Based on the following data and using a 365-day year: 12/31/Year 1 accounts...
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Accounting
Based on the following data and using a 365-day year: 12/31/Year 1 accounts receivable $100,000 12/31/Year 2 accounts receivable For the year ended 12/31/Year 1, sales 70,000 1,050,000 1,200,000 For the year ended 12/31/Year 2, sales a. Compute the accounts receivable turnover for year 2. Round your answer to two decimal places. b. Compute the number of days' sales in receivables for year 2. Round your answer to two decimal places. days c. The industry average turnover is 20 times during the year, and the number of days' sales in receivables averages 25. How does this situation compare to the industry average? A machine costing $78,125 with a 5-year life and $4,700 residual value was purchased January 2. Compute depreciation for each of the five years, using the double- declining-balance method. Year Depreciation Year 1 $ Year 2 $ Year 3 $ Year 4 $ Year 5
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