Reference no: EM132953502
Question - Hawk Company wants to determine the liquidity of its receivables. It has supplied you with the following data regarding selected accounts for December 31, 2011, and 2010:
2011 2010
Net sales $1,180,178 $2,200,000
Receivables, less allowance for losses and discounts Beginning of year (allowance for losses and discounts, 2011-$12,300; 2010-$7,180) $240,360 $230,180
End of year (allowance for losses and discounts, 2011-$11,180; 2010-$12,300) $220,385 $240,360
Required -
a. Compute the number of days' sales in receivables at December 31, 2011, and 2010.
b. Compute the accounts receivable turnover for 2011 and 2010. (Use year-end gross receivables).
c. Comment on liquidity.
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