825,000 (a) Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) the number of days' sales in receivables.Round intermediate calculations to whole numbers and final answers to two decimal places. (b) Comment on any significant trends revealed by the data.
n the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The monthly periodic rate is given to be 1.75%. Find the APR. APR = 12 ✕ monthly periodic rate = 12 ✕ ____ % = ____%
Calculate the activity and liquidity ratios for P for the year ended 31 December 20X9. Revenue Gross profit Inventory Trade receivables Trade payables Cash Short-term investments Other current liabilities $m 1,867.5 489.3 147.9 393.4 275.1 53.8 6.2 284.3 Current ratio= Current assets Current liabilities Inventory days Inventory days = inventory+ cost of sales × 365 Receivable days Receivable days - receivables + credit sales x 365 Payable days Payable days = payables ÷ credit purchases x 365.

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