The following data are taken from the financial statements of Sigmon Inc. Terms of all...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3
20Y2
20Y1
Accounts receivable, end of year
$120,200
$128,000
$134,800
Sales on account
806,650
775,260
a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
20Y3
20Y2
1. Accounts receivable turnover
2. Number of days' sales in receivables
days
days
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
