Calculate the receivables turnover ratio for the year

Assignment Help Financial Accounting

Reference no: EM13776881

Universal Sports Supply began the year with an accounts receivable balance of $160,000 and a year-end balance of $180,000. Credit sales of $580,000 generate a gross profit of $280,000.

Calculate the receivables turnover ratio for the year. (Round your answer to 2 decimal places.)

Receivables turnover ratio ____ times

Reference no: EM13776881

Questions Cloud

Partnership realization and liquidation with the supporting : The partners share profits and losses as follows: Able, 50%, Bert, 30%, Carl, 20%. The partners have decided to liquidate their partnership by installments. Cash is distributed to the partners at the end of each month. Statement of Partnership Realiz..

What is the breakeven cost per killowatt hour : CFL's have become more popular in recent years but do they make financial sense? Suppose a typical 60 watt light bulb cost $0.44 and last for 1,000 hours. A 15 watt CFL which provides the same light costs $3.35 and lasts 12,000 hours. A kilowatt hour..

Describe what policy changes you would implement to mitigate : The damaging scandals of Wikileaks/Bradley Manning and Edward Snowden demonstrate a series of critical failures of existing security policy.1. For both scandals describe the policy failures that you believe were responsible for the incidents. 2. Desc..

What is the sales price of the using markup costing : The Exchange Company is in the process of developing a new product called LS500. The company requires a 35% profit. The LS500 current design carries with it a total cost of $125. What is the sales price of the LS500 using markup costing? Round your a..

Calculate the receivables turnover ratio for the year : Universal Sports Supply began the year with an accounts receivable balance of $160,000 and a year-end balance of $180,000. Credit sales of $580,000 generate a gross profit of $280,000. Calculate the receivables turnover ratio for the year

Calculate the inventory turnover ratio for the year : Universal Sports Supply began the year with an inventory balance of $80,000 and a year-end balance of $52,000. Sales of $640,000 generate a gross profit of $220,000. Calculate the inventory turnover ratio for the year.

Straight-line amortization and annual interest payments : Oliver Company issued $800,000 of 6%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date?

Carrying value of the bond : A $750,000 bond was retired at 103 when the carrying value of the bond was $777,500. The entry to record the retirement would include a

What is the recognized gain or loss from land transaction : Lucy owns 400 shares of Linus, Inc. (adjusted basis $210,000). On September 28, 2014, she sells the 400 shares for their fair market value of $195,000. What is the recognized gain or loss from the land transaction in 2014? Assume no gift tax was paid..

User Account

All Pages