With a beginning Accounts Receivable balance of $81,000; an ending Accounts Receivable balance of $117,000; and Sales of $880,000, What is the Accounts Receivable turnover? (Round your final answer to two decimal places
A) 8.89
B) 10.86
C) 21.73
D) 13.31
A) 8.89
Explanation: net credit sales/[(beginning + ending A/R)/2]; ex: $880,000 / [($81,000 + $117,000) / 2] = 8.89
You might also like to view...
A reference to another auditor under U.S. auditing standards may result in which of the following?
a. A disclaimer of an audit opinion. b. A qualified audit opinion. c. An adverse opinion. d. An unqualified audit opinion with modified wording for all three paragraphs.
An employee who informs the media or governmental regulatory agency of illegal or unethical organizational conduct is a _________________________.
Fill in the blank(s) with the appropriate word(s).
On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong's stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired.As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride, Inc. Strong Corp.Revenues$420,000 $280,000 Cost of goods sold (196,000) (112,000)Operating expenses (28,000) (14,000)Net income$196,000) $154,000 Retained earnings, 1/1/18$420,000 $210,000 Net income (above) 196,000 154,000 Dividends paid 0 0 Retained earnings,
12/31/18$616,000 $364,000 Cash and receivables$294,000 $126,000 Inventory 210,000 154,000 Investment in Strong Corp 364,000 0 Equipment (net) 616,000 420,000 Total assets$1,484,000 $700,000 Liabilities$588,000 $196,000 Common stock 280,000 140,000 Retained earnings, 12/31/18 (above) 616,000 364,000 Total liabilities and stockholders' equity$1,484,000 $700,000 ??During 2018, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2018, 60% of these goods remained in the company's possession.?What is the total of consolidated revenues? A. $588,000. B. $560,000. C. $700,000. D. $840,000. E. $644,000.
What are the key components of Xerox's Lean Six Sigma?