HELP PLEASE! Accounting problem solve The following data are taken from the fina
ID: 2597371 • Letter: H
Question
HELP PLEASE!
Accounting problem solve The following data are taken from the financial statements of Phacoab Company. 2017 2016 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 577,400 607,500 4,544,000 3,912,000 Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 12.5.) 2017 2016 Accounts receivable turnover times times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation) 2017 2016 Average collection period days daysExplanation / Answer
2017
2016
Accounts receivables
577400
607500
sales
4544000
3912000
accounts receivables turnover ratio
sales/average accounts receivables
4544000/3326450
7.6698456
6.7863648
average accounts receivables for 2017
(577400+6075500)/2
592450
average accounts receivables for 2016
(577400+575500)/2
576450
2017
2016
average collection period in days
365/accounts receivable turnover ratio
47.588963
53.784317
2017
2016
Accounts receivables
577400
607500
sales
4544000
3912000
accounts receivables turnover ratio
sales/average accounts receivables
4544000/3326450
7.6698456
6.7863648
average accounts receivables for 2017
(577400+6075500)/2
592450
average accounts receivables for 2016
(577400+575500)/2
576450
2017
2016
average collection period in days
365/accounts receivable turnover ratio
47.588963
53.784317
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