Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,812,000. Dogwood

Question:

Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,812,000. Dogwood had the following balances:

Required:
Round answers to one decimal place.
1. Calculate the average accounts receivable.
2. Calculate the accounts receivable turnover ratio.
3. Calculate the accounts receivable indays.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cornerstones of Managerial Accounting

ISBN: 978-0324660135

3rd Edition

Authors: Mowen, Hansen, Heitger

See More Books

Question Posted: Feb 04, 2012 12:19 AM

See More Questions

Last year Docie Johnson had net sales of $582,496. This year her sales decreased by 12%. What were her net sales this year?
Calculate cost of goods manufactured and cost of goods sold from the following account balances relating to 2015 (in millions): Property tax on plant...
The J.M. Smucker Company had net sales of $1,311 million from selling products such as jam (Smuckers), peanut butter (Jif), and vegetable oils (Crisco) for the year ending April 30, 2003. The income...
Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the...
Can a shareholder's basis in S corporation stock ever be adjusted to a negative number? Why or why not?
Based on the building block approach to fixed-income returns, the dominant source of the yield spread for Country XYZ is most likely the: A. term premium. B. credit premium. C. liquidity premium....
What are the final two steps a researcher should do after presenting the research findings to the decision makers?
Forecasting with the Parsimonious Method and Estimating Share Value Using the ROPI Model Following are income statements and balance sheets for Cisco Systems. Cisco Systems Consolidated Statements of...
What are the advantages and disadvantages of divesting through an asset sale or through a spin-off? In your opinion, did Northrop Grumman make the right choice in pursuing a spin-off?
1. Should you discuss the matter first with Troy before responding to Joyce? Explain. 2. Assume Kristen is a Certified Management Accountant and member of the Institute of Management Accountants. As...
Hannah Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current...
Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,812,000. Dogwood had the following balances: Required: Round answers to one decimal place. 1. Calculate the average...
What is meant by the sharing of data?
Universities in India tend to use different grading systems. For example, in one, a grade of more than $90 \%$ for distinction may have its minimum passing mark at $60 \%$. In another, a grade of...
In the Challenge Solution, show that shareholders' expected earnings are higher with the new compensation scheme than with the original one.
So far, we've researched the viewpoints of leaders in the field of information presentation and human interface design for computer systems. What about experts in other areas? a. Find and interview...
In August 2011, the United Kingdom's big supermarkets and certain dairy processors were found to have colluded to increase the prices consumers paid for milk, butter, and cheese in 2002 and 2003....
A city government is considering a proposal to build a footbridge over a waterway that will benefit the residents and firms situated in the neighborhoods adjacent to the footbridge on both sides of...
Using the purchase of an engagement ring as an example, identify whether a brick-and-mortar retailer or an online shop is the most appropriate retail channel(s) for this type of product. How should...
What is a manufacturing system?
Louis Wholesale Distributors uses an ABC system to determine the cost of handling its products. One important activity is receiving shipments in the warehouse. Three resources support that activity:...
Briefly describe the four types of costs in costs of quality (COQ).
Why are external failure costs generally the highest of the costs of quality (COQ)?
Why is it unwise for a company to focus on only one performance measure while ignoring other performance measures?
If a tax Bear has a vacation home, that is issues personally by the taxpayer for part of the year, and as a rental for part of the year, how are expenses reported on its tax return?
Christopher and Janai have a new grandson. How much money should they invest now so that he will have $78,000 for his college education in 18 years? The money is invested at 3.8% compounded...
Jonas' current annual salary is $70,000. Ten years from now how much will he need to earn to retain his present purchasing power if the rate of inflation over that period is 2% /year compounded...

Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,812,000. Dogwood

Question:

January 1 Deember 31 Accounts receivable Inventories $725,000 450,000 $775,000 425,000

Step by Step Answer:

1 Average accounts receivables 75000...View the full answer

Cornerstones of Managerial Accounting

Students also viewed these Managerial Accounting questions